ABSTRACT
From an economist’s perspective, it would be rather difficult to find the necessary funds in order to build a spinning reserve of energy that could be utilized as a source of electricity. This is where vehicle to grid (V2G) steps in. As electric vehicles (EVs) find their way to massive production, the cost to build such a tank of spinning energy is compensated by the consumers who also gain by allowing 348the smart grid to utilize the vehicle’s battery when it is parked. This win-win situation has a handful of benefits that should be exploited to the fullest. Therefore, the marriage of several mature technologies such as smart meters/sensors and wireless communication schemes, with the evolution of the power grid could be considered as anticipated by all parties. Currently, governments worldwide attempt to decrease their carbon emissions by increasing the utilization of renewable energy sources. Photovoltaic and wind turbine-based power generators are intermittent energy sources and there could be cases where generation surpasses demand. Storing this surplus into a spinning reserve can later facilitate the reduction of carbon emissions from conventional power generators during peak demand periods. Consumers will also have the opportunity to lease the batteries of their vehicles when not on the road and collect profits that will compensate—if not depreciate—their investment in purchasing the EV.
