Owners of a Nissan electric car will be able to charge their batteries from the grid at off-peak times, and then sell it back to the grid at a profit during more expensive peak energy times.
The two companies hope that their joint offer – which is the first of its kind in the UK – will encourage more motorists to adopt electric cars.
Nissan and Ovo Energy’s new ‘vehicle to grid’ technology will allow owners of any Nissan electric car to connect their batteries to the grid to charge during off-peak, low-demand, cheap-tariff periods.
The power stored in the car battery can then be used at home or at work when electricity demand and prices are higher, or they can choose to sell any surplus electricity back to the grid to make a profit.
The two companies said in a statement that if all the UK’s cars were connected to the grid at the same time they could supply up to 200GW, which is more than double the current peak electricity requirement. The plan is to start installing the new vehicle to grid technology in January 2018.
They went on to say that the ability to store electricity in thousands of car batteries up and down the country will help to maximise the use of renewable energy sources that only produce electricity when conditions are right e.g. wind and solar. Ovo Energy chief executive Stephen Fitzpatrick also claimed that the technology could reduce the need for new power stations and National Grid updates in the future.
He went on to say:
“Electric vehicles are fast becoming a mainstream option for drivers and solve many of the challenges facing our cities. We believe that they have an integral part to play in the twenty-first century power grid and accelerating decarbonisation and mobility.
“We’re delighted that we can now offer such a compelling incentive to customers who are generating their own clean power, providing a truly sustainable alternative to the traditional energy model.”
As well as partnering up with Nissan, Ovo are also planning to launch their first home electricity storage battery for customers with solar panels. This will cost £4,800 but comes with a £350 annual credit and estimated yearly savings of £240 on energy bills.
Find out more at the official Ovo Energy website here.