Assessing economic viability and environmental impact of solar-powered EV charging station in Gazipur, Bangladesh: A case study

Abstract

Due to technological advancement and modernization, the demand for Electric Vehicles (EVs) is rising. In Bangladesh, there is a growing demand for electric vehicles such as auto-rickshaws and easy bikes, and electric automobiles will be familiar soon. The demand for electrically powered vehicles is increasing in response to growing environmental concerns; it helps balance the greenhouse effect and global warming. Solar-based charging systems are becoming increasingly popular due to their low greenhouse gas (GHG) emissions. The CO2 emissions produced by solar-based EV charging systems are lower than those produced by coal-based chargers. Moreover, the Government of Bangladesh wants to accomplish Sustainable Development Goal (SDG) 7 by 2030 by increasing the proportion of accessible, cutting-edge, renewable energy sources. This study investigates and analyses the technological, economic, and ecological viability of a solar PV power plant in Bangladesh for charging EVs. This study examined solar-based EV charging stations, which generate 36,785.76 MWh of electricity for 20 years of their lifetime and are used to charge EVs. Furthermore, the net present value (NPV) is USD 652,656.80, the initial investment is USD 1,365,300, the Internal Rate of Return (IRR) is 11.70 %, and the Payback Period (PBP) is 7.2 years. Approximately per day, 250 battery-operated three-wheeler EVs can be charged using the generated electricity. In addition, the project will prevent the emission of 24,013.86 tons of CO2, 251.25 tons of SO2, 63.39 tons of NOx, and 12.55 tons of CO. Eliminating these GHG emissions may also aid Bangladesh in achieving SDG 13.

Keywords

• Photovoltaic solar panels
• Electric vehicles
• Greenhouse gas emissions
• Payback period
• Internal rate of return
• Net present value