The main problem with this scheme is it wastes energy which results in higher costs for all. Lets pretend that a utility charges 5 cents an hour for off peak usage for 12 hours a day and charges 35 cents during peak usages for 12 hours a day. If some how people were to stabilize the grid using electric cars assuming 66% efficiency, we would be using 1/6th more energy net. The utilities would thus charge everyone more money to cover their cost and people with electric cars selling back energy would just be enabling the bad behavior of the masses.
Now lets look at reality. Utilities can't afford to allow the previous scenario to happen. They will adjust pricing so it can't happen. Thus the masses will have less incentive to balance their load usage resulting in more energy usage and cost.
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