Hybrid battery charging strategy for maximizing PV customers' economic benefits

Xinan Wang; George G. Karady

doi:10.1109/PESGM.2016.7741127

Hybrid battery charging strategy for maximizing PV customers' economic benefits

Xinan Wang, George G. Karady

Electrical, Computer, and Energy Engineering, School of (IAFSE-ECEE)

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

6 Scopus citations

Abstract

This paper presents a new hybrid battery charging strategy with the energy sources both from PV (Photovoltaic) panels and the grid. This strategy can achieve the optimal economic benefits for PV customers in areas with continuous grid supply. A mathematical model of this charging strategy is developed and programmed. Local residential PV customers' energy bills are significantly reduced by using this charging strategy. In addition, a classic financial model, Net Present Value (NPV), is utilized to forecast the return on investing of the battery system with multiple purchase options for residential customers. The analysis result provides a practical reference for customers who want to invest in the battery storage system.

Original language	English (US)
Title of host publication	2016 IEEE Power and Energy Society General Meeting, PESGM 2016
Publisher	IEEE Computer Society
ISBN (Electronic)	9781509041688
DOIs	https://doi.org/10.1109/PESGM.2016.7741127
State	Published - Nov 10 2016
Event	2016 IEEE Power and Energy Society General Meeting, PESGM 2016 - Boston, United States Duration: Jul 17 2016 → Jul 21 2016

Publication series

Name	IEEE Power and Energy Society General Meeting
Volume	2016-November
ISSN (Print)	1944-9925
ISSN (Electronic)	1944-9933

Other

Other	2016 IEEE Power and Energy Society General Meeting, PESGM 2016
Country/Territory	United States
City	Boston
Period	7/17/16 → 7/21/16

Keywords

Economic benefit
Hybrid battery charging strategy
PV

ASJC Scopus subject areas

Energy Engineering and Power Technology
Nuclear Energy and Engineering
Renewable Energy, Sustainability and the Environment
Electrical and Electronic Engineering

Access to Document

10.1109/PESGM.2016.7741127

Cite this

Hybrid battery charging strategy for maximizing PV customers' economic benefits. / Wang, Xinan; Karady, George G.
2016 IEEE Power and Energy Society General Meeting, PESGM 2016. IEEE Computer Society, 2016. 7741127 (IEEE Power and Energy Society General Meeting; Vol. 2016-November).

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

Wang, X & Karady, GG 2016, Hybrid battery charging strategy for maximizing PV customers' economic benefits. in 2016 IEEE Power and Energy Society General Meeting, PESGM 2016., 7741127, IEEE Power and Energy Society General Meeting, vol. 2016-November, IEEE Computer Society, 2016 IEEE Power and Energy Society General Meeting, PESGM 2016, Boston, United States, 7/17/16. https://doi.org/10.1109/PESGM.2016.7741127

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title = "Hybrid battery charging strategy for maximizing PV customers' economic benefits",

abstract = "This paper presents a new hybrid battery charging strategy with the energy sources both from PV (Photovoltaic) panels and the grid. This strategy can achieve the optimal economic benefits for PV customers in areas with continuous grid supply. A mathematical model of this charging strategy is developed and programmed. Local residential PV customers' energy bills are significantly reduced by using this charging strategy. In addition, a classic financial model, Net Present Value (NPV), is utilized to forecast the return on investing of the battery system with multiple purchase options for residential customers. The analysis result provides a practical reference for customers who want to invest in the battery storage system.",

keywords = "Economic benefit, Hybrid battery charging strategy, PV",

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Y1 - 2016/11/10

N2 - This paper presents a new hybrid battery charging strategy with the energy sources both from PV (Photovoltaic) panels and the grid. This strategy can achieve the optimal economic benefits for PV customers in areas with continuous grid supply. A mathematical model of this charging strategy is developed and programmed. Local residential PV customers' energy bills are significantly reduced by using this charging strategy. In addition, a classic financial model, Net Present Value (NPV), is utilized to forecast the return on investing of the battery system with multiple purchase options for residential customers. The analysis result provides a practical reference for customers who want to invest in the battery storage system.

AB - This paper presents a new hybrid battery charging strategy with the energy sources both from PV (Photovoltaic) panels and the grid. This strategy can achieve the optimal economic benefits for PV customers in areas with continuous grid supply. A mathematical model of this charging strategy is developed and programmed. Local residential PV customers' energy bills are significantly reduced by using this charging strategy. In addition, a classic financial model, Net Present Value (NPV), is utilized to forecast the return on investing of the battery system with multiple purchase options for residential customers. The analysis result provides a practical reference for customers who want to invest in the battery storage system.

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ER -

Hybrid battery charging strategy for maximizing PV customers' economic benefits

Abstract

Publication series

Other

Keywords

ASJC Scopus subject areas

Access to Document

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