Your electric vehicle can become essentially a four-wheeled generator in the garage and help the nation’s power grid in the future, thanks to the “vehicle-to-everything” technology (V2X).
Electric vehicles are projected to take over the roads in the coming decades, but it’s their capability as a power storage source well beyond their own driving needs that increasingly captures the attention of the government, the private sector and investors.
The International Energy Agency estimates there will be 130 million electric vehicles TSLA, -4.96% on the road globally by 2030. In addition to increasing electricity demand, these EVs in total will contain 10 times the amount of energy storage needed by the grid. The IEA’s most aggressive estimate — at 250 million EVs by 2030 — would mean that 6% of the batteries in the automotive fleet could potentially meet all the grid’s energy storage needs.Hyundai Motor Co. 005380, +0.
“The grid directly distributes renewable energy from solar or wind power to users. With the application of V2G, renewable energy can be stored in battery-electric vehicles and fed back to the grid when it cannot be generated, for example at night or when there is no wind, or at peak times,” Hyundai explained in its release.
In all, the collaboration includes automakers, charging equipment providers, industry associations, labor unions, utilities, national labs, public agencies and others.Read: Buying a home? Why you should ask whether it’s wired for electric vehicles even if you don’t own one
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