Empowering E-mobility: Day-ahead dynamic time of use tariff for electric vehicle charging

The greenhouse gases and preservation of the environment have been the most prioritized concern in many countries and international organizations, leading to set aims and initiatives for lowering the dependency on fossil fuels and minimizing carbon emissions. As a part of many initiatives, great emphasis is given to promoting electric vehicles (EVs) over their traditional carbon fuel-based counterpart. To support large-scale EV adoption, a dynamic tariff scheme is required that addresses complex issues like user comfort, savings, and utility revenue. In this research work, a dynamic pricing scheme is modeled for the centralized EV charging stations (EVCS) on a residential feeder. This pricing scheme integrates the existing static time of use (ToU) pricing to an hourly dynamic ToU tariff that varies according to the demand level in the residential feeder. The proposed tariff plan provides a day-ahead dynamic structure with a probable price variation range to aid the EV owners and the day-ahead charging mechanism to schedule the EVs beforehand. The developed scheme calculates the returns and adjusts the tariff including the demand charge and the recovery component on a daily, monthly, and yearly basis for the unsatisfactory investment revenue. Also, user convenience is ensured by setting the minimum possible tariff as well as satisfying the minimum revenue target with the integration of particle swarm optimization (PSO) in designing the pricing structure. The simulation results demonstrate the effectiveness of the proposed dynamic pricing scheme maintaining a trade-off between the interests of all parties involved. Moreover, the simulation outcome of the test case indicates that EV owners can save more than 32 % on charging bills if they plan correctly. On the other hand, the utility can earn more than 2.4 times the existing rate during the peak time of the residential feeder.