To effectively fight climate change, two of the biggest culprits of greenhouse gas emissions must be addressed: electricity generation and transportation.
To address these issues, two key goals are
- Transitioning to renewable sources of electricity, such as solar and wind power, and
- Transitioning to zero-emission vehicles (ZEVs)
An innovative approach to reaching both goals is Vehicle-Grid Integration (VGI). IoTecha technology provides a broad spectrum of VGI services, enabling the integration of solar, battery storage and Electric Vehicle charging for a more efficient and sustainable power grid.
In California, the potential for load balancing with V1G could be a $1.5 billion business opportunity by 2025, and it could be a $13 billion opportunity if the utilities also adopt V2G services.
IoTecha’s Smart EV Chargers and Modules reduce energy consumption by leveraging VGI and V2G and providing backup power, enabling the integration of renewables (solar and wind), stationary battery storage, and electric vehicle charging. To understand the value of VGI and V2G, consider the following:
- The EV is the largest load in modern homes
- The EV is the largest battery in modern homes
- IoTecha technology can integrate EV charging, stationary energy storage and renewables
- A home can benefit from the combined capacity of batteries in Storage and EV
- Reallocation of the capacity between an EV and battery storage can enhance the attractiveness of an EV purchase and reduce the cost of the home storage
- V2G can further improve solar and battery payback
- EV battery can bring cheap or free solar from an office to a home, further improving the EV’s Total Cost of Ownership (TCO)
Storing energy consists of building reserves in a battery that can later be used on demand, without needing to call on a source of production. In today’s energy-conscious society, with global warming driving us to increase our use of renewable energy, storing electricity is turning out to be one of the major benefits of having an electric vehicle and an EV Charging station at your home or office.
Because energy storage is one of the key components in the integration of intermittent renewable energy sources, such as solar, by compensating for energy fluctuations, stationary energy storage serves as a reserve that can be filled during times of high energy production and emptied during times of low energy production.