Techno-Economic Assessment of Renewable Energy Integration for EV Charging Infrastructure

Abstract

The pursuit of sustainable transportation systems is imperative to mitigate the environmental impact of the transportation sector. Electric vehicles (EVs) offer a promising solution, being cleaner than conventional internal combustion engine vehicles. However, their widespread adoption requires a robust and environmentally friendly charging infrastructure. This research article conducts a thorough techno-economic assessment of integrating renewable energy sources, such as solar and wind power, into EV charging infrastructure to reduce the carbon footprint associated with EV charging and align the transportation sector with global sustainability goals. The article delves into the technical aspects of integrating renewable energy into EV charging stations, considering factors like resource availability, energy storage requirements, and grid integration challenges. It also explores the economic feasibility of such installations, including capital and operational expenses, and potential revenue streams through various business models. Additionally, it examines the policy landscape, highlighting the role of government incentives, regulations, and carbon pricing mechanisms in promoting the adoption of renewable energy-powered EV charging infrastructure. To provide a comprehensive analysis, the article incorporates three tables. The first table compares the levelized cost of energy (LCOE) for various renewable energy technologies, including solar photovoltaics (PV), wind turbines, and emerging technologies like concentrated solar power (CSP). The second table outlines the capital and operational expenditures associated with different configurations of EV charging stations, incorporating renewable energy sources and energy storage systems. The third table showcases the potential environmental benefits, quantifying the reduction in greenhouse gas emissions and air pollutants achieved through the integration of renewable energy into EV charging infrastructure. Overall, this research aims to provide insights to policymakers, industry stakeholders, and researchers to facilitate the transition towards a more sustainable transportation ecosystem.