Techno-Economic Evaluation of Renewable Power Generated EV Charging Station

The growing acceptance of electric vehicles (EVs) is driving a substantial increase in electrical energy requirement, which the national grid must continuously support. At the same time, the transportation sector remains a major contributor to harmful emissions. It evaluates the implementation of a renewable power generation, incorporating renewable energy sources (RESs) and storage system to charge EVs. A techno-economic assessment (TEA) is performed for various configurations, with a focus on identifying the optimal system size to minimize energy costs. To meet this target, a new optimization method, known as the secretary bird optimization algorithm (SBOA), is applied. The study optimizes the component sizes by considering renewable generation share and total net present value for the proposed project. The obtained results indicate, the SBOA effectively accomplishes the optimization goals with more precision and robustness. Additionally, this work explores how variable energy rate from the grid influence the levelized cost. The results show that a combination of renewable components significantly lowers the levelized cost and net present cost.