Optimal solution for PV integrated with smart grid connected fast charging EV station: A case study for Jaipur

Current research study investigates the optimal solution for integrating photovoltaic (PV) solar panels with a smart grid-connected fast-charging electric vehicle (EV) station in Jaipur, India, using HOMER software for simulation. The study aims to develop a cost-effective and sustainable charging infrastructure specifically designed for e-rickshaws and personal vehicles, targeting reduced electricity costs. The findings demonstrate that a hybrid Solar and Grid-integrated EV charging station significantly lowers operational costs while promoting renewable energy adoption. The optimized Solar + grid system, compared to a traditional grid-only model, achieves substantial savings, with an average annual energy bill reduction of ₹26,17,806. Despite an initial capital expenditure of ₹50,22,895, the system's financial viability is affirmed by a rapid payback period of 1.9 years (simple) or 2.1 years (discounted) and an impressive internal rate of return (IRR) of 51.3%. Over a 25-year project lifespan, the system is projected to generate total savings of ₹6,54,45,150. The analysis considers various financial metrics, including monthly and annual energy costs, demand charges, and fixed charges, providing a comprehensive overview of the economic benefits. The results underline the importance of incorporating solar power into EV charging stations to reduce overall energy expenses and enhance long-term sustainability. This study offers valuable insights for policymakers, energy managers, and stakeholders, highlighting the economic and environmental advantages of solar-integrated charging solutions in urban settings.