Kokchang, Phimsupha; Chattranont, Naris; Menaneatra, Tanit et al.

Article
Economic feasibility of hybrid solar-powered charging
station with battery energy storage system in Thailand

International Journal of Energy Economics and Policy

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Reference: Kokchang, Phimsupha/Chattranont, Naris et. al. (2023). Economic feasibility of hybrid
solar-powered charging station with battery energy storage system in Thailand. In: International
Journal of Energy Economics and Policy 13 (3), S. 342 - 355.
https://www.econjournals.com/index.php/ijeep/article/download/14258/7313/33283.
doi:10.32479/ijeep.14258.

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 International Journal of Energy Economics and
Policy
ISSN: 2146-4553

available at http: www.econjournals.com

International Journal of Energy Economics and Policy, 2023, 13(3), 342-355.

Economic Feasibility of Hybrid Solar-Powered Charging Station

with Battery Energy Storage System in Thailand

Phimsupha Kokchang1*, Naris Chattranont2, Tanit Menaneatra2, Nipawat Phetriang2,

Chutimon lertmanokul2, Nantiporn Nateprapai2, Surachai Chaitusaney3, Surapad larbwisuthisaroj3,
Sunt Srianthumrong4
1
Energy Research Institute, Chulalongkorn University, 12th Floor, Institute Building III, Pathumwan, Bangkok 10330, Thailand,
2
Metropolitan Electricity Authority, Watthanawipat Building, Klong Toei, Bangkok 10110, Thailand, 3Department of Electrical
Engineering, Chulalongkorn University, Pathumwan, Bangkok 10330, Thailand, 4Greenergy (Thailand) Co. Ltd, Muang Thai –
Phatra Complex Building Tower B, 19th Floor, Huai Kwang, Bangkok, 10310 Thailand. *Email: phimsupha.k@chula.ac.th

 DOI: https://doi.org/10.32479/ijeep.14258

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.
Keywords: Electric Vehicles, Solar-powered EV Charging Station, Battery Energy Storage System, Hybrid system, Utilization Rate
JEL Classifications: G0, M2, Q4

1. INTRODUCTION increase compared to the same period in 2021 (IEA, 2023).

EVs also aim towards net-zero usage of nonrenewable sources
The transport sector has the highest dependency on fossil fuels including oil, gas, and coal.
of any sector, and in 2021, it was responsible for 37% of the
CO2 emissions that were caused by end-use sectors (IEA, 2022). As the number of EVs continues to rise, EV charging stations
There are great expectations that electric vehicles (EVs), which are required to satisfy charging needs of EV drivers (Funke et
are a low-CO2 alternative to internal combustion engine vehicles al., 2015; Zhang et al., 2018). Currently, the majority of EVs
(ICEVs), would minimize these emissions (Teixeira and Sodré, charging in Thailand is powered by electricity generated from gas
2018). The shift toward EVs is accelerated by government and coal, both of which are substantial contributors to greenhouse
legislation, sustainable development goals, and the net-zero gas (GHG) emissions. Renewable energy production is vital for
emissions effort. Several countries have already begun to utilize tackling environmental concerns. The integration of renewable
EVs, with 6.6 million EVs sold in 2021 and 2 million EVs were energy sources (RESs), mainly solar, into EV charging stations
sold worldwide in the first quarter of 2022, representing a 75% has the potential to improve their economic efficiency while

This Journal is licensed under a Creative Commons Attribution 4.0 International License

342 International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

significantly lowering GHG emissions, and improving urban air subsidize the off-peak electricity cost of 2.63 Thai baht (THB)/
quality (Shafiq et al., 2022). This could offer other advantages, kWh for low priority smart EV charging at public stations. This
such as lowering the risk of local grid overloading (Khan et al., provision applies to 24-h controlled normal charging and fast
2018), boosting self-sufficiency and enhancing energy self- charging and will be implemented for 2 years (MEA, 2021). As
consumption (Denholm et al., 2013; Gudmunds et al., 2020). of September 2022, the Electric Vehicle Association of Thailand
Moreover, integrating battery energy storage system (BESS) into (EVAT) reported that the country has 869 charging stations and
these charging stations will improve the share of solar energy 2,572 EV chargers. EA Anywhere company has the highest EV
provided to EVs while enhancing grid resilience to PV power’s charging station market share (EVAT, 2022). The country’s EV
natural intermittency (Denholm et al., 2007; Badawy and Sozer, charging station market is anticipated to increase at a CAGR of
2022; Eid et al., 2022). To fulfill the net-zero effort, the power 44.5% between 2021 and 2026, with the EV charging station
generation required for EV charging must also come from RESs industry serving as a long-term key market (LHBank, 2022).
such as wind, solar. This will lead to significant reductions in coal,
oil, and gas consumption by EVs. Electric utilities are well-positioned to influence the EV industry by
collaborating with other market actors to construct transportation
EVs are classified into three types which are battery electric electrification initiatives. Electric utilities provide energy to
vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and households and businesses and are responsible for metering,
hybrid electric vehicles (HEVs) (Miele et al., 2020). Common billing, and customer service. Due to their inherent involvement
batteries used in BEVs are lithium-ion battery which have in EV infrastructure, electric utilities could play a significant role
relatively higher energy and power density than other battery in EV charging infrastructure development. Electricity Generating
technologies. Basically, there are two types of EV charging Authority of Thailand (EGAT), Metropolitan Electricity Authority
stations; conductive and inductive charging system. Conductive (MEA), and Provincial Electricity Authority (PEA) are the
charging systems are widely utilized as standard devices that three major electric utilities in Thailand. EGAT is a government
induce power by contact. Onboard and offboard integrations are the institution supervised by the Ministry of Energy. Both MEA
two most common methods for supplying power to EVs. Onboard and PEA are distribution utilities. MEA is responsible for the
charging is mostly used for slow charging, with all charging action generation, purchase, distribution, and sale of electricity to the
occurring within the vehicles, whereas off-board charging provides public, enterprises, and industrial sectors in Bangkok, Nonthaburi,
fast charging. The process of relocating the charger outside the and Samutprakan, while PEA is responsible for the remainder of
vehicle is referred to as off-board charging (Mastoi et al., 2022). Thailand.
Example of EVs using conductive charging like Tesla Roadster,
Nissan Leaf, Chevy Volt. Despite the need for EV charging stations to meet demand, the
investment cost of public charging infrastructure is high, including
Currently, the most common types of EVs in Thailand are the cost of installing chargers, land rent, and EVSE equipment,
BEVs, HEVs, and PHEVs. The National Electric Vehicle Policy and the utilization rate (UR) is frequently poor, resulting in low
Committee of Thailand announced in 2021 that 30% of vehicles profitability. The majority of the EV charger’s capital cost is made
manufactured in Thailand by 2030 will be zero-emission vehicles up of hardware. As a result, utilization is critical to achieving
(ZEVs). The “30@30” policy aims to transition Thailand to a low- economic efficiency. Therefore, our analysis assessed the economic
carbon society and to make Thailand the region’s manufacturing feasibility of hybrid solar PV and BESS system for EV charging
hub for EVs and auto parts in this region (EPPO, 2022). According station under different utilization rate of two types of EV chargers,
to the national Energy Efficiency Plan (EPP2018), the total number including slow and fast charging and two electricity costs namely
of EVs is expected to reach 1.2 million by 2036 as shown in low priority and time of use (TOU) rates. This study’s findings
Figure 1. Approximately 50,000 EVs were registered in 2021. In have crucial implications for policymakers and solar PV powered
order to manage power supply and EV load charging for the grid EV charging station investment in Thailand in order to promote the
reliability, the Thai government approved a provision in 2021 to EV business in an environmentally sustainable manner.
Figure 1: Forecast of the cumulative number of EVs in Thailand from 2017 to 2036

International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023 343
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

This paper will be organized as follows: Section 2 presents a between 3.7 kWh and 22 kWh of electricity at any given time.
literature review of the solar-power for EV CS, existing solar- 240 V, 1-phase, 60 A and 14.4 kW Level 2 charging uses a
powered EV charging station worldwide, recent studies on direct connection to the grid through an EVSE. Furthermore,
economic analysis. Section 3 presents the detailed of methodology L2 charging stations are widely used in public-access parking
for the economic analysis. Section 4 shows the economic analysis garages and typically charge in 3-4 h.
results and discussions. Section 5 provides conclusions and policy • Level 3 (L3) charging referred as the fast charging method for
recommendations. charging EVs. It can be seen in both public and commercial
sites such as community malls, shopping centers. With DC
fast charging, the charge time for a battery from 0 to 80% is
2. LITERATURE REVIEW usually 15 to 30 min. The last 20% of the battery will always
be charged in slow mode. The voltage of Level3 charging
2.1. EV Charging Station Infrastructure Overview
typically range from 200 to 600 V and power outputs range
EV charging stations are basically recharge facilities for EVs. It
from 36 to 240 kW.
is otherwise called Electric Vehicle Supply Equipment (EVSE).
• The most common types of home charging are L1 and L2
A charging point consists of a charging socket, cable, and interface (LaMonaca and Ryan, 2022). While most public charging
panel in order to supply electricity for the recharging of EVs and stations offer L2 and DC rapid charging (Schroeder and
plug-in hybrids. The power outlet configuration is determined by Traber, 2012). To charge a BEV, the EV charging station can
the grid configuration, parameters, and transmission standards. provide AC to DC power. For AC power from EV charging
Multiple changepoints may exist at EV charging stations. In station, the EV should come with a built-in onboard charger
principle, there are two types of EV charging stations: slow AC that converts power from AC to DC, then feeds it into a car
charging stations and fast DC charging stations with direct current DC battery. AC power is more common charging method for
and high charging power, such as the 170 kW from CCS Systems, BEV. The most common AC charging capacities are rated at
as well as Wallboxes in the private sector. Charging types can be 3.7 kW and 22 kW (EV Box, 2021). Table 1 summarized the
classified into three main types, alternating current (AC) Level-1, charging modes, levels, space requirements of EV charging
AC Level-2, and direct current fast charging (DCFC). station (Hardman et al., 2018; Salcido et al., 2021).

• Level 1 (L1) charge cables are provided in every EV. The The most common DC charger types include CHAdeMO, Combined
device is worldwide compatible, requires no installation fees, Charging System (CCS), and Tesla Supercharger (Chamberlain
and can be plugged into any conventional 120-volt outlet and Al-Majeed, 2021). CHAdeMO is the DC charging standard
with grounding. Therefore, it is utilized the standard 120-volt for EVs developed by the CHAdeMO Association (CHademo,
household plug. With maximum power rating around 2.4 kW. 2023), whereas CCS is the open and worldwide standard for EVs
The L1 charger is capable of recharging at a rate of 3-5 miles/h in Europe and the United States that combines single-phase, three-
and around 40 miles every 8 h, which is suitable for overnight phase AC and DC. Tesla Supercharger is Tesla’s proprietary DC
charging. charger, which takes only 20-30 min to charge up to 80% of the
• Level 2 (L2) charging stations are the most widespread in battery from 0% and around 1 h for a full charge, depending on the
both public, residential sites, and workplace and may offer battery’s condition, operating temperature, charging rate variation,

Table 1: Summary of charging modes and levels of electric vehicle charging station
Typical Charge Time to charge Share of Number of Minimum number of Minimum number of
location type 100 miles charger parking spaces spaces with slow charging spaces with fast charging
Home, work, Level 1 2–12 h Slow charger 1 1
public parking 3.7–22 kW 2–10 2
11–15 2
16–19 2
21–25 3
26+ 10% of total number of
parking spaces
Work, public, Level 2 30 min–2 h Slow charger 1 0 1
shopping mall from 3.7–22 2–10 1 2
kW=33.33% 11–15 1 2
Fast charger 50 16–19 1 2
kW=66.67% 21–25 2 3
26+ 3% of total number of 7% of total number of
parking spaces parking spaces
Work, public, Level 3 15–30 min Fast charger 50 1 1
corridor kW 2–10 1
11–15 1
16–19 1
21–25 2
26+ 5% of total number of
parking spaces

344 International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

environmental factors, and power conversion efficiency (Collin BESS can be linked to the DC bus for the purpose of storing solar
et al., 2019). Finland and Sweden have the highest utilization of energy. In addition, the installation of a BESS can facilitate peak
AC charging stations, with average station utilization rates of shaving for EV charging during peak hours (Wallberg et al., 2022).
11% (Virta, 2022). Utilization rates depend mostly on location, Typically, EV charging stations contribute significantly to the
type of use, and pricing. Study in Switzerland showed that the grid’s peak demand. Even at low penetration levels, the charging
maximum average utilization rate of EVSEs is between 14% demand of EVs is likely to impact the distribution system and
and 16%, depending on the day of the week and time of day. The could create new peak loads. If it cannot be managed, it might pose
majority of charging takes place Monday through Friday during a challenge for cities where the distribution network has limited
peak working hours, and on Saturday during the day. The median capacity and/or has times of congestion. A high-performance BESS
utilization time in the major cities is longer than the national can “absorb” peak energy loads. This means that the peak energy
average (Gellrich et al., 2022). demand is met by discharging the battery rather than drawing
electricity from the grid. Consequently, the storage mechanism
2.2. Overview of Hybrid Renewable Energy for EVCS saves the charging station operator a substantial amount of money.
Recently, the government’s policies, the sustainability development BESS can then be charged without burdening the grid, such as
goals (SDG), and the net-zero emission plan are accelerating the overnight when fuel pump demand is lower. Previous studies
use of EVs to help reduce air pollution and mitigate climate change. have included different approaches for EV charging with goal of
Basically, a solar-powered EV charging station is the EV charging supporting distribution grid. For example, V2G technology for
station that uses electricity provided by solar power system, and discharging the EVs for peaking shaving or ancillary services
power grid backup. Typically, PV inverter converted the DC output (Mojumder et al., 2022; Ravi and Aziz, 2022).
produced by a solar panel to AC output (Khan et al., 2018). The
operation of solar-powered charging station has different modes In comparison to traditional EV charging stations, solar-powered
such as unidirectional PV-to-vehicle (off-grid), (PV2V), PV-to-grid charging stations provide a number of advantages. As solar power
(PV2G), bidirectional V2G (Ravi and Aziz, 2022; Rachid et al. is one of the clean energy sources, it ensures a carbon footprint of
2022), Vehicle-to-vehicle (V2V), PV-to-ESS (Backup), Vehicle- zero because the traditional power system is fueled by fossil fuels
to-home (V2H) (Bhatti et al., 2016; Yap et al., 2022). With battery like oil, gas, and coal. It gives environmental advantages. Solar-
modes include unidirectional PV-to-battery (PV2B), Battery-to- powered infrastructure for charging EVs can also boost local PV
vehicle (B2V), and Bidirectional grid-to-battery (G2B) for battery energy consumption, minimize charging station reliance on the
mode. Because of advancements in solar technology, bifacial and power grid, and directly cut CO2 emissions. Solar-powered EV
half-cell monocrystalline panels with a surface area of 2.5 m2 and charging can thereby contribute to EVs and society (IEA PVPS,
a maximum efficiency of 21.5% have become increasingly popular 2021).
for solar rooftop installation (JASolar, 2022).
2.2.1. Existing solar-powered EV charging station and battery
There are two possible ways for charging EV from PV, namely the implementations worldwide
PV-on grid and PV-standalone. For PV on-grid, the existing grid There are several solar-powered charging stations that have
can support a solar-powered EV charging station when there is a been developed in various regions of the world. On-grid and
lack of solar power or when there is a surplus of solar-generated off-grid system types are both common for hybrid charging
electricity, which can be fed back to the grid through an inverter. stations (Yap et al., 2022). On-grid solar charging stations can
Besides, during the absence of vehicle, the electricity from the be found in cities, on highways, and in workplaces, and offer
can be exported to the grid for the monetary gain such as in the L1, L2, L3, and super-fast charging modes. Off-grid stations for
form of net metering and net billing. For the PV off-grid, it is rural electrification are located in remote areas and supported
typically located in remote area, house area, and standalone by batteries. Solar canopies for EV charging stations are also a
individual usage. This type refers to the charging of EV solely popular design for providing shade to vehicles, cutting costs,
by the PV power without the involvement of utility grid. It also and reaching grid independence.
can be hybrid generation supported by existing conventional
power generation, BESS and other energy sources. In general, In the United States, the number of solar-powered charging
solar-powered EV charging station commonly consists of these stations continuously growing. Envision solar has implemented
components: solar-powered fast charging station with BESS support that does
not require a grid connection in California. Tesla built solar
1. Solar array or solar panels: solar panels consist of PV cells powered super-fast charger stations with megapack batteries in
that convert sunlight to DC outputs. California, Arizona, and Tibet. Electrify America has invested 2
2. Inverter for converting DC to AC for charging. million USD in 30 solar-powered EV charging stations in rural
3. Electric vehicle supply equipment (EVSE): include the California to support Zero Emission Vehicle (ZEV) adoption
charger, the vehicle connector, and the network connection, and develop charging stations equipped with solar canopies that
software, electrical conductors and protocols to safely manage integrate with the local electrical grid. Some of these stations are
the charging process into EV battery. also equipped with on-site energy storage and DC fast chargers.
4. BESS for storing excessive electricity from solar during Solar carport and canopy designs for EV charging stations are
daylight and support the solar power system during also widespread in other countries, such as the Netherlands,
nighttime. Germany, and Australia.

International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023 345
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

The use of RESs for EV charging is gaining popularity in Asia an optimization framework for profit maximization in the fast
as well. ATUM Charge is a first solar-powered EV charging charging stations with solar PV and a BESS and the daily power
station that includes a 5.2kW ATUM Solar Roof for generating scheduling in the stations. It shows that the fast charging station
electricity in Malad, India. In Malaysia, PLUS Malaysia Bhd with the PV and BESS delivered the lowest operating cost because
(PLUS) launched the country’s first solar - powered EV charging of the flexibility of the BESS and the most profitable in errand
station on the North-South Expressway. Table 2 shows the existing distribution scenario.
solar-powered EV charging station implementations worldwide.
Another study using HOMER done by Podder et al., (2021) to
Clearly, RES-powered charging stations for EVs are growing determine which hybrid solar PV and biogas generator-based
in popularity. Solar PV and BESS are now the most popular charging station was the most economically viable for reducing
integration technologies for EV charging stations. Integrated solar grid stress. PV systems can give viability; however, BESS is
PV and BESS systems are becoming more widespread for both currently not profitable. This study also demonstrated that charging
on-grid and off-grid applications, and super-fast charging and solar an EV from renewable source produces much fewer emissions
canopies are being developed continuously. than charging from the grid-only. Using the HOMER software
tool, a similar feasibility analysis for a solar-powered EV charging
2.3. Recent Studies on the Economic Feasibility of a station in Shenzhen, China was conducted (Ye et al., 2015). This
Hybrid EV Charging Station Powered by Renewable proposed technology integrated solar PV and satisfied future
Energy demands for EVs to handle grid power-related challenges and
Numerous studies on the economic feasibility of EV charging potentially minimize pollution emission reduction. The University
stations have been conducted. Despite their importance, public of Palermo in Italy conducted another investigation to design a
charging stations suffer from a variety of issues, according to long-term EV charging station. As a result, the levelized cost of
Zhang et al. (2018), including high capital costs such as installation energy is low, requiring a significant initial investment for storage
cost chargers, low utilization rates, and thus low profitability. systems (Miceli and Viola, 2017). Another study conducted in the
Ilieva and lliev (2016) investigated the financial viability of University of Azad Jammu and Kashmir in Pakistan investigated
a solar-powered charging station in Bulgaria and found that the possibility of designing a solar PV-based EV charging station
a solar-powered EV charging station can be profitable due to for security bikes due to its significant potential for solar energy.
the continuous improvements in PV technology efficiency, the Aanya et al. (2021) designed an off-grid solar-powered EV
extended life of solar modules and other system components, charging station utilizing PVsyst in six Indian cities, including the
and the decline in PV module prices. Minh et al. (2021) analyzed number of cars charged, monthly variation in energy generation,
the technically and economically under various solar radiation performance ratio, CO2 emissions reduction, and investment cost
conditions in Vietnam using the HOMER software and found that per kilometer. This study also found that when monocrystalline
the higher the solar radiation, the higher the investment efficiency, modules are employed, the total system generated more energy and
and by optimizing the selection of equipment, the total investment saved money. Several studies also indicated that the integration
cost could be reduced. Nishimwe and Yoon (2021) developed of RESs, such as solar PV, into charging stations is the optimal

Table 2: Existing solar‑powered EV charging station implementations worldwide

Company name Location Mode Features BESS Reference
Envision solar California, US On grid and off Solar‑powered charging products include Level 1, Yes BEAM, 2020
grid Level 2, and DCFC
Electrify America California, US Off‑grid and onsite Rural electrification of solar‑powered charging Yes Electric, 2020
solar canopy station with level 2 speed and FC network
Empower New York, US On grid and off EV with solar EV charging station include Level 1, Yes EMPOWER
grid Level 2, Level 3 and V3 Solar, 2023
Tesla California, US, Tibet On grid Solar Powered Super Charger Station Yes Reuters, 2021
ATUM Charge Mumbai, India On grid Solar powered charging station NA Visaka, 2023
Fastned Netherlands On grid Solar and wind powered super‑FC station and solar NA Fastned, 2023
canopy
The Ray Georgia NA Solar‑powered EV charging station at the visitor No The Ray, 2020
information
PLUS, Malaysia Malaysia On grid Solar‑powered charging station on highway Yes Chargenow,
Bhd (PLUS) 2018
Volvo Thailand Thailand On‑grid Solar carport No DEDE, 2023
Paired power California, US, On grid and Off Solar‑powered pop‑up canopy charging station and Yes Pairedpower,
grid SEVO SunStation Level 2 Charger 2023
SECAR E‑Port Australia On grid and Off Solar carport charging station NA SECAR, 2018
grid
ELUM Energy France, Morocco, On grid and V2G Solar‑powered charging station No ELUM Energy,
South Africa 2023
Jeep US and Australia Off‑road trail Solar‑powered charging station Yes EV pulse, 2022
MDT‑TEX Germany On grid Solar‑powered carport charging station No MDT‑tex, 2023
FC: Fast charging, DCFC: Direct current FC, BESS: Battery energy storage system, NA: Not available, EV: Electric vehicle

346 International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

strategy for maximizing the economic and environmental benefits 3.2. Charging Characteristics
of EVs and supporting the concept of a smart grid (Amjad et al., In this study, the operation of a hybrid EV charging station system
2018; IEA PVPS, 2021; Shafiq et al., 2022). The viability of with L2 and fast charging types was examined. Due to this, as
installing a PV charging station can be determined by a location’s stated in Table 4, only L2 and fast charging were considered for
influence on irradiance, power pricing, and CO2 emissions per kWh estimating the electric unit in electric charging. Utilizing both
generated by the local energy mix (IEA PVPS, 2021). charging features, the load factor (LF) for a particular week were
estimated.
Prior research has demonstrated that the true cost of charging EVs
must consider additional factors, such as infrastructure usage rates Furthermore, the installation of two different types of EV charging
and a more precise reflection of energy pricing (Zhang et al., 2018; stations enabled the analysis of each feature’s load factor as shown
Lanz et al., 2022). The utilization rate of charging infrastructure in Table 5. This allowed us to forecast the future electricity needs
in the actual world is highly variable, particularly at commercial of each charging station. There are three difference approaches
charging stations. With more expensive technology and no fixed used to evaluate the amount and number of chargers in this study:
user base, the possibility of underutilization negatively impacting A represents parking time from 2 h, B represents parking time from
the levelized cost of charging increases. Currently, typical 30 min to 2 h, and C represents parking time from 15 to 30 min.
utilization rates of existing infrastructure are around 10% for The number of charging parking spaces is estimated to account
medium AC charging, 5%-10% for high AC charging, and 1-5% for 10 % of the total parking lot in the area of study.
for DC fast charging. High-level EV chargers are more costly
than lower-level ones unless their utilization is exceptionally high Based on the load study in Figure 4, we modified the load studies
(Lanz et al., 2022). in Chulalongkorn University for both weekday and weekend for
three difference schemes as shown in Figure 5.
3. MATERIALS AND METHODS
Furthermore, we assumed that BESS was implemented for peak
This paper was designed to understand the economic feasibility shaving EV demand reduction and energy arbitrage, which
of hybrid solar-powered EV charging station under varying involves charging energy during off-peak hours when tariff rates
EV charger utilization rate and BESS installation. We aimed are low and using it during peak hours when tariff rates are high.
to evaluate and compare electric utility’s feasibility under two
Table 3: Assumptions about the study area
difference modules (slow charge and fast charge) and two
Location Average solar Solar No. Roof
electricity costs, namely low priority and TOU rates.
irradiation panel size parking areas
(kWh/m2/day) (kWp/m2) lots (M2)
3.1. Study Area, Solar Potential and Load Study
Chulalongkorn 5.17 0.16 1,8001 10,0001
Chulalongkorn University, located in the center of Bangkok,
University
was chosen as the study area to evaluate the PV-powered/Battery
hybrid design for an EV charging station. Table 3 presents the
data components associated with the location of investigation. Table 4: Load factor of each charging features
Notwithstanding the study’s location-specific sample size, the Charging features Load factor (%)
conclusion and methodologies can be applied elsewhere in the L2 public charging 32.88
world by adjusting the statistics. In Figure 2 shows average solar FC 37.59
irradiation, solar panel size, potential parking buildings and car FC: Fast charging
parks for hybrid system EV charging station in Chulalongkorn
University campus. Table 5: Modules of EV charging stations2
Charge type Components A B C
The selected location’s monthly average global horizontal Slow charge Percentage Installed 10% 3% 0%
irradiance (GHI) was shown in Figure 3. Bangkok has a Power (kW) 22 22 22
rooftop solar power output potential of 1.420 MWh/year, with Parking lots 180 54 0
the maximum overall solar PV output occurring in March at Installed capacity 3,980 1,188 0
Fast charge Percentage Installed 0% 7% 10%
138.8 kWh/m2. Power (kW) 50 50 50
Parking lots 0 126 90
The load studies in this paper were carried out under hypothetical Installed capacity 0 6,300 4,500
conditions and were considered in large scale. The EV load was Normalized power per module (MW) 0.0220 0.0416 0.0500
modified from the California’s EV charging loads forecast for Load factor (Weekly) 32.88% 36.84% 37.59%
a typical weekday and weekend in 2025 (California Energy
Commission and NREL, 2018) as shown in Figure 4. EV
load used in this study was assumed for public charging L2 1. C
 over only area managed by Chulalongkorn University's Property Management and
(in purple) and fast charging (in Green). In weekdays, the considered only roof area for solar PV installation.

electricity tariff used is the time of use (TOU) rate, which is 2. A

 ssumptions based on Salcido, V.R., Tillou, M., Franconi, E. (2021). Electric Vehicle
Charging for Residential and Commercial Energy Codes https://www.energycodes.gov/
9:00 AM-22:00 PM on peak and 22:00-9:00 off peak. Weekends sites/default/files/2021-07/TechBrief_EV_Charging_July2021.pdf3 PV sizing calculated
are off-peak all days. from the roof area of 10,000 m2. x solar panel size per m2 0.16 kWp/m2.

International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023 347
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

Figure 2: Parking buildings and car parks in Chulalongkorn university campus

Figure 3: The monthly average solar global horizontal irradiation in Description of the two modules used in this analysis:
Chulalongkorn University
Module 1: Solar PV powered based charging station: Both solar
PV and the utility grid are employed to charge EVs. If the solar
PV system can only generate a limited amount of electricity, not
enough to fully charge the EV, the EV is charged using both the
PV system and the utility grid. If there is no EV to charge and the
solar panel is supplying energy, all PV electricity will be utilized
to reduce the facility’s electricity bill. The following are the
module’s assumptions:
● EV charger type: Slow charging, fast charging
● EV charger utilization rate: 6.25% for year 1, 12.5% for year
2, 25% for year 3, 50% for year 4, 100% after year 5 project
lifetime 20 years (growth rate 2 times per year)
● EV electricity cost: TOU and low priority rates
In this module, BESS was expected to discharge during the peak Module 2: Solar PV-powered charging station with BESS:
time and only charge when the energy exceeds the specified peak BESS installation for EV peak load saving and energy arbitrage.
(new peak value). During weekday off-peak hours, the BESS It was assumed to discharge at peak and only charge for energy
will charge consistently to prepare the power supply for peak values greater than the peak value specified (new peak value).
discharge and maintain a state of charge (SOC) between 20% and In this module, solar PV is not used to charge the BESS because
80%. Figure 6 depicts an example of a load profile for 30% peak the benefit of solar PV for supplying load is greater than its
reduction for three schemes in this study. benefit for energy arbitrage. This module did not consider low
priority due to its off-peak rate. Following are the module’s
3.3. Description of the Two Modules Used in this assumptions:
Analysis ● EV charger type: Slow charging, fast charging
3.3.1. Configuration and working principle ● EV charger utilization rate: 6.25% for year 1, 12.5% for year
The structure of a typical grid-connected solar PV powered EV 2, 25% for year 3, 50% for year 4, 100% after year 5 project
charging station consisting of the main components of the PV lifetime 20 years (growth rate 2 times per year)
system, the DC-AC and AC-DC inverter, the utility power grid, ● BESS: BESS installation for peak shaving purpose for
BESS, and electric vehicles. Due to the declining cost of solar PV reducing peak demand 30%. BESS sizing was referred to
systems, the net-zero policy, and the potential system to reduce maximum charging.
carbon emissions and the cost of electricity supply, this structure ● EV electricity cost: TOU rate
is the best model for EV power supply. ● C-rate used in each scheme: A = 0.28, B = 0.19, C = 0.24.

During the day, this model of charging station allows the EV to 3.4. System Parameters
charge directly from the solar PV system, while charging from The costs of a solar PV-powered EV charging station system and
the utility grid at night and when the weather is unpleasant. The BESS are shown in Table 6, which is based on the surveyed cost
primary source of electricity for EV charging stations is solar PV of the Thai solar power market (DEDE, 2020), while the price EV
and the grid, and the BESS is designed to reduce peak demand charger of slow and fast charge was from market survey, MEA
and the purpose of energy arbitrage. EV charger price (MEA, 2022), and Wallbox selected by EGAT

348 International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

Figure 4: Forecasted EV Charging Loads for a Typical Weekday (left) and Weekend (right) in California in 2025

Figure 5: Load profiles in Week day (upper), and Weekend (down) for three schemes

Figure 6: (a-c) Load profile for three schemes with BESS installation for 30% peak reduction: Net load (blue) was EV load excluding PV profile,
whereas net load with ESS (orange) was derived from net load - ESS

a b

(Wallbox, 2022). PV sizing was derived from roof areas3. For the EV chargers, and BESS includes replacement cost as shown in
operations and maintenance (O&M) cost of the solar PV system, Table 6. The BESS price is based on utility-scale battery storage
market in 2022 (NREL, 2022) as shown in Table 7. The project’s
3. P
 V sizing calculated from the roof area of 10,000 m2. x solar panel size per m2
lifetime is 20 years. Operating and marketing budget roughly
0.16 kWp/m2. 10-12% of a business’s revenue (Bigcommerce, 2022).

International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023 349
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Table 6: Sizing components and cost assumptions used in this study

Component Size Capital cost (USD/unit) Lifetime O and M cost (%) Replacement cost (USD/unit)
(kW) (year)
EV charger (slow charge) 22 2019.54 10 2.5 of investment/year 2019.54
EV charger (fast charge) 50 29,699.15 10 2.5 of investment/year 29,699.15
PV module 1600 816.73 25 2.3 of investment/year
Battery (A) 705.30 1475.457 10 2.5 of investment/year 1475.457
Battery (B) 1396.66 2094.07 10 2.5 of investment/year 2094.07
Battery (C) 846.06 2094.07 10 2.5 of investment/year 2094.07
Land use 15% of revenue
Operation and marketing cost 10% of revenue
Cost of insurance 0.16% of total investment cost
O and M: Operations and maintenance, EV: Electric vehicle, PV: Photovoltaic

Table 7: Lithium‑ion battery energy storage system price to operate a charging station. If the IRR is more than the WACC,
at different C rate ranges then the project’s rate of return exceeds the cost of capital, therefore
C rate Range ESS price (USD/kW) the project should be feasible.
0.5 0.5≤C 856.85 NCFt
∑
T
0.25 0.25≤C < 0.5 1475.46 0= (2)
0.17 0.17≤C < 0.25 2094.07 t =0 (1 + IRR)t
0.125 0.125≤C < 0.17 2712.68
Where NCF = Net Cash Flow of a period, r is the discount rate (%),
0.1 0≤C < 0.125 3331.28
N is the analysis period, T = Period in which the Cash Flows occur
ESS: Energy storage system

3.5.3. PB
For assumption rates used in this study are shown in Table 8. The The calculation starts with years before break even (YBB), which
low priority and TOU rates are used to evaluate the economic YBB must meet the equation condition in (3) and (4). Then
feasibility of two modules: solar-powered EV charging station and calculate the remaining months (from year before break-even until
solar-powered plus BESS EV charging station. The electricity user breakeven) after break even until month break even (MUB) from
of the study area is of type 4, which is for medium-sized businesses. equation 5. The PB is then calculated by combining the two values
We assumed in this analysis that the investor is an electric utility. together. The payback period shows the amount of time required
As a result, we adopt the weighted average cost of capital (WACC) to repay the initial investment expenditure (Robinson et al.,
of 6.06% from electricity utility data (MEA, 2012). WACC is a 2020). It is employed for ranking investments. Power generation
measure of the interest rate paid on a company’s financing as well with shorter payback periods are logically more economically
as the average after-tax cost of its capital sources. Lowering the advantageous than those with longer payback periods. Therefore,
WACC benefits the business by lowering its financing costs. We a shorter payback period relates with greater sustainability.
use the same discount rate as WACC.
Years before break even
3.5. Economic Feasibility
The economic analysis of this study is performed using Microsoft Y BB
CI t + Ot
Excel, which provides the calculation of net present values (NPV),
payback periods (PB), and internal rates of return (IRR) for each
∑ (1 + r )
t =0
t
≤ 0 (3)

technology’s investment. For mathematical model of the various

Y BB +1
economic components utilized to determine economic feasibility CI t + Ot
in this study: NPV, PB, and IRR as follows. ∑
t =0 (1 + r )t
> 0 (4)

3.5.1. NPV Month until break even

The NPV is positive (>0) if the project is economically feasible.
The higher NPV suggests the better economic feasibility of Remaining PB in month
operating the charging station (Robinson et al., 2020)
CI t + O t
∑
Y BB
NCFt
∑
T
(1)
t =0 (1 + r )t
t =0
(1 + r )t
M UB = × 1 (5)
 R 
3.5.2. IRR  Y BB +1 
 
 (1 + r )
Y BB
The IRR of an investment is the discount rate at which the NPV of 
the costs (negative cash flows) of the investment equals the NPV
Total PB in year
of the benefits (positive cash flows). For a project to be considered
for selection, the IRR must above the discount rate. The higher
the IRR, the larger the economic viability (Kreith, 1980). When M UB
PB = Y BB +
IRR is less than the discount rate, it is not economically feasible 12

350 International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

Table 8: Rate assumptions used in this study

Components Value Unit Reference
Exchange rate 33.671 THB/USD BOT, 2023
Low priority rate 0.08 USD/kWh MEA, 2021
TOU rate (12–24 kV) Peak: 0.12 USD/kWh USD/kWh MEA, 2018
Off peak: 0.08 USD/kWh
Demand charge: 3.95
EV slow charge – On peak 0.22 USD/kWh PTTOR, 2022
EV slow charge – Off peak 0.13 USD/kWh
EV fast charge – On peak 0.22 USD/kWh
EV fast charge – Off peak 0.13 USD/kWh
WACC 6.06 % MEA, 2012
Tax 30 % Determined by authors
Discount rate 6.06 % Same rate as WACC
TOU: Time of use, WACC: Weighted average cost of capital, MEA: Metropolitan Electricity Authority, EV: Electric vehicle

Table 9: Assumptions on environmental and social benefits rate was 6.25 % in year 1, 12.5 % in year 2, 25 % in year 3, 50 %
Key benefits Estimated saving Reference in year 4, and 100 % after year five. The plant factor was 16.21%
EV ‑ fuel saving 413 USD/Car/Year Malmgren in first year. Considering NPV, IRR, and PB, the most economical
EV ‑ Avoided GHG emission 86.6 USD/Car/Year (2016) installation was slow charging of 22 kW for 180 units at a low
EV ‑ economic development 96.5 USD/Car/Year priority and TOU rate. The subsidized low priority rate provided
GHG: Greenhouse gas, EV: Electric vehicle a favorable financial return due to a shorter payback period than
the TOU rate in all schemes. It is likely unfeasible to install fast
3.6. Sensitivity Analysis chargers due to their high cost. In both schemes, the subsidized
We performed a sensitivity analysis on the IRR/peak shaving ratio low priority rate provided a greater financial benefit than the
and revealed that the percentage of peak shaving affects c-rate TOU rate, given the off-peak rate is 24 h. Thus, the investment in
and BESS pricing. Given that the purpose of BESS installation level 2 solar PV charging stations on university campuses and in
is to reduce peak demand by 30% (base case), we investigated Bangkok is highly feasible and can develop in the coming years.
the impact of BESS pricing on economic feasibility. As stated
in Table 5, based on the C Rate, the price of BESS ranges from This scenario, which is similar to studies in Bulgaria, China, and
$856.85 to $2,094.07 (a decrease of 0%), in the base case. Vietnam, as well as current solar-powered EV charging station
deployment around the world, revealed that investing in solar-
3.7. Environmental and Social Benefits Assumptions powered EV charging stations is both economically feasible and
It is critical to reduce GHG emissions from power generation attractive. The driving force of PV technology efficiency, the
systems in order to maintain a sustainable ecosystem. Conventional declining price of solar panels and other system components,
power plants such as oil and gas generate vast quantities of GHG and the trend of GHG abatement are further arguments that such
such as CO2, SO2, and NOx. RES generates no pollutants and offers investments are economically sensible.
a solution for sustaining an environmentally power generation
system. As indicated in Table 9, we examined the environmental 4.2. Scenario 2 – Solar PV Charging Station with
benefits based on four indicators by multiplying them with the BESS Installation
load factor and total number of EV chargers in each scheme.
The BESS installation in this system was used for peak shaving
by 30% of EV load and the purpose of energy arbitrage. Table 11
To calculate the amount of CO2 of the proposed system can be
shows the economic results of a solar PV charging system with
calculated as
BESS installation at campus over a period of twenty year. The
NPV, IRR, and PB revealed that slow charging with BESS 705.30
CO2 emissions = A × Ef(6)
kW and TOU rate offered greater financial benefits than the other
two schemes. In a while, the installation of pure fast-chargers
Where E f = emission factor of kg CO 2 emission per kWh,
provided the least financial return. However, it can be observed
A = Activity data
that none of the schemes with BESS installation have a negative
NPV. Considering the current trend of declining BESS prices, this
4. RESULTS AND DISCUSSION technology could become economically viable in the near future.
In the meantime, it would be challenging for investors to generate
4.1. Scenario 1 – Solar PV Charging a profit; thus, the installation of BESS should be supported by
Table 10 shows the findings of a twenty-year economic analysis of government or organization funding, thereby creating a market
a solar PV powered charging station with 1,600 kW. The electricity that drives down the price of BESSs.
generation is 2,488,320 kWh/year from the solar PV system, which
is 25.02% of the total electricity demand. The PV installation 4.3. Sensitivity Analysis
capacity and EV charging profile were considered as a study area As shown in Figure 7, the sensitivity results of IRRs for peak shaving
profile without considering the initial load. EV charger utilization showed that IRRs ranged within the range of -4.80% to 45.5%. When

International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023 351
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

Table 8: Rate assumptions used in this study

Components Value Unit Reference
Exchange rate 33.671 THB/USD BOT, 2023
Low priority rate 0.08 USD/kWh MEA, 2021
TOU rate (12–24 kV) Peak: 0.12 USD/kWh USD/kWh MEA, 2018
Off peak: 0.08 USD/kWh
Demand charge: 3.95
EV slow charge – On peak 0.22 USD/kWh PTTOR, 2022
EV slow charge – Off peak 0.13 USD/kWh
EV fast charge – On peak 0.22 USD/kWh
EV fast charge – Off peak 0.13 USD/kWh
WACC 6.06 % MEA, 2012
Tax 30 % Determined by authors
Discount rate 6.06 % Same rate as WACC
TOU: Time of use, WACC: Weighted average cost of capital, MEA: Metropolitan Electricity Authority, EV: Electric vehicle

Table 9: Assumptions on environmental and social benefits Figure 9: Environmental and social benefits
Key benefits Estimated saving Reference
EV ‑ fuel saving 413 USD/Car/Year Malmgren
EV ‑ Avoided GHG emission 86.6 USD/Car/Year (2016)
EV ‑ economic development 96.5 USD/Car/Year
GHG: Greenhouse gas, EV: Electric vehicle

Figure 7: Percentage of peak reduction: Comparison of IRR across the

three difference schemes

Figure 10: Emission reduction in each scheme

Figure 8: Percentage BESS cost reduction: Comparison of IRRs

across the three difference schemes

a business installs and operates BESS. As shown in Figure 8, the

IRRs for varied percentages of BESS cost reduction ranged from
1.42 % to 28.92 % across three schemes. The project’s IRR will
increase when the price of the BESS lowers. Slow charging was also
demonstrated to be more feasible than fast charging in most cases.
compared to the base scenario of 30% peak shaving at 0% cost
reduction, it was estimated that using BESS to reduce peak demand 4.4. Environmental and Social Benefits Assumptions
by a greater amount would result in a lower IRR for the project, The RESs are the most environmentally friendly and effective
because BESS is required to be larger in all three schemes. With replacements for traditional energy sources, and they have
the high cost of BESS implementation, the share of BESS benefits numerous beneficial benefits on the planet, including a significant
obtained may be reduced. Thus, a BESS price sensitivity analysis cut in GHGs, which is crucial for addressing climate change
was conducted to determine the effect of BESS pricing on IRR when (Al-Shetwi, 2022). The proposed systems accounted for the key

352 International Journal of Energy Economics and Policy | Vol 13 • Issue 3 • 2023
 Kokchang, et al.: Economic Feasibility of Hybrid Solar-Powered Charging Station with Battery Energy Storage System in Thailand

Table 10: Solar photovoltaic+charging station: Comparison of the net present value, internal rates of return, and payback
with the low priority and YOU rate for three difference schemes
Electricity cost Scheme Low priority TOU
A B C A B C
NPV (USD) 6,185,723.21 6,932,908.05 4,033,178.84 4,332,155.24 2,849,332.58 1,831,077.23
IRR (%) 29.61 16.61 14.65 25.72 11.23 10.61
PB (years) 4.10 7.2 10.4 5.2 13 13.5
NPV: Net present value, PB: Payback period, IRR: Internal rates of return, TOU: Time of use

Table 11: Solar photovoltaic charging station with BESS economic growth. In addition, EV Charging stations qualify for
installation: Comparison of the net present value, internal carbon credits because they provide EVs with renewable energy.
rates of return, and payback period with the low priority By selling carbon credits, charging station owners have the option
and YOU rate for three difference schemes to earn a greater return on their investments.
Electricity cost TOU rate
Scheme A B C However, due of the high cost of installing BESS for peak shaving,
NPV (USD) 3,355,591.33 2,689,003.552 966,435.78 it is not currently economically feasible, although it may become
IRR (%) 17.32 10.72 8.5 so in the future if it gets less expensive. Similarly, installing fast
PB (year) 6 0.9 13.7 16.6 chargers is not feasible in comparison to slow charging because
NPV: Net present value, PB: Payback period, IRR: Internal rates of return, TOU: Time they are substantially more expensive. The utilization rate of an
of use
EV charging station is an important factor in boosting the financial
return of an EV charging station. A variety of factors influence
benefits of EVs in terms of fuel savings, reduced GHG emissions, utilization rates, including location, efficiency, and cost. Higher
and economic growth, as well as the usage of solar PV for avoided utilization rates directly result in increased revenue for owners of
greenhouse gas emissions throughout project lifetime 20 years. EV charging businesses.
As shown in Figure 9, the data demonstrated that EV adoption We also investigated the effects of peak shaving percentage on
had a positive impact on fuel savings, avoided GHG emissions, IRRs. As the percentage of peak shaving increased, the IRRs
and economic growth. Scheme B produced greater environmental generally decreased because BESS is required to be larger. This
benefits than other schemes due to its higher average vehicle usage implies that the percentage of peak shaving influences the pricing
and greater number of EV charger units. Thus, the use of solar of c-rate and BESS. Larger BESS sizes require costly investments.
PV systems with increased capacity in EV charging stations can The introduction of ancillary services to the grid, such as frequency
reduce the rate of grid power consumption and the amount of GHG regulation, could significantly increase the project’s profitability.
emissions produced during operation.
Future study will focus on developing a business model with an
To analyze the CO2 emission reduction of using solar PV for EV appropriate pricing structure for EV consumers. In addition, it
charging station, the emission factor is considered to be 0.407 tons is essential to identify the challenges and barriers for solar PV-
of CO2 per MWh (EPPO, 2022). So, the emission of proposed powered with BESS EV charging stations, to perform a social
system was 0.407 kg CO2/kWh x 2,488,320 kWh (annual solar
acceptance survey, and to conduct a feasibility analysis of a RES
output) = 1,012,746.24 kg CO2/year. Figure 10 presents the CO2
hybrid system EV charging station with different modules and
emission reduction in difference schemes.
charging prices.

5. CONCLUSION 6. ACKNOWLEDGE
This study presented the economic feasibility of a hybrid solar-
We acknowledge the support, funding, and data from Metropolitan
powered EV charging station under varying EV charger utilization
Electricity Authority (MEA) for this research.
rates and BESS installation by comparing two difference charging
types and electricity cost in Chulalongkorn University. According
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