A research by Bloomberg shows that more than 50 percent of new global car sales are going to be electric by 2040, meaning solar charging stations will be needed to fuel them.
Data also shows that lithium ion battery prices are expected to fall a staggering 70 percent by 2030.
lithium ion battery
Electric cars will subsequently be cheaper than gas engines by 2024, homes needing to charge multiple cars could face almost double the average electricity use per day.
More than eight million barrels of fuel could be displaced daily by 2040, as electric vehicles (EVs) gain mass market appeal.
EVs currently makeup 1 percent of worldwide car sales and is expected to rise to 54 percent by 2040.
The growth in electric vehicles also means new homes need to be ready for the EV revolution. Some home buyers are already looking for houses that come with personal charging stations and solar panels already installed.
This makes households with solar panels and home battery storage also have a major head start when it comes to charging electric vehicles on the premises.
Car owners can charge their EVs from home solar panel systems for little or even no cost, according to Australia’s Electric Vehicle Council. Having these solar storage batteries means that cars can be charged overnight.
Solar power systems with solar battery storage allow EVs to be charged at home cheaply and conveniently. Even during blackouts, cars can be charged any time of day or night.
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The Clean Energy Council released a policy paper in May of 2017 outlining a package of targeted reforms to support the increased roll-out of energy storage projects at residential, commercial and grid scales.
It recommended 13 reforms across four categories to achieve this, ranging from removing regulatory barriers and rewarding the value of storage behind the meter, to protecting consumers and changes that would allow storage to support grid security through its fast frequency response capability.
A few years back, in April 2015, the council also developed the Australian Energy Storage Roadmap to help this exciting emerging technology reach its potential.
The state of energy storage in Australia is a rapidly developing sector and is now at a similar stage to where rooftop solar power was a decade ago.
Several large-scale storage projects were completed in 2016, including the 2 MWh installation at the Sandfire Resources Copper Mine and the 1.1 MWh community installation at Alkimos Beach in Western Australia.
Grid-scale storage such as pumped hydro and solar battery arrays became the focus of intense interest in 2016, because of a debate about energy security after the September 2016 state-wide blackout in South Australia.
As a result, the Victorian Government called for expressions of interest to build a 20 MW battery array and the South Australian Government will fund 100 MW of battery storage to be completed in time for the 2017 summer.
In March 2017, Prime Minister Malcolm Turnbull announced plans for Snowy Hydro 2.0, which would expand the original scheme to include 2000 MW of pumped hydro storage.
It has also been announced that a feasibility study would be conducted geared towards the expansion of Tasmania’s hydropower network to include up to 2500 MW of pumped hydro.