Increasing energy flexibility across the nation’s households could slash the cost of decarbonisation by as much as £6.9 billion per year.
That’s according to a new report from Imperial College London and OVO Energy, which says in a scenario with high uptake of both electric vehicles (EVs) and clean heating, the use of residential flexible technologies like smart EV charging, intelligent heating and integrated batteries could save as much as £256 per household.
These savings would be created by enabling more low-cost renewable energy such as wind and solar to be built, as well as meaning less expensive grid upgrades and reinforcements would need to be implemented.
The report suggests even a less ambitious strategy could allow savings of £5.6 billion a year, meaning potential savings of £206 per year per household.
Dr Toby Ferenczi, OVO’s Director of Strategy, said: “Electrification and the intelligent use of residential energy technologies are absolutely critical to bringing down emissions and powering the future sustainably.
“This research shows that households up and down the country can each play a role in creating a balanced, flexible and almost completely renewable energy system, while at the same time saving over £200 a year.”