Smart vehicle charging solutions could save UK EV owners more than £10,000 over seven years, according to a groundbreaking new study.
These smart solutions include Time of Use tariffs and selling surplus energy back to the grid through bidirectional charging technologies.
The study breaks down potential annual savings by vehicle size, with compact EV owners saving more than £700 annually through smart charging.
Owners of family EVs, including medium-sized cars such as saloons, could save more than £1,000 per year, while large EV owners stand to benefit the most, with potential savings of up to £1,475 annually.
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Electric vehicle owners could save thousands of pounds over seven years by charging at home
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Savings can be made by charging at off-peaek times with EV-friendly tariffs, or by selling energy back to the grid through vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging systems.
Smart charging creates a mutually beneficial relationship between consumers and electricity suppliers, the study highlights.
By charging during off-peak hours and potentially selling energy back to the grid, consumers can ease pressure on electricity networks.
The technology allows for more efficient use of existing infrastructure, potentially reducing the need for costly grid upgrades.
Solutions like these have been highlighted as being crucial, especially as the UK embraces electric vehicles and millions make the switch over the coming years.
Maria Bengtsson, UK Head of Mobility at EY, said: "This study provides a compelling case around how V2G and smart charging solutions could enable consumers and electricity transmission and distribution grids to collaborate, helping to reduce EV running costs and optimise grid capacity.
"V2G solutions are still in their infancy, so it will take time for their impact to be seen on a significant scale."
She highlighted that cost savings from flexible charging could help offset challenges including the Expensive Car Supplement tax on vehicles over £40,000.
The study reveals EVs in the UK could supply the equivalent of up to 24 terawatt hours (TWh) of battery capacity back to the grid by 2030, representing 7.5 per cent of the UK's overall electricity demand in 2023, according to Government figures.
Such capacity could significantly help mitigate energy usage during peak charging times, although this would depend on all EVs having bidirectional charging capability.
Lee Downham, Energy and Resources Lead at EY in the UK, added: "With the UK's EV market share still not quite keeping pace with regulatory requirements, this study highlights the critical role that smart charging could play in helping more households make the switch to an EV.
"With storage of clean energy increasingly a limiting factor in the UK achieving its net zero ambitions, technologies like this could provide essential access to the significant capacity that EVs provide to the grid."
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EV owners could soon sell their energy back to the national grid through V2G technology
PADespite the optimism, V2G infrastructure remains relatively sparse and expensive across the country.
The UK is also still grappling with double taxation of energy storage, a significant barrier that some European countries like Spain and Sweden have already eliminated.
