A method for recovering energy during braking of a vehicle is provided. The vehicle has at least one rotatable ground engaging member, a generator operatively connected to the at least one rotatable ground engaging member, and at least one energy storage device coupled to the generator. The method has the steps of: determining a speed of the vehicle; determining a desired slip of the at least one rotatable ground engaging member based at least in part on the speed of the vehicle; and applying a braking torque to the at least one rotatable ground engaging member using the generator based at least in part on the desired slip. A regenerative braking system for a vehicle and a vehicle having such a system are also disclosed.