Comprehensive Cost Benefits Analysis of Renewable Energy Based Plug‐in Electric Vehicle Parking Lots

ABSTRACT This article introduces the concept of parking lots equipped with photovoltaic energy storage systems (PV‐ES PLs) to offer efficient plug‐in electric vehicle (PEV) charging, reduce energy consumption, and lower carbon emissions. The research objective is to explore the advantages of proposed PLs and improve the application of PEV charging infrastructure. The energy management techniques (EMTs) are also implemented in PLs to reduce the peak power demand from the electrical grid using the time of use (TOU) rate. Furthermore, the renewable source used is maximized through the EMTs at parking lots. Through the scheduling of PEV charging during low‐cost periods and making the most of solar generation in the daytime, the EMTs help to optimize consumption and lessen reliance on the electrical grid. In addition, this research evaluates the socio‐economic assessment of the proposed parking lots for charging PEVs, considering economic factors such as subsidies, installation, operating and maintenance, and replacement costs for solar PV plant and energy storage systems (ESS) to determine the financial viability of the proposed system. The findings of this research show that the proposed parking lots, equipped with renewable sources and ESS to charge electric vehicles, deliver substantial economic and social economic benefits; they are key considerations when deciding to implement such facilities. The project is estimated to have a payback period of 4.8 years, providing benefits of 17.8% grid and 70% social.