New report reveals that electric vehicle batteries can provide significant economic value for drivers and the electricity grid
July 16, 2020-
On July 16, 2020, Plug’n Drive published a new report that demonstrates the economic value that electric vehicle (EV) batteries can provide to drivers and to Ontario’s electricity sector. This report is based on the work of Strategic Policy Economics and examines several critical topics, including: using EV batteries as mobile energy storage units, the second life application of EV batteries as back-up grid storage and the economic value of EV to grid or ‘V to G’ programs for consumers and utilities.
“EVs are often approached as an environmental solution to climate change,” said Cara Clairman, President and CEO of Plug’n Drive. “While this is true, there are significant economic opportunities that are often overlooked and this report helps to highlight the economic potential of EVs.”
EV batteries can charge overnight when the demand for electricity is lowest and then supply electricity to the grid during the day when demand is highest. This ‘V to G’ interaction would help further reduce GHG emissions from Ontario’s already low emitting electricity grid, by lowering the demand for natural gas while reducing the need to build additional power plants, potentially reducing electricity prices for everyone.
The report suggests that there could be as many as 18,555 EV drivers in Ontario participating in mobile storage programs by 2030, which could provide as much as 565 MWh of electricity per day, or enough to power 367,250 homes.
“Electric vehicles are not just cars,” said Marc Brouillette, Principal Consultant for Strategic Policy Economics. “They are batteries on wheels that offer significant economic benefits to both Ontario’s electricity grid and EV drivers”
According to the report, Ontario’s electricity system could realize a total of $129 million in benefits per year from EV batteries while EV owners could earn as much as $19,000 over the course of their car’s life.
About Plug’n Drive
Plug’n Drive is a non-profit organization dedicated to accelerating the adoption of electric vehicles to maximize their environmental and economic benefits. For more information about our programs and services, please visit plugndrive.ca.