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 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. (c) 2022 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the scientific committee of the 2021 The 2nd International Conference on Power Engineering, ICPE, 2021.

Automated summary

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. An optimization model is proposed for evaluating sizing, operation simulation, and cost-benefit of the PV-BESS integrated energy systems. The simulation results demonstrate the feasibility and effectiveness of the proposed model in an industrial area. Furthermore, the cost-benefit analysis reveals the cost superiority of PV-BESS investment compared with the pure utility grid supply.