November 7, 2024, Germany – A recent study by Transport & Environment, commissioned to the Fraunhofer Institute, reveals that bidirectional charging (V2G) technology has the potential to save Europeans up to €22 billion annually by 2040, totaling over €100 billion from 2030 to 2040.
Initially, savings will be modest due to limited adoption, but will increase significantly over time. V2G technology can enable electric vehicles (EVs) to act as mobile energy storage, potentially reducing the need for stationary batteries by up to 92% by 2040.
By storing excess renewable energy, EVs could cover 9% of the EU's annual electricity demand by 2040, becoming the fourth largest electricity supplier in the EU. The implementation of V2G could also reduce system costs by over 10%.
Users can charge their EVs during off-peak hours or directly from home solar panels, potentially saving up to 52% on annual electricity bills, equating to savings of up to €780 per year.
Despite a higher initial cost of €100 for V2G chargers compared to conventional chargers, reduced electricity costs can quickly offset this expense. Additionally, V2G technology can extend EV battery life by up to 9% through optimal charging cycles.
However, interoperability issues among different charging systems hinder widespread adoption. Standardization across the EU is essential for V2G to gain traction.
In Germany, regulatory barriers and a decentralized grid complicate V2G implementation, while countries like France and the UK benefit from more centralized infrastructure.
The new Renault 5 E-Tech will feature V2G capabilities from its launch, marking a significant step toward integrating EVs as mobile power sources. The Mobility House's platform will allow EV owners to generate additional income from stored electricity.
Overall, V2G technology presents a viable solution for enhancing renewable energy integration and achieving sustainable energy management.