An optimization-based approach for assessing the benefits of residential battery storage in conjunction with solar PV

If residential customers are billed the real-time cost of electricity, battery storage may provide a cost-benefit. Consequently there is an opportunity to reduce the consumer´s cost of electricity by maximizing PV energy output and time-shifting load through battery storage. In this paper, we propose a framework based on quadratic programming by which the cost-benefit of energy time-shifting to a given customer may be evaluated. Accordingly, the consumer may justify expenditure on battery storage through either a least cost option of capital investment or choose to utilize existing electric vehicle (EV) battery storage, if available.