“…Battery storage can contribute substantially in reducing grid reliance [37][38][39][40] and allow users to shift peak demand easily for efficient use of electricity in low tariff periods, thereby utilizing demand side management [41,42]. Among the myriads of battery technologies, lithium-ion (Li-ion) has been demonstrated as the most applicable in the residential sector and preferred in microgrids because of its capability of deep-cycle operation, high specific energy, power density, and high number of charge discharge cycles [33,43]. Lithium-iron phosphate (LFP) is regarded as the safest among the Li-ion battery technologies [36] whilst also offering fast charge, as well as grid stabilization and a longer life cycle.…”