Cost Benefit Analysis for Electric Vehicle Charging Infrastructure in Parking Lot

Abstract

In 21st century world is dedicated to reduce carbon emission in the environment. For this purpose, it is essential to reduce the uses of conventional sources of energy. To achieve this, the global transportation network is evolving rapidly from traditional to electrical vehicle (EV). As penetration of EVs in market is increasing gradually, energy demand is also increasing which infuse extra load on power grid. Also, the complete dependency on power grid means you also have to buy power even when price is on peak. As the ultimate goal of parking lot owner is to maximize his profit so it is not convenient to buy power from grid when prices are high. To attain more profit, it is required to charge more vehicles that may lead to expand the availability of charging slots but again it is very challenging and not recommended due to strict regulations from authorities for network upgrades. To charge more electric vehicles and to reduce power drawn from the grid, a small-scale energy resource (SSER) is introduced in this study i.e. Solar PV Plant. In coordinated case, preferable source of power is solar. When solar is abundant, EVs are charged by solar power and in result of this power drawn from grid decreases and profit of parking lot owner increases. From the findings, it can be seen that when using solar, power purchasing cost per day is reduced by 64.78$ or 28.5% which shows the significance of using solar as SSER.