TY - GEN
T1 - A cost effective battery sizing strategy based on a detailed battery lifetime model and an economic energy management strategy
AU - Aichhorn, Andreas
AU - Greenleaf, Michael
AU - Li, H.
AU - Zheng, J.
PY - 2012
Y1 - 2012
N2 - It is beneficial for photovoltaic (PV) systems to work with energy storage elements especially at residential applications. However, the price for these systems is still high compared to the financial profit which can be gained from such a system. In this paper, the increase cost efficiency of adding a specified size of battery energy storage system to a residential PV system is investigated with an economic Energy Management Strategy (EMS) developed for this application. To derive the most cost effective battery size, a cost function based on a proposed physical based battery lifetime model is developed. In addition, the utility rating has a major impact on the cost calculation, as there are different rating systems available; this paper uses Time of Use (TOU) rating. Real load and PV power profiles are applied to calculate a lifelike economic factor of this system. Finally the simulation results are presented to verify the proposed battery sizing strategy.
AB - It is beneficial for photovoltaic (PV) systems to work with energy storage elements especially at residential applications. However, the price for these systems is still high compared to the financial profit which can be gained from such a system. In this paper, the increase cost efficiency of adding a specified size of battery energy storage system to a residential PV system is investigated with an economic Energy Management Strategy (EMS) developed for this application. To derive the most cost effective battery size, a cost function based on a proposed physical based battery lifetime model is developed. In addition, the utility rating has a major impact on the cost calculation, as there are different rating systems available; this paper uses Time of Use (TOU) rating. Real load and PV power profiles are applied to calculate a lifelike economic factor of this system. Finally the simulation results are presented to verify the proposed battery sizing strategy.
KW - Battery Energy Storage System (BESS)
KW - LiFePO4 batteries
KW - Residential photovoltaic (PV) systems
KW - Time of Use (TOU) rates
UR - https://www.scopus.com/pages/publications/84870593713
U2 - 10.1109/PESGM.2012.6345103
DO - 10.1109/PESGM.2012.6345103
M3 - Conference contribution
SN - 9781467327275
T3 - IEEE Power and Energy Society General Meeting
BT - 2012 IEEE Power and Energy Society General Meeting, PES 2012
T2 - 2012 IEEE Power and Energy Society General Meeting, PES 2012
Y2 - 22 July 2012 through 26 July 2012
ER -