Economic Analysis of Coordinating Electric Vehicle Parking Lots and Home Energy Management Systems

Two increasingly popular distributed energy resources (DERs), especially within the European context, are photovoltaic (PV) installations and electric vehicles (EVs). Numerous models have been proposed for optimal management thereof, such as Home Energy Management Systems (HEMSs) and EV parking lot management systems (EVPLMS). However, these approaches are often designed to benefit only one party without taking into account the effect of any other management systems. I.e., HEMSs are designed to only maximize the economic benefit of home owners, while EVPLMSs are designed to only maximize the profit of parking lot owners. In this study, the coordinated use of these systems is modeled and simulated to investigate whether a synergistic relationship exists in which consumers (EV owners) have an added economic benefit by the simultaneous operation of HEMSs and EVPLMSs. As such, a cost-benefit analysis is conducted from the point of view of the EV owners, utilizing a HEMS at home and an EVPLMS at work. The analysis was performed on case studies that are based on real facilities, locations, meteorological data, and electricity market prices in Porto, Portugal.