This paper is aimed at modelling of a distinct smart charging station for electric vehicles (EVs) that is suitable for DC quick EV charging while ensuring minimum stress on the power grid. Operation of the charging station is managed in such a way that it is either supplied by photovoltaic (PV) power or the power grid, and the vehicle-to-grid (V2G) is also implemented for improving the stability of the grid during peak load hours. The PV interfaced DC/DC converter and grid interfaced DC/AC bidirectional converter share a DC bus. A smooth transition of one operating mode to another demonstrates the effectiveness of the employed control strategy. Modelling and control of the different components are explained and are implemented in Simulink. Simulations illustrate the feasible behaviour of the charging station under all operating modes in terms of the four-way interaction among PV, EVs and the grid along with V2G operation. Additionally, a business model is discussed with comprehensive analysis of cost estimation for the deployment of charging facilities in a residential area. It has been recognized that EVs bring new opportunities in terms of providing regulation services and consumption flexibility by varying the recharging power at a certain time instant. The paper also discusses the potential financial incentives required to inspire EV owners for active participation in the demand response mechanism.
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