A motoring expert has revealed that people can utilise their EVs to power their homes. The use of bi-directional charging capabilities of an electric car could soon help to heat houses across the country for incredibly low rates.
Steve Endacott, who is a travel expert and chairman at Electric Car Organisation (ECO) claimed that the future of EV evolution could help power home heating.
Mr Endacott added that one of the biggest benefits of EVs is still to come, as they are the biggest batteries many have ever attached to their homes.
Companies such as Nissan and Audi have already voiced their support for “bi-directional” charging that allows an EV to power a house.
A number of other manufacturers are set to follow.
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According to the expert, this 5p electricity compares much more favourably to the 5p per KWH gas cost and may allow households to switch their home heating to electricity as it reduces the average daily cost.
Switching to electric heating could also reduce carbon emissions by up to a further 41 percent, creating a combined emissions reduction of 60 percent, which would be a massive step toward the UK’s carbon reduction targets.
Mr Endacott, however, stressed that households firstly need to move to EVs, which are currently in short supply.
According to the expert, consumers will be able to save up to 75 percent on their gas heating bill and at the same time reduce their CO2 emissions.
As it stands, gas home heating accounts for 41 percent of CO2 emissions.
Mr Endacott said that in terms of the environmental benefits of lower rates when switching to electricity, this is great news for the environment.
He also stressed that unplugging the petrol pump and replacing it with an electric cable reduces an average person’s carbon footprint by 29 percent.
The expert commented: “Following the updates around the energy cap, consumers will start switching between tariffs and EV owners will soon learn to switch to ‘dual tariffs’ that offer 5p off-peak night-time rates reducing their fuel costs by 75 percent at a time their neighbours are seeing the cost of running their ICE (internal combustion engine) cars increase by 46 percent.”
The price of EVs is currently held artificially high because of the excess of demand oversupply, but it’s estimated that price parity will be reached as soon as 2026.
The 46 percent increase in fuel prices at petrol pumps is ramping the demand for electric vehicles much faster than they can be supplied, causing relatively long order times.
Add to this the rollout of highly tax-efficient Salary Sacrifice Schemes that allow employers to provide EVs as a company perk at a 42 percent discount compared to personal leases and you can see why industry experts believe that EV adoption is to happen faster than anybody expected.
The economics of moving to an EV is compelling with operating costs 66 percent cheaper than their ICE equivalents.
And, this gap is set to increase as electricity price inflation is 50 percent lower than petrol pump.
This is simply because only half of the electricity generation is based on fossil fuels while the rest is delivered from nuclear or sustainable power sources, that are not experiencing rapid inflation.