This paper proposes an original multi-criteria decision-making optimization algorithm to select the best solar panels in an existing market and optimally size the photovoltaic (PV) system for an electric vehicle parking lot (EVPL). Our proposed algorithm is called rank-weigh-rank (RWR), and it is compared to the well-known technique for order of preference by similarity to ideal solution (TOPSIS) optimization algorithm under the same conditions for validation purposes. Results show that the speed of our proposed algorithm (RWR) in finding the best solution increases exponentially compared to TOPSIS when the numbers of alternatives and criteria increase. Moreover, 77% is the probability of obtaining results with more than 80% accuracy compared to TOPSIS, which validates the efficiency of our algorithm. In addition, we were able to design an EVPL with a power self-sufficiency ratio of 60.8%, the energy self-sufficiency ratio of 74.7%, and a payback period of 10.58 years. Moreover, the renewable energy-based EVPL was able to reduce the power losses on the network by 95.7% compared to an EVPL without a renewable energy system and improve the voltage deviation.