Abstract A projected high penetration of electric vehicles (EVs) in the electricity market will introduce an additional load in the grid. The foremost concern of EV owners is to reduce charging expenditure during real-time pricing. This paper presents an optimal charging schedule of the electric vehicle with the objective to minimize the charging cost and charging time. The allocation of EVs should satisfy constraints related to charging stations (CSs) status. The results obtained are compared with the two conventional algorithms and other charging algorithms: Arrival time-based priority algorithm (ATP) and SOC based priority algorithm (SPB), Particle Swarm Optimization (PSO) and Shuffled Frog Leaping Algorithm (SFLA). Also, the CS is powered by the main grid and the microgrid available in the CSs. The EVs charging schedule and the economic analysis is done for two cases: (i) With Grid only (ii) With Combined Grid & microgrid. The load shifting of EVs is done based on the grid pricing and the results obtained are compared with the other cases mentioned.