Battery costs are plummeting to levels that make EVs a truly disruptive technology, as we’ve explained. That’s why electric vehicle (EV) sales are exploding world-wide, and why Tesla broke every record for pre-sales with its affordable ($35,000), 200+ mile range Model 3 last month.
But what you may not realize is that major EV makers — BMW, GM, Nissan, Toyota — are now exploring how much value their EV battery has for use in the electricity storage market after that battery can no longer meet the strict requirements for powering its car. This potential second life for EV batteries is a clean energy game changer for two reasons:
- These used EV batteries hold the promise of much cheaper electricity storage for renewables than is available today.
- If used EV batteries have value, then EV makers can charge less for their cars, making them even more affordable