A research by Bloomberg shows that more than 50 percent of new global car sales are going to be electric by 2040, meaning solar charging stations will be needed to fuel them.
Data also shows that lithium battery prices are expected to fall a staggering 70 percent by 2030.
Electric cars will subsequently be cheaper than gas engines by 2024, homes needing to charge multiple cars could face almost double the average electricity use per day.
More than eight million barrels of fuel could be displaced daily by 2040, as electric vehicles (EVs) gain mass market appeal.
EVs currently makeup 1 percent of worldwide car sales and is expected to rise to 54 percent by 2040.
The growth in electric vehicles also means new homes need to be ready for the EV revolution. Some home buyers are already looking for houses that come with personal charging stations and solar panels already installed.
This makes households with solar panels and home battery storage also have a major head start when it comes to charging electric vehicles on the premises.
Car owners can charge their EVs from home solar panel systems for little or even no cost, according to Australia’s Electric Vehicle Council. Having these solar storage batteries means that cars can be charged overnight.
Solar power systems with battery storage allow EVs to be charged at home cheaply and conveniently. Even during blackouts, cars can be charged any time of day or night.