Maximizing investment value of small-scale PV in a smart grid environment

Every, Jeremy; Li, Li; Guo, Youguang; Dorrell, David G.

doi:10.1109/icrera.2016.7884366

Cited by 9 publications

(2 citation statements)

References 14 publications

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“…In (21), C pvbatt,q and C base,q are the cost of electricity with and without a PV-battery system within the billing period q. As quarterly billing is assumed in this paper, the real discount rate 3.92% and the real annual electricity price growth of 2% are adjusted to the quarterly effective rates r d = 0.97% and r e = 0.50% respectively.…”

Section: A Problem Definitionmentioning

confidence: 99%

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Optimal selection of small-scale hybrid PV-battery systems to maximize economic benefit based on temporal load data

Every

Dorrell

2017

2017 12th IEEE Conference on Industrial Electronics and Applications (ICIEA)

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Continued advances in PV and battery energy storage technologies have made hybrid PV-battery systems an attractive prospect for residential energy consumers. However the process to select an appropriate system is complicated by the relatively high cost of batteries, a multitude of available retail electricity plans and the removal of PV installation incentive schemes. In this paper, an optimization strategy based on an individual customer's temporal load profile is established to maximize electricity cost savings through optimal selection of PV-battery system size, orientation and retail electricity plan. Quantum-behaved particle swarm optimization is applied as the underlying algorithm given its well-suited application to problems involving hybrid energy system specification. The optimization strategy is tested using real-world residential consumption data, current system pricing and available retail electricity plans to establish the efficacy of a hybrid PV-battery solution.

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Section: A Problem Definitionmentioning

confidence: 99%

“…Daily insolation and ambient temperature data over a five year period for each location were derived from the Australian Bureau of Meteorology Climate Data Online database [20]. The daily data was converted to hourly data using the methodology established in [21].…”

Section: Input Datamentioning

confidence: 99%

Optimal selection of small-scale hybrid PV-battery systems to maximize economic benefit based on temporal load data

Every

Dorrell

2017

2017 12th IEEE Conference on Industrial Electronics and Applications (ICIEA)

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Leveraging smart meter data for economic optimization of residential photovoltaics under existing tariff structures and incentive schemes

Every

Dorrell

2017

Applied Energy

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The introduction of smart grid technologies and the impending removal of incentive schemes is likely to complicate the cost-effective selection and integration of residential PV systems in the future. With the widespread integration of smart meters, consumers can leverage the high temporal resolution of energy consumption data to optimize a PV system based on their individual circumstances. In this article, such an optimization strategy is developed to enable the optimal selection of size, tilt, azimuth and retail electricity plan for a residential PV system based on hourly consumption data. Hourly solar insolation and PV array generation models are presented as the principal components of the underlying objective function. A net present value analysis of the potential monetary savings is considered and set as the optimization objective. A particle swarm optimization algorithm is utilized, modified to include a penalty function in order to handle associated constraints. The optimization problem is applied to real-world Australian consumption data to establish the economic performance and characteristics of the optimized systems. For all customers assessed, an optimized PV system producing a positive economic benefit could be found. However not all investment options were found to be desirable with at most 77.5% of customers yielding an acceptable rate of return. For the customers assessed, the mean PV system size was found to be 2 kW less than the mean size of actual systems installed in the assessed locations during 2015 and 2016. Over-sizing of systems was found to significantly reduce the potential net benefit of residential PV from an investor's perspective. The results presented in this article highlight the necessity for economic performance optimization to be routinely implemented for small-scale residential PV under current regulatory and future smart grid operating environments.

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Optimization of rooftop photovoltaic installations to maximize revenue in Finland based on customer class load profiles and simulated generation

Meriläinen

Puranen²,

Kosonen³

et al. 2022

Solar Energy

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Maximizing investment value of small-scale PV in a smart grid environment

Cited by 9 publications

References 14 publications

Optimal selection of small-scale hybrid PV-battery systems to maximize economic benefit based on temporal load data

Optimal selection of small-scale hybrid PV-battery systems to maximize economic benefit based on temporal load data

Leveraging smart meter data for economic optimization of residential photovoltaics under existing tariff structures and incentive schemes

Optimization of rooftop photovoltaic installations to maximize revenue in Finland based on customer class load profiles and simulated generation

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