where C demand charge is the demand charge in USD/kW, η battery is the battery efficiency (LFP: 0.95 from Preger et al. ), N charging events is the number of monthly charging events (20), and C energy charge is the energy charge (0.10 USD/kWh from Burnham et al. ). The first term accounts for the savings associated with reducing the peak power drawn from the grid. The demand charge is a parameter whose value is varied from 6 USD/kW to 12 USD/kW based on the reported literature. The second term accounts for the cost of electricity which is lost due to the inefficiency of the intermediary battery. The values for energy charge and battery efficiency are obtained from the literature, and we assume moderate levels of asset utilization (66% of max capacity) as indicated by the 20 monthly charging events. There are a few additional costs associated with the use of an intermediate battery, such as the thermal management system, maintenance, and others. However, these are expected to be comparatively smaller contributors and difficult to estimate. Therefore, we do not explicitly consider them when calculating the monthly savings from option 2. Additionally, we only consider the LFP chemistry for the intermediary battery as it is cheaper, has lower degradation rates, and has a higher efficiency compared to NMC. The higher energy density of NMC does not provide any significant benefit for stationary applications such as a charging station.