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The emergence and implementation of advanced smart grid technologies will enable enhanced utilization of electric vehicles (EVs) as mobile energy storage devices which can provide system-wide services. With significant penetration of EVs in the near future, the concept, introduced in literature as vehicle to grid (V2G), will be practically possible. The V2G concept eases the integration of renewable energy into power system and gives new force to inevitable move toward power generation by clean energy resources. Therefore utilizing energy storage in EVs is undeniable due to economic and environment benefits. The V2G concept has been the field of many researches in different aspects so far. This paper presents a study conducted to reveal the different aspects of V2G in power systems. In this study, we analyzed V2G from the perspectives of power system services and electricity market applications. Specifically, we have focused on smart parking lots importance in V2G concept, their opportunities and challenges, as well as the application of V2G to provide ancillary services. The paper also discusses points which will make the V2G concept feasible as fast and simple as possible.