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Profit Analysis of Residential Energy Management Systems With Energy Storage

The depletion of conventional natural resources such as gas, oil and coal has been boosting the rise of electricity price for the last decade. At the same time, renewable technologies have become cheaper and more accessible for the general public. This spurred the popularity of rooftop solar panels and the development of residential energy management systems. Nowadays, some households are able to generate more power that they can use at the moment. More efficient ways of energy management are needed to sell unused energy back to the utility or to store it for later use. In this paper, we develop an analytical model of residential energy management system (EMS) with renewable energy supply such as solar energy and investigate the feasibility of energy storage system (ESS) deployment in residential EMS for energy cost reduction. Simulations with real-life data show that residential EMS with ESS can effectively reduce the energy cost in a variety of electric utility pricing schemes.