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Bloomberg Predicts Increased EV Sales and a Widespread Adoption of the “Vehicle to Grid” Concept

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Latest estimates and predictions from Bloomberg New Energy Finance indicates that more than 50% of new cars will be electric by 2040. This predicted boom in EV’s will most likely be accompanied by a shift in the electricity industry. After all, the same power that enables us to use plug-in gadgets such as computers, lamps, and food processors will soon be the same power many of us charge our vehicles with.

While some electric utility companies might view the increase in EVs as a potential drain on the electric grid, a concept called the Vehicle to Grid (V2G) system would enable EVs to help stabilize it. Since EVs only use power when they’re in motion, the idea would be for the electric grid to draw a small amount of power from parked EVs that are charging. This would help offset the increased demand in electricity that EVs would require and benefit any users of electric devices and products. “It’s like Airbnb, but with car parts instead of seldom-used apartments,” as Stephen Stapczynski, contributor to Bloomberg, articulated.

Considering that the latest EV models have enough energy to power a home for several days, this energy source would be a substantial one to tap into. Add on the fact that many drivers use their cars only 10% of the time, and you get a feasible solution that would let EV owners keep driving their vehicles while also doing their part to support the electric grid.

While there’s definitely some challenges that the Vehicle to Grid system will have to overcome—such as getting EV owners to charge their vehicles at the right time, to enhance the stability of the electric grid—it’s an exciting concept that promises to ease the transition from fuel-powered transportation to more eco-friendly alternatives.

News Source: Bloomberg