Most of the electrical infrastructure in use around the world today is decades old, and may be illsuited to widespread proliferation of personal Electric Vehicles (EVs) whose charging requirements will place increasing strain on grid demand. In order to reduce the pressure on the grid and taking benefits of off peak charging, this paper presents a smart and cost effective EV charging methodology for residential homes equipped with renewable energy resources such as Photovoltaic (PV) panels and battery. The proposed method ensures slower battery degradation and prevents overcharging. The performance of the proposed algorithm is verified by conducting simulation studies utilizing running data of Nissan Altra. From the simulation study results, the algorithm is shown to be effective and feasible which minimizes not only the charging cost but also can shift the charging time from peak value to off-peak time.