Energy Minister Claire Perry has praised an 'innovative' electric vehicle product which could see millions make money from their electric cars.
OVO Energy is one of a few companies using smart meters to offer innovative products, such as rewarding customers for charging their electric vehicles at off-peak times. Made possible thanks to a smart meter, such products can help customers use energy at times when there is less demand on the grid, saving money on their bills.
There are a reported eight million people in Britain considering buying or leasing an electric vehicle in the next five years, and, with this technology, customers will not only be able to choose to use energy at the cheapest times but also make money by selling energy from their vehicle’s battery at times when it is most in demand.
The government says that smart energy innovations could save the UK as much as £40 billion between now and 2050.
Perry said: "More than 11 million meters are already empowering consumers to reap the rewards of a smarter energy system, putting homes and small businesses on the road to a smarter future. Smart meters will be the cornerstone of a cleaner, flexible and efficient energy system, saving the country tens of billions of pounds.
"New innovative products and tariffs like these will put consumers in the fast lane when it comes to control of their energy use, saving and even making them money when using their electric vehicles."
Perry visited OVO’s offices and met with their smart meter installation engineers. More than 400,000 meters are being installed by energy suppliers across Great Britain each month.