The V2G technology provides a reliable mechanism to mitigate climate change by providing a means of an energy system to balance between different types of renewable energy. For this to happen it is important for decarbonization and energy efficiency to be realized. Decarbonization refers to how renewable energy such as solar power and other sources are deployed. Energy efficiency is also vital as it determines how energy is utilized. Energy produced requires an efficient way to balance and store it for later use. As the adoption of electric vehicles surges, there continues to be a growing need for reliable batteries. According to Virta Global, there will be 140-240 million electric vehicles by 2030 which will require at least 140 million energy storages with an average storage of 7 TWh.
Electric vehicles provide a reliable way of storing renewable energy. In a sense they act as power banks which are handy when solar power is needed. The batteries offer a much-needed balance between energy consumption and production. Compared to other traditional energy storages, it is much cheaper to supply and store renewable energy in electric vehicles than in the large solar power plants.