Goals for sustainable transportation have encouraged people to adopt more Plug-in Electric Vehicles (PEVs). Incentives and other friendly policies are also facilitating additional PEV penetration. The increasing penetration of PEVs has put up new challenges and opportunities in both transportation and electric sector. Firstly, an optimal framework is introduced to find out the best PEV charging/discharging strategy for a microgrid in this dissertation that can aid the Distribution System Operator (DSO) in PEV Charging Station (CS) selection. Then, a comprehensive techno-economic analysis is executed for a combined Light Duty Electric Vehicle (LDEV) and Heavy Duty Electric Vehicle (HDEV) implementation. The optimal participation of PEV Vehicle to Grid (V2G) is explored later on in a critical demand response event. Finally, the load modeling aspect of PEV is accomplished and their impacts are presented based on the variety of building load, feeder types, PEV user behavior and co-simulation for both present and future scenarios. A real-time V2G is implemented in both grid-connected and off-grid mode to show the opportunities created by the PEV integration into the grid.