A multi-tiered real-time pricing algorithm for electric vehicle charging stations

With the increase in the market penetration of Electric Vehicles (EVs) and Plug-in hybrids (PHEVs), there is need for charging stations to charge them rapidly and price the user appropriately. In order to encourage the customers to charge their vehicles during load valley and minimize peak loads due to multiple EVs charging, this paper analyzes the charging impact on the load cycle and designs an innovative real-time multi-tiered electric pricing system. Subsequently, a new display board design for EV charging stations depending on the charging effect is proposed applying the designed electric pricing system.