A cost effective battery sizing strategy based on a detailed battery lifetime model and an economic energy management strategy

Abstract

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.