Economic Evaluation of Using Ultracapacitors in Electric Vehicles

The main challenge of hybridizing ultracapacitors (UCs) with batteries in electric vehicles is their uncertain economic viability, besides their complexity and weight, which should be fully addressed. Therefore, this article determines the general condition for achieving a justified economic system, which is held when the average annual cost (AAC) of a battery‐UC system over a vehicle's useful life is lower than the annual cost of a sole‐battery for a specific system design, energy management strategy, vehicle type, and driving style. As such, the energy storage system is designed in a case study vehicle, and the optimal current distribution is found by dynamic programming (DP) under UDDS, HWFET, and US06 driving cycles. Then, by economic analysis, it is indicated that although adding an UC incurs additional costs, it saves the AAC by improving the battery health and prolonging its lifespan up to a maximum of 15‐year calendar life, which proves its economic justification. Investing in UCs is more economically viable for vehicles with severe driving cycles and high current stress. Finally, the DP optimal trajectory is implemented into an experimental setup under the US06 driving cycle to verify the evaluated strategy.