Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

Abstract

Developing a public charging infrastructure is essential for the promotion of electric cars (EVs), especially in developing countries. The use of renewable energy sources (RESs), especially solar and the replacement of fossil fuels in EV charging stations has the potential to improve economic efficiency while significantly lowering greenhouse gas emissions and improving urban air quality. Therefore, the purpose of this paper is to investigate the economic feasibility of a hybrid solar photovoltaic (PV) and battery energy storage system (BESS) for environmentally friendly EV charging stations in a university campus under different EV charger utilization rates, electricity costs, and charging types. The results showed that installing a level 2 solar PV charging station at the current subsidized rate provides the most economic benefits, while installing BESS for peak shaving is the least profitable due to the high cost. The sensitivity analysis also revealed that if the cost of the BESS decreases, the IRR of the project will increase. This study aims to promote the development of technologically and environmentally feasible EV charging stations powered by RESs.