Energy Management Strategy for Prosumers under Time of Use Pricing

Abstract

This paper presents an energy management strategy for residential applications that utilize energy from the grid as well as energy generated from PV panels and wind turbines. With the implementation of this strategy, the consumers can save money on the electricity bill to be paid to the utility under Time of Use pricing and earn money by selling the surplus energy generated by the PV and wind turbines. With the implementation of Time of Use pricing by the utilities, the charges of consumption of energy will depend on the energy consumed by the consumer and the time at which it was consumed. The presented system model contains four power sources namely PV panels, wind turbine, battery and supply from the grid. The aim is to use power generated from renewable resources as much as possible to save money on the final electricity bill instead of power supply from the utility. While making this energy management strategy, the power generated from PV panels, wind turbines, supply taken from the grid and charging and discharging of battery is considered.