Print Email Facebook Twitter To charge or not to charge? Using Prospect Theory to model the tradeoffs of electric vehicle users Title To charge or not to charge? Using Prospect Theory to model the tradeoffs of electric vehicle users Author Pelka, S. (TU Delft Energy and Industry; Fraunhofer Institute for Systems and Innovation Research ISI) Bosch, A. (Fraunhofer Institute for Systems and Innovation Research ISI) Chappin, E.J.L. (TU Delft Energy and Industry) Liesenhoff, F. (Fraunhofer Institute for Systems and Innovation Research ISI) Kühnbach, M. (Fraunhofer Institute for Solar Energy Systems ISE) De Vries, Laurens (TU Delft Energy and Industry) Date 2024 Abstract Electric vehicle (EV) users who aim to become flexibility providers face a tradeoff between staying in control of charging and minimizing their electricity costs. The common practice is to charge immediately after plugging in and use more electricity than necessary. Changing this can increase the EV’s flexibility potential and reduce electricity costs. Our extended electricity cost optimization model systematically examines how different changes to this practice influence electricity costs. Based on the Prospect Theory and substantiated by empirical data, it captures EV users’ tradeoff between relinquishing control and reducing charging costs. Lowering the need to control charging results in disproportionally large savings in electricity costs. This finding incentivizes EV-users to relinquish even more control of charging. We analyzed changes to two charging settings that express the need for control. We found that changing only one setting offsets the other and reduces its positive effect on cost savings. Behavioral aspects, such as rebound effects and inertia that are widely documented in the literature, support this finding and underline the fit of our model extension to capture different charging behaviors. Our findings suggest that service providers should convince EV-users to relinquish control of both settings. Subject Direct load controlDiscomfort costElectric vehicleProspect TheoryProsumerSmart charging To reference this document use: http://resolver.tudelft.nl/uuid:46b9457b-7427-42cd-a595-0a2c7ced3c63 DOI https://doi.org/10.1007/s11625-023-01432-y ISSN 1862-4065 Source Sustainability Science Part of collection Institutional Repository Document type journal article Rights © 2024 S. Pelka, A. Bosch, E.J.L. Chappin, F. Liesenhoff, M. Kühnbach, Laurens De Vries Files PDF s11625-023-01432-y.pdf 2.56 MB Close viewer /islandora/object/uuid:46b9457b-7427-42cd-a595-0a2c7ced3c63/datastream/OBJ/view