Optimal Sizing of Electrical Energy Storage System for a Household with a Grid-Connected PV System using Inventory Model

Abstract

The paper focuses on sizing an energy storage system (ESS) for a household, which has a rooftop gridconnected photovoltaic (PV) system. The model developed is based on the single-period newsvendor model, which has been frequently used because both decision-making problems have the same objective, to determine the optimal capacity considering a stochastic supply and demand. The simulations were performed on different energy storage systems, taking into account the performance of both PV and ESS. Several parameters were integrated into the model in order to ensure an optimal sizing of the storage system. The results show that this approach minimizes the cost of the energy storage system and can be used to optimally size an ESS for a household, which has a rooftop grid-connected PV system.