Multi-Objective Electric Vehicle Charge Scheduling Using Incentive-Based Compensation Mechanism to Increase Vehicle-to-Grid Participation

The Electric Vehicle (EV) fleet's growth presents opportunities and challenges for the power grid, from reduced emissions and renewable energy integration to unprecedented increases in electricity peak demand. Strategic planning and incentive policies can help ensure a smooth integration of EVs into the power grid, ensuring grid reliability while reaping the associated benefits. Addressing the challenges proactively and leveraging the opportunities presented by the growing EV fleet requires collaboration among various stakeholders, including prosumers, EV Charging Station (EVCS) owners, and utilities. This paper proposes a multi-objective optimization framework considering battery degradation cost, Photovoltaic (PV) build canopy EVCS, and cost reduction programs to reduce the load variance and prosumer cost, minimize power losses, and maximize EVCS benefits. Furthermore, we propose a carbon credit program to compensate EV owners' battery degradation costs and encourage them to participate in the Vehicle-to-Grid (V2G) program. The sensitivity analysis results indicate that the proposed method effectively impacts objective functions and load indices.