Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00A German think tank, the Fraunhofer Institute, has a study into the potential impact of using electric vehicles (EVs) as home storage batteries. Using bidirectional charging technology, the study has found that European nations, like Germany and France, could benefit greatly if adopted on a large scale. If coupled with microgeneration technologies, like solar panels, this kind of setup could save households a lot of money and help reduce dependency on traditional power stations. Especially “dirty” fossil fuel ones. The study found that most EV cars in Germany are typically only used for around 1 hour daily. That leaves the remaining 23 hours with the vehicle effectively just waiting around. If the EV can be put to “work” during these idle times, the EV could, theoretically, be borrowed by grid operators as temporary storage batteries. This would help stabilize energy demand from the grid during fluctuating supply and demand. EVs as home batteries This kind of strategy , the think tank suggests, could help make solar and wind power more attractive. Since most power things like solar energy are generated during daylight hours, the power demand is typically much lower than at night, so having a fleet of storage batteries around could help householders capitalize on this renewable energy. When parked, EVs connected to the grid could feed power into the grid when demand increases. The potential for this is huge, with a recent study commissioned by the European environmental organization, Transport & Environment estimating it could save €22 billion annually. Not only that, but this same study suggests that EVs used in this way could, in theory, provide 9% of the entire European Union’s electrical needs. This could ramp up to as much as 20% when the conditions are right. This would make bidirectional charging a major player in the EU’s energy mix if realized. The same study estimates there could be as many as 1.5 billion EVs worldwide by 2050. Huge global potential With an average of 60 kWh in battery storage per EV, a global fleet of bidirectional charging EVs could supply 90 billion kWh of electricity. For the average user, the Fraunhofer study found that EV owners could save between €31 and €780 per year by sharing the battery power with their own home or the power grid. To this end, some nations, like France, are already providing incentives to promote bidirectional charging uptake domestically. For example, proud owners of a new Renault R5 are offered 6,200 miles (10,000 kilometers) of free driving electricity if they offer them up as temporary grid batteries for at least 15 hours a day. According to a survey by the energy giant Eon, 77% of respondents would use bidirectional charging technology to supply their buildings, while 65% would support electricity grids. DW also reports that experts on the technology recommend that private and public charging stations offer bidirectional charging wherever possible. While this would likely increase the initial costs to install them, this would be offset by savings made in just a few months.
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