Financial feasibility of electric vehicle charging stations in Thailand: An analysis of operational models and energy costs

Despite the increasing demand for electric vehicles (EVs) and the associated charging stations, the variances in EV charging station models and diversity of energy costs have not been effectively studied to date. Therefore, this study examines the financial viability of EV charging stations in Thailand by analysing the effects of operational models, charger counts, and fluctuating energy costs. The profitability, payback periods, and investment returns of various types of EV charging stations are evaluated by combining financial analysis tools and historical energy cost data. The results indicate that small-scale charging stations with 1–3 chargers demonstrate superior financial viability, achieving internal rates of return (IRR) of 24.18–39.86 % and payback periods ranging from 3 to 4 years, depending on the tariff model. By contrast, stations with more than three chargers experience extended payback periods, with some configurations failing to recover investment within the project duration owing to increased capital expenditures and operational costs. This study also emphasises the critical role of dynamic energy pricing in the financial modelling of charging stations. Electricity costs vary significantly between conventional and low-priority stations, with energy costs for conventional stations being up to 23 % higher. The financial feasibility of EV charging stations in Thailand presents competitive advantages in terms of investment attractiveness and return on capital compared with higher energy cost regions with fewer financial incentives. The findings have significant implications for station operators, investors, and policymakers, highlighting the need for strategic planning and adaptive pricing strategies in EV charging infrastructure development.