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When it comes to why people opt for a petrol or diesel car over an electric vehicle (EV), one of the most common reasons is that the cost of an electric vehicle is still too high. However, new charging technology is set to bring down the total cost of EV ownership, making the switch to cleaner vehicles more attractive.

Flexible charging allows drivers to cut the expense of recharging by waiting until electricity prices are at their lowest. More advanced smart charging technology will soon enable drivers to use their car’s battery as a store of energy, selling electricity back to the grid when needed.

According to a new report produced by industry body Eurelectric and accounting and consultancy firm EY, drivers of large electric vehicles in Germany could earn up to €2900 a year by selling electricity back to the grid.

The report also finds that by providing flexibility when energy generation is low and demand is high, EVs can essentially help to balance the grid—a necessity as the proportion of renewable energy grows

Serge Colle, EY’s Global Power & Utilities Leader, joins the Urban Report to discuss the benefits of smart charging, the charging challenges facing urban dwellers, and the barriers to shifting to a more flexible charging system.

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