Electric vehicle batteries will eventually be recycled to create new batteries, but first they could be used to store excess power from renewable energy sources. More and more solar and wind plants are using lithium-ion batteries to store excess power for times when the sun isn't shining and the wind isn't blowing. Higher demand for energy storage is being met by automakers recycling old batteries.
Automakers are increasingly getting old batteries back to use in energy storage. EV batteries degrade over time, so when they are no longer usable in cars, they can be reused for other purposes. In 2030, there will be 1.7 million retired EV batteries with a value of $5.1 billion. That's not bad money for repurposing old car parts!
Car companies often get old batteries back when a car lease ends or when a battery is upgraded. In reality, not every old battery will be used for energy storage. Some will be used in another car.