A regenerative braking system includes a motor configured to rotate at a variable rotational speed in response to receiving power from a three-phase power supply, and a regenerative braking circuit in signal communication with the three-phase power supply to control the rotational speed of the motor. A brake controller is in signal communication with the regenerative braking circuit and is configured to selectively operate the regenerative braking circuit in a plurality of different braking modes based on the rotational speed of the motor.