Thinking about adding a battery energy storage system (BESS) to your EV charging station? The economics can be surprisingly complex, and what seems intuitive might not always be the most profitable path.
Our digital twin tool can accurately model the real-world performance and return on investment (ROI) of a battery purchase, and our simulations often reveal fascinating, less-than-intuitive results.
Here's a look at what we tested:
We started with a baseline: a busy charging station receiving 310 kW of power from the grid. It has a mix of dual-nozzle chargers: 150/90/70/70kW. The energy cost is on ToU schedule with higher rates 5pm-11pm. The energy price (to drivers) is also on a ToU schedule, peaking between 1pm and 6pm.
Then, we simulated the impact of adding three different battery configurations:
Small Battery: 50 kWh, 1C rating. This option is cheaper upfront, but its higher C-rating and smaller size make it more expensive per kW delivered.
Medium Battery: 200 kWh, 0.5C rating.
Big Battery: 372 kWh, 0.5C rating.
We modeled a marginal cost of $450/kWh for the small battery and $375/kWh for the others. When we ran these scenarios against realistic driver behavior, the results were compelling:
The baseline station generated an average profit of $1618 per day. This is the difference between the price of selling energy and the cost of buying it (each transaction computed with the applicable rate at the time it was executed). Adding the small 50 kWh battery increased daily profit by an additional $129. This translates to an impressive 70.8% cash-on-cash return or a 19.8% annualized rate of return. We modeled the financing with a 5-year, 3% interest loan.
The biggest 372 kWh battery added $435 per day, yielding a 71.3% cash-on-cash return or a 19.9% annualized RoR.
However, the surprising winner in pure dollar value was the medium 200 kWh battery. This option generated the highest returns with a 77.7% cash-on-cash return or a 22.9% annualized RoR.
But RoR isn't the only factor. Our digital twin also models many other parameters, allowing us to compute a "driver experience score." This metric reflects customer satisfaction and loyalty. The baseline station scored 51. Both the small and medium battery configurations improved this to around 58. The clear winner for driver experience was the big 372 kWh battery, achieving a score of 63. This means higher customer satisfaction and potentially more returning drivers.
This kind of analysis is crucial because different businesses value different aspects – some prioritize maximum financial return, while others might focus more on enhancing the driver experience to build loyalty. Our digital twin helps you make informed, customized investment decisions that align with your specific goals for your EV charging infrastructure. If you'd like a similar comparison tailored to your station's unique conditions and customer base, get in touch!
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