Due to the dramatic growth of the global population, building multi-story buildings has become a necessity, which strongly requires the installation of an elevator regardless of the type of building being built. This study focuses on households, which are the second-largest electricity consumers after the transportation sector. In residential buildings, elevators impose huge electricity costs because they are used by many consumers. The novelty of this paper is implementing a Hybrid Energy Storage System (HESS), including an ultracapacitor Energy Storage (UCES) and a Battery Energy Storage (BES) system, in order to reduce the amount of power and energy consumed by elevators in residential buildings. The control strategy of this study includes two main parts. In the first stage, an indirect field-oriented control strategy is implemented to provide new features and flexibility to the system and take benefit of the regenerative energy received from the elevator’s motor. In the second stage, a novel control strategy is proposed to control the HESS efficiently. In this context, the HESS is only fed by regenerated power so the amount of energy stored in the UC can be used to reduce peak consumption. Meanwhile, the BES supplies common electrical loads in the building, e.g., washing machines, heating services (both boiler and heat pump), and lighting, which helps to achieve a nearly zero energy building.