V2G: a voyage of discovery with E-Flex
One of our goals within E-Flex is to demonstrate the value of vehicle to grid technology. With our recent report, the first major report into vehicle to grid charging, we are one step closer to achieving this goal.
“Understanding the True Value of V2G”, analyses potential customers and value streams of V2G in the UK. Up until now, there has been a significant lack of data on the costs and opportunities around V2G charging, however, through our report, we have presented multiple use cases where V2G can deliver additional revenues and value over and above Smart Charging. In fact when compared to unidirectional smart charging, we observed smart charging captures between 40-80% of the value of V2G. Revenue increased when electric vehicles were plugged in for longer periods of time (e.g. when plugged in for 75% of the time, they could potentially provide savings of £436 per year!) With an EV pool of one million in the UK, the application of V2G technology could generate £436m in annual revenue which I think you would agree is a phenomenal amount and worth exploring!
Obviously, the potential value is highly dependent on the customer, with certain customers reaping greater benefits than others. In answer to the million-dollar (or should I say pound sterling!?) question, who is the best fit for this technology? According to the report, out of the 34 domestic and commercial customer archetypes used, company car parks and pool fleets are among the scenarios which are best suited to vehicle to grid (V2G) electric vehicle charging.
This really is music to our ears and proves we are on the right path on this journey of exploration. Using active electric vehicles (EVs) in real-world fleets, E-Flex aims to prove the value of vehicle-to-grid (V2G) technology. While V2G technology is relatively well developed, and early models suggest it will be commercially viable, more real-world testing of the financial modelling behind it is required. And that’s where we come in! E-Flex will further test the cost savings that are available to fleet and facilities operators, understanding that one solution doesn’t always suit every kind of business or use case. By deploying V2G in a variety of scenarios, E-Flex will explore how fully functioning commercial V2G marketplaces can work for different customers.
If you’re an owner and/or manager of an EV fleet who is interested in joining E-Flex on this voyage of discovery, get in touch with the E-Flex team.