Rapid visualization of the potential residential cost savings from energy storage under time-of-use electric rates

Abstract

Buildings feature a prominent role in electric grid loading, as they use about 75% of the total electricity generated in the United States and are main drivers of electric peak demand in the summer due to electrically driven air conditioning systems. Energy storage is a key technology that can increase energy cost savings, and add flexibility to the grid. However, cost is an important factor to consider. This study proposes a rapid approach that allows for visualization of potential cost savings by introducing energy storage as a peak load control for residential buildings in California. A combination of EnergyPlus load data generation, Matlab post-processing, and Google Fusion Tables data presentation analyses the potential cost savings when energy storage is implemented and TOU rates are applied. The study presents potential annual cost savings of $420 per home with storage capacities of 24 kWh.

Keywords:

• energy storage
• time-of-use rates
• cold storage
• PCMs
• residential buildings
• maps
• cost savings

Acknowledgements

The authors would like to express great gratitude and appreciation to Jeff Maguire from NREL for his guidance on the mapping tools

Additional information

Funding

The authors would like to thank Colorado School of Mines for supporting this research project.