Feasibility Study of Electric Charging Station with Solar Generation and Battery Energy Storage System

Abstract

The article aimed (1) to study conduct the market, and technical feasibility of electric charging station with solar generation and battery energy storage system located at Rayong province; (2) to study conduct the feasibility study of this investment project in terms of financial aspect, and sensitivity analysis of electric charging station with solar generation and battery energy storage system. The project included two charging machines of 120 KW DC Charger type, with sufficient electrical capacity to generate about 500 KW and energy storage batteries of 5 MW. The data for predicting cash flow were collected from expert interviews and related research documents. The study found that, in the case project life of 10 years or to 2029, the net present value, internal rate of return and the payback period was -39,150,812.26 baht, -15.30 percent, and 17.63 years, respectively. Benefit – Cost Ratio was 0.43, which was at a very low level. Those criteria reflect inappropriate investment. In addition, an analysis of the project’s sensitivity under two scenarios: battery and solar power production equipment costs reduced by 35%, and service revenue increased by 20%, the analysis results still indicated that the investment was not worthwhile. Therefore, promoting alternative electrical energy for electric vehicle charging stations needed to be driven by financial support from government agencies.