EVs are the missing link in making solar power competitive with fossil energy
UBS says large-scale European power stations could be redundant within a decade or so thanks to the combination of advancements in lithium-ion battery production, energy storage and solar-energy production. Those changes should make it cheaper to produce energy at home than buying it from utility companies, which could help battery costs fall by more than 50 percent by 2020 and by almost 75 percent within the next decade. That will, in turn, drive electric-vehicle costs down to the point where they only have about a $2,000 premium compared to similar gas-powered cars and then 10 percent of new vehicle sales could be EVs in 2025.
And many of those drivers will own homes with solar systems because those systems will be able to pay for themselves, in the form of lower or eliminated utility bills and better energy storage capabilities, in as little as six years. That means that a bunch of homes in countries such as Italy, France and Germany will have electric vehicles in the garage whose juice is cheaply produced by the sun. Good times.
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