Residential Battery Energy Storage Sizing and Profitability in the Presence of PV and EV

Ahmed A.Raouf Mohamed; Robert Best; Xueqin Amy Liu; D John Morrow

doi:10.1109/PowerTech46648.2021.9494792

Residential Battery Energy Storage Sizing and Profitability in the Presence of PV and EV

Ahmed A.Raouf Mohamed, Robert Best, Xueqin Amy Liu, D John Morrow

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

8 Citations (Scopus)

638 Downloads (Pure)

Abstract

Residential battery energy storage systems (BESS) are having an important role in transitioning towards low carbon communities. However, BESS capital cost remains questionable. In this work, an optimization-based BESS sizing algorithm is developed to maximize the customer’s profitability by minimizing the electricity import for 162 combinations of demand, solar photovoltaic (PV) and electric vehicle (EV). The sizing algorithm results are utilized in introducing empirical formulas that ease the determination of the near-optimal BESS capacity. The annual savings are quantified for various cases under different tariff rates and the BESS viability is investigated for new installations over the next 10 years. The results show that the residential BESS can be profitable in the UK starting from 2024 without any subsidy for the time of use tariffs.

Original language	English
Title of host publication	2021 IEEE Madrid PowerTech: Proceedings
Publisher	Institute of Electrical and Electronics Engineers Inc.
Number of pages	6
ISBN (Electronic)	978-1-6654-3597-0
DOIs	https://doi.org/10.1109/PowerTech46648.2021.9494792
Publication status	Published - 29 Jul 2021
Event	IEEE PowerTech - Madrid Duration: 28 Jun 2021 → 02 Jul 2021

Conference

Conference	IEEE PowerTech
Period	28/06/2021 → 02/07/2021

Keywords

Battery energy storage systems
electric vehicles
photovoltaics
profitability analysis
scheduling

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/PowerTech46648.2021.9494792Licence: Unspecified

Residential Battery Energy Storage Sizing and Profitability in the Presence of PV and EV
Copyright 2021 IEEE. This work is made available online in accordance with the publisher’s policies. Please refer to any applicable terms of use of the publisher.
Accepted author manuscript, 695 KBLicence: Unspecified

R6966ELE: SPIRE 2 - Storage Platform for the Integration of Renewable Energy
Liu, X. A. (PI), Best, R. (CoI), Foley, A. (CoI) & Morrow, D. J. (CoI)
09/06/2017 → …
Project: Research

The integration of battery energy storage systems in modern distribution networks
Mohamed, A. A. R. (Author), Best, R. (Supervisor), Liu, X. (Supervisor) & Morrow, D. J. (Supervisor), Jul 2022
Student thesis: Doctoral Thesis › Doctor of Philosophy

File

Cite this

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title = "Residential Battery Energy Storage Sizing and Profitability in the Presence of PV and EV",

abstract = "Residential battery energy storage systems (BESS) are having an important role in transitioning towards low carbon communities. However, BESS capital cost remains questionable. In this work, an optimization-based BESS sizing algorithm is developed to maximize the customer{\textquoteright}s profitability by minimizing the electricity import for 162 combinations of demand, solar photovoltaic (PV) and electric vehicle (EV). The sizing algorithm results are utilized in introducing empirical formulas that ease the determination of the near-optimal BESS capacity. The annual savings are quantified for various cases under different tariff rates and the BESS viability is investigated for new installations over the next 10 years. The results show that the residential BESS can be profitable in the UK starting from 2024 without any subsidy for the time of use tariffs.",

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note = "IEEE PowerTech ; Conference date: 28-06-2021 Through 02-07-2021",

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T1 - Residential Battery Energy Storage Sizing and Profitability in the Presence of PV and EV

AU - Mohamed, Ahmed A.Raouf

AU - Best, Robert

AU - Liu, Xueqin Amy

AU - Morrow, D John

PY - 2021/7/29

Y1 - 2021/7/29

N2 - Residential battery energy storage systems (BESS) are having an important role in transitioning towards low carbon communities. However, BESS capital cost remains questionable. In this work, an optimization-based BESS sizing algorithm is developed to maximize the customer’s profitability by minimizing the electricity import for 162 combinations of demand, solar photovoltaic (PV) and electric vehicle (EV). The sizing algorithm results are utilized in introducing empirical formulas that ease the determination of the near-optimal BESS capacity. The annual savings are quantified for various cases under different tariff rates and the BESS viability is investigated for new installations over the next 10 years. The results show that the residential BESS can be profitable in the UK starting from 2024 without any subsidy for the time of use tariffs.

AB - Residential battery energy storage systems (BESS) are having an important role in transitioning towards low carbon communities. However, BESS capital cost remains questionable. In this work, an optimization-based BESS sizing algorithm is developed to maximize the customer’s profitability by minimizing the electricity import for 162 combinations of demand, solar photovoltaic (PV) and electric vehicle (EV). The sizing algorithm results are utilized in introducing empirical formulas that ease the determination of the near-optimal BESS capacity. The annual savings are quantified for various cases under different tariff rates and the BESS viability is investigated for new installations over the next 10 years. The results show that the residential BESS can be profitable in the UK starting from 2024 without any subsidy for the time of use tariffs.

KW - Battery energy storage systems

KW - electric vehicles

KW - photovoltaics

KW - profitability analysis

KW - scheduling

U2 - 10.1109/PowerTech46648.2021.9494792

DO - 10.1109/PowerTech46648.2021.9494792

M3 - Conference contribution

BT - 2021 IEEE Madrid PowerTech: Proceedings

PB - Institute of Electrical and Electronics Engineers Inc.

T2 - IEEE PowerTech

Y2 - 28 June 2021 through 2 July 2021

ER -

Residential Battery Energy Storage Sizing and Profitability in the Presence of PV and EV

Abstract

Conference

Keywords

UN SDGs

Access to Document

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Projects

R6966ELE: SPIRE 2 - Storage Platform for the Integration of Renewable Energy

Student theses

The integration of battery energy storage systems in modern distribution networks

Cite this