Advanced Levelized Cost Evaluation Method for Electric Vehicle Stations Concurrently Producing Electricity and Hydrogen

Abstract

This study develops a new method to evaluate the economic viability of co-generation electric vehicle stations that concurrently generate electricity and hydrogen for charging battery electric vehicles and refueling hydrogen vehicles. The approach uniquely differentiates the costs associated with various energy outputs in co-generation stations and includes often-overlooked peripheral devices critical for accurate evaluation of the levelized cost of electricity (LCOE) and hydrogen (LCOH). The method was tested across three design configurations: two featuring single storage options (battery and fuel cell, respectively) and a third using hybrid storage employing both. Each configuration was modeled, simulated, and optimized using HOMER Pro 3.14.2 to determine the most optimal sizing solution. Then, based on the optimal sizing of each design, LCOE and LCOH were evaluated using the proposed method in this study. The analysis revealed that excluding often-overlooked peripheral devices could lead to a 27.7% error in LCOH evaluation, while the impact on LCOE was less than 1%. Among different configurations, the design with hybrid storage proved economically superior, achieving a total levelized cost of energy (TLCOE) for the entire system of USD 0.113/kWh, with the LCOE at USD 0.025/kWh and LCOH at USD 0.088/kWh (or USD 3.46/kg). Comparative analysis with state-of-the-art studies confirmed the accuracy of the proposed method. This study provides a more precise and holistic approach that can be leveraged for the feasibility analysis of electric vehicle stations globally, enhancing strategic decision-making in sustainable energy planning.