Economic Analysis of Residential Energy Storage for Time of Use Rate Cases
Residential energy storage technology allows a home owner to store energy to be used as needed by the home. The physical benefits of residential energy storage are obvious to the resident during system outages or during periods of poor quality power conditions within the national power grid. The economic benefits are better realized within areas impacted by time of use rates, or other cases with fluctuating payment schedules. Energy storage technology gives the user the opportunity to optimize their home's unique load profile for the electrical and/or economic benefit. This allows for users to align their electricity consumption with less costly energy sources to optimize for options like economics, power reliability, or grid stability. Analysis of the average home's electricity demand and the common power profile gives an expectation of common peaks within the grid. The analysis will examine if larger or smaller scale systems have a majority benefit in the economic, social, and technical fields. Models of distribution feeders and load profiles for individual homes and community of homes will be analyzed to evaluate effectiveness and efficiency within energy storage systems. This paper develops the role of economics within energy storage, and the role of storage in the residential electrical industry. This work has defined a valuation technique for energy storage within the residential sector to benefit both homeowners and generation entities.
C. J. Brennan and S. Long, "Economic Analysis of Residential Energy Storage for Time of Use Rate Cases," Proceedings of the IIE Annual Conference and Expo (2015, Nashville, TN), pp. 1097-1103, Institute of Industrial Engineers, May 2015.
IIE Annual Conference and Expo (2015: May 30-Jun. 2, Nashville, TN)
Engineering Management and Systems Engineering
Keywords and Phrases
Economics; Energy Storage; Microgrid Utility; Economic Analysis; Economic And Social Effects; Electric Energy Storage; Electric Power System Economics; Electric Power Transmission Networks; Electric Power Utilization; Housing; Distribution Feeders; Effectiveness And Efficiencies; Electrical Industry; Electricity-Consumption; Energy Storage Systems; Energy Storage Technologies; Micro Grid; Utility; Electric Power System Stability
International Standard Book Number (ISBN)
Article - Conference proceedings
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