Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems
With the promotion of renewable energy utilization and the trend of a low-carbon society, the real-life application of photovoltaic (PV) combined with battery energy storage systems (BESS) has thrived recently. Cost–benefit has always been regarded as one of the vital factors for motivating PV-BESS...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Elsevier
2022-08-01
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| Series: | Energy Reports |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S235248472200405X |
| _version_ | 1828111254048210944 |
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| author | Yongtao Guo Yue Xiang |
| author_facet | Yongtao Guo Yue Xiang |
| author_sort | Yongtao Guo |
| collection | DOAJ |
| description | With the promotion of renewable energy utilization and the trend of a low-carbon society, the real-life application of photovoltaic (PV) combined with battery energy storage systems (BESS) has thrived recently. Cost–benefit has always been regarded as one of the vital factors for motivating PV-BESS integrated energy systems investment. Therefore, given the integrity of the project lifetime, an optimization model for evaluating sizing, operation simulation, and cost–benefit into the PV-BESS integrated energy systems is proposed. The simulation results on an industrial area with the needs of PV + BESS project construction demonstrate the feasibility and effectiveness of the proposed model. The cost–benefit analysis reveals the cost superiority of PV-BESS investment compared with the pure utility grid supply. In addition, the operation simulation of the PV-BESS integrated energy system is carried out showing that how the energy arbitrage is realized. Finally, sensitivity analysis of BESS installations limit is investigated to inform the optimal balance of PV and BESS investments. |
| first_indexed | 2024-04-11T11:31:56Z |
| format | Article |
| id | doaj.art-e13cc89f0ba94f859e6b8cd2edf745f1 |
| institution | Directory Open Access Journal |
| issn | 2352-4847 |
| language | English |
| last_indexed | 2024-04-11T11:31:56Z |
| publishDate | 2022-08-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Reports |
| spelling | doaj.art-e13cc89f0ba94f859e6b8cd2edf745f12022-12-22T04:26:07ZengElsevierEnergy Reports2352-48472022-08-0186671Cost–benefit analysis of photovoltaic-storage investment in integrated energy systemsYongtao Guo0Yue Xiang1College of Electrical Engineering, Sichuan University, Chengdu 610065, ChinaCorresponding author.; College of Electrical Engineering, Sichuan University, Chengdu 610065, ChinaWith the promotion of renewable energy utilization and the trend of a low-carbon society, the real-life application of photovoltaic (PV) combined with battery energy storage systems (BESS) has thrived recently. Cost–benefit has always been regarded as one of the vital factors for motivating PV-BESS integrated energy systems investment. Therefore, given the integrity of the project lifetime, an optimization model for evaluating sizing, operation simulation, and cost–benefit into the PV-BESS integrated energy systems is proposed. The simulation results on an industrial area with the needs of PV + BESS project construction demonstrate the feasibility and effectiveness of the proposed model. The cost–benefit analysis reveals the cost superiority of PV-BESS investment compared with the pure utility grid supply. In addition, the operation simulation of the PV-BESS integrated energy system is carried out showing that how the energy arbitrage is realized. Finally, sensitivity analysis of BESS installations limit is investigated to inform the optimal balance of PV and BESS investments.http://www.sciencedirect.com/science/article/pii/S235248472200405XPhotovoltaic-storage integrated energy systemsOptimal planningInvestmentCost–benefit analysis |
| spellingShingle | Yongtao Guo Yue Xiang Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems Energy Reports Photovoltaic-storage integrated energy systems Optimal planning Investment Cost–benefit analysis |
| title | Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems |
| title_full | Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems |
| title_fullStr | Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems |
| title_full_unstemmed | Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems |
| title_short | Cost–benefit analysis of photovoltaic-storage investment in integrated energy systems |
| title_sort | cost benefit analysis of photovoltaic storage investment in integrated energy systems |
| topic | Photovoltaic-storage integrated energy systems Optimal planning Investment Cost–benefit analysis |
| url | http://www.sciencedirect.com/science/article/pii/S235248472200405X |
| work_keys_str_mv | AT yongtaoguo costbenefitanalysisofphotovoltaicstorageinvestmentinintegratedenergysystems AT yuexiang costbenefitanalysisofphotovoltaicstorageinvestmentinintegratedenergysystems |