With the transition towards renewable energy underway, demand‐side management together with the local generation of renewable energy is receiving growing attention. Optimizing the self‐consumption of locally produced renewable energy can not only have financial benefits for the respective household or business (and improve their autarky from increasingly unstable energy markets), but also help improve grid stability against the volatility of some sources of renewable energy. In order to optimize the self‐consumption of a given household or enterprise with an energy management system, the energy demand and generation, as well as the behaviour of all controlled devices have to be forecast. There are many different methods of mathematically modelling these different properties, but the task becomes especially challenging for dynamic systems like energy storage systems. Here, the state of charge at a specific time point depends on both external influences and the previous time point's state of charge, thus modelling errors quickly accumulate. In the context of small and medium agricultural enterprises, examples of such dynamic systems can be electrical storages, like a battery, or thermal storages like a milk cooling tank or a heat pump. In this work, a common way for the modelling of these systems is explored, namely parameter identification. Here, the parameters of an ordinary differential equation representing the assumed physical behaviour of the system are identified from measured data of states and controls in an optimization problem. The success of this approach, and with it the performance of the derived model depends on how well the physical equations actually describe the system, but also on the quality, quantity and content of the measurement data used. In the case of a household battery storage already a simple physical model with parameters identified from measurement data of state of charge and battery power provides useful results. The example of a milk cooling tank provides a situation where external forcing has an important influence on the system's state of charge, its temperature. The cleaning of the tank generates a large heat influx, and raises the temperature, while the filling and emptying of milk influences the heat capacity. While these influences are shown to also be representable by equations based on the physical processes, parameter identification becomes difficult when they are not included in the measurement data. Thus, different approaches to derive these external forcings from the available data are outlined.