V2G: Businesses & Electric Vehicles
As an electric vehicle enthusiast, you may already know what V1G is. If not keep reading to find out how V1G is upgrading to become V2G.
VG stands for vehicle to grid and involves key smart charging elements. This includes charging management features to allow electric vehicle owners to control their charging times to avoid peak prices and reduce demand at peak times to avoid electricity shortages.
On the other hand, new V2G technology brings additional benefits to the charging network to help limit the strain on the national grid. The technology still allows for charging management to charge vehicles when demand for electricity is low and the rates are cheaper but offers the option to sell electricity back to the grid.
For example, a car with a fully charged battery that will be sitting all day not being driven could sell the stored electricity back to the grid to help reduce strain on the national power grid and increase electricity supply. It is expected that a vehicle that is charging for 75% of the time could earn up to £400 each year by selling electricity.
Not only does V2G offer environment, sustainability and cost-saving benefits it also will help to preserve the health of your vehicle’s battery up to 10%. V2G is being referred to as the carbon-negative way to charge as it reduces the need for electricity to be produced using fossil fuels.
The technology is currently being aimed towards businesses that have fleets of electric vehicles. Over 20 trials are being conducted within the UK and the Government has provided £30 million funding.
As with any new technology it has some current limitations which are expected to be overcome as more people adopt V2G. V2G currently uses DC only charging which limits this technology to a handful of electric vehicles that utilise this charging format. Work is ongoing to upgrade the technology to AC and DC charging. V2G has a very high price point as it is still undergoing trials, but the cost is expected to fall to £1000 by 2030.
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