The size of the opportunity is simply enormous. Our summary report for ARENA found that our EV fleet energy storage capacity will be larger that all our form of grid energy storage by the mid 2030’s and (conservatively) nearly four times the size of all the storage needed to balance renewables in Australia’s electricity markets by 2050.
The capital costs are also very low, potentially only 6% of the current costs of utility scale battery storage. This is made possible because EV batteries are designed to greatly exceed the mobility needs of most customers most of the time.
Much of this capacity will be idle and using it for other purposes has negligible (if any) short-term cost to the vehicle owner, and an increasingly minor impact on battery life.
Accessing only 10% of this capacity could save Australian energy consumers $94 billion in avoided battery capex based on current pricing.
