In today’s power systems, electric vehicles (EVs) constitute a significant factor influencing electricity dynamics, with their important role anticipated in future smart grid systems. An important feature of electric vehicles is their dual capability to both charge and discharge energy to/from their battery storage. Notably, the discharge capability enables them to offer vehicle-to-grid (V2G) services. However, most V2G research focuses on passenger cars, which typically already have their own specific usage purposes and various traveling schedules. This situation may pose practical challenges in providing ancillary services to the grid. Conversely, electric school buses (ESBs) exhibit a more predictable usage pattern, often deployed at specific times and remaining idle for extended periods. This makes ESBs more practical for delivering V2G services, especially when prompted by incentive price signals from grid or utility companies (UC) requesting peak shaving services. In this paper, we introduce a V2G energy sharing model focusing on ESBs in various schools in a single community by formulating the problem as a leader–follower game. In this model, the UC assumes the role of the leader, determining the optimal incentive price to offer followers for discharging energy from their battery storage. The UC aims to minimize additional costs from generating energy during peak demand. On the other hand, schools in a community possessing multiple ESBs act as followers, seeking the optimal quantity of discharged energy from their battery storage. They aim to maximize utility by responding to the UC’s incentive price. The results demonstrate that the proposed model and algorithm significantly aid the UC in reducing the additional cost of energy generation during peak periods by 36% compared to solely generating all electricity independently. Furthermore, they substantially reduce the utility bills for schools by up to 22.6% and lower the peak-to-average ratio of the system by up to 9.5%.