Physics Faculty Publications

Title

Cost Optimization with Solar and Conventional Energy Production, Energy Storage, and Real Time Pricing

Document Type

Conference Paper

Publication Date

2014

Publication Source

IEEE 5th Annual Conference on Innovative Smart Grid Technologies

Abstract

Research is presented that investigates the potential for solar power generation with battery energy storage for reducing the effective cost of energy delivered to residential customers if real time pricing is present. A linear optimization approach is developed based upon a two-step process. In step one, given a specified solar array area and battery capacity, the optimal means to meet loads based upon grid power, solar power, and/or battery power is determined. This analysis considers an expected lifespan of the solar panel. With these results established, in the next step, the capital costs for the solar arrays and batteries are considered for each point (solar area and battery capacity) in the design space. Ultimately, the results illuminate the most cost effective means to provide power to customers for the chosen system.

Comments

Conference was held Feb. 19-22, 2014, Washington, D.C.

Publisher

IEEE

Peer Reviewed

yes

Keywords

Smart Grid, Real Time Pricing, Renewable Energy, Optimization, Energy Management, Storage Systems