What Is Time-of-Use (TOU) and How Can a Home Energy System with Storage
This article will dive deep into TOU tariffs and how to implement a TOU strategy with a home energy management system.
A carefully designed ToU pricing can incentivize end-users' energy storage deployment, which helps shave the system peak load and reduce the system social cost. However, the optimization of ToU pricing is highly non-trivial, and an improperly designed ToU pricing may lead to storage investments that are far from the social optimum.
This further demonstrates that the optimized time-of-use electricity price is conducive to further improving the on-site consumption rate of new energy. Figure 5. Configuration of energy storage before and after demand response. Table 4. Optimization results of typical days in three Seasons.
Using dynamic time-of-use electricity prices can more flexibly obtain the capacity configuration scale of energy storage. The article adopts the capacity and maximum power values of energy storage configuration in each season, which can meet the demand for energy storage capacity in each season.
Having a home energy management system with battery storage can be game-changing, turning TOU pricing to your advantage. By storing cheap off-peak electricity or excess solar energy, battery storage allows you to power your home during costly peak periods without the grid, avoiding steep charges and saving significantly on your electricity bills.
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