A groundbreaking development in electric vehicle technology has the potential to significantly reduce energy costs for drivers across the UK. Major players in the electric car industry, including BYD, Ford, and Tesla, are currently testing a two-way charging system that would allow homeowners to draw power from their electric vehicles. This innovative system could enable drivers to utilize their car’s battery to power their homes during periods of high electricity prices, and even sell excess power back to the grid.
Reports indicate that Chinese electric car manufacturer BYD is currently testing this cutting-edge technology at a “superhub” in Manchester. This initiative, established by Kraken, the software division of Octopus Energy, has garnered the participation of other major car manufacturers as well. Devrim Celal, the CEO of Kraken, expressed optimism about the technology, stating that it has the potential to be transformative once it is introduced on a larger scale.
In March, Octopus Electric Vehicles sealed a deal with BYD to procure 5,000 electric vehicles over the next three years. This partnership aims to facilitate the transition to electric vehicles through workplace car tax schemes. Additionally, the UK government has announced new funding to enable motorists to use their electric vehicle batteries to power their homes and decrease their energy bills.
The Vehicle-to-Everything (V2X) technology, facilitated by bidirectional charging, allows electricity stored in an electric vehicle’s battery to be transferred back into the grid or to homes and workplaces. The government has allocated £4.8 million in funding to support four projects focused on developing this technology and making it more accessible to drivers.
The potential benefits of this technology are significant. By reducing the need for fossil fuels during periods of high energy demand, the V2X system could have a positive impact on both the environment and household energy bills. Former Transport Minister for Technology and Decarbonisation, Anthony Browne, expressed that the technology has the ability to help millions of people across the UK. He highlighted the government’s commitment to supporting drivers and emphasized the significance of the new technological development, citing the substantial investment in the transition to electric vehicles and the significant growth of the charging network over the past year.
Overall, the prospects for this two-way charging technology are promising, as it has the potential to revolutionize how individuals utilize and interact with their electric vehicles. If successfully implemented at a larger scale, it could lead to substantial cost savings for homeowners, reduce the strain on the power grid, and contribute to a more sustainable and environmentally friendly energy landscape.