Analysis of different scenarios for residential energy management under existing retail market structure

This paper presents an analysis of a residential energy management scheme under existing retail market structure with the integration of solar photovoltaic (PV) and battery energy storage systems. In this paper, different scenarios are analyzed with an aim of achieving the most cost-effective solutions for the integration of solar PV and battery energy storage systems. The main idea behind these analyses is to obtain a grid independent residential energy management system through the reduction of purchasing energy from the existing power grid. The results from the analysis of different scenarios for a typical Australian house demonstrate that the shortage of energy during the high loads and excess of energy during the higher output of solar PV system can be reduced with the design of a proper energy management scheme employing a transactive energy management framework.