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Article

Economic Assessment of Solar-Powered Residential Battery Energy Storage Systems: The Case of Madeira Island, Portugal

1
ITI, LARSyS, Técnico Lisboa and prsma.com, 1049-001 Lisboa, Portugal
2
ITI, LARSyS, M-ITI, University of Madeira, 9020-105 Funchal, Portugal
*
Author to whom correspondence should be addressed.
Appl. Sci. 2020, 10(20), 7366; https://doi.org/10.3390/app10207366
Received: 11 September 2020 / Revised: 29 September 2020 / Accepted: 13 October 2020 / Published: 21 October 2020
(This article belongs to the Special Issue Renewable Energy Systems 2020)
This paper presents an economic assessment of introducing solar-powered residential battery energy storage in the Madeira Island electric grid, where only micro-production for self-consumption is currently allowed. The evaluation was conducted against six local micro-producers using one year of energy consumption and solar photovoltaic production measurements and two distinct storage control strategies. Several inverter sizes and storage capacities were considered based on the six micro-producers’ consumption and production profiles. The results were then analyzed concerning year-long simulations and a projection for the next ten years. To this end, several indicators were assessed, including self-consumption, profit per Euro invested, number of cycles and storage degradation. The results obtained show that, despite the benefits of storage to increase the self-consumption rates, considerable drops in the storage prices are still necessary to achieve profitability during these devices’ lifetime. Furthermore, our results also highlight a very interesting trade-off between self-consumption, pre-charge and profitability, in a sense that higher levels of pre-charge increase the chances of reaching profitability even though this will imply considerable drops in the levels of self-consumption. View Full-Text
Keywords: residential PV-BESS; self-consumption; greedy control; battery pre-charge; local policies; economic viability residential PV-BESS; self-consumption; greedy control; battery pre-charge; local policies; economic viability
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MDPI and ACS Style

Pereira, L.; Cavaleiro, J.; Barros, L. Economic Assessment of Solar-Powered Residential Battery Energy Storage Systems: The Case of Madeira Island, Portugal. Appl. Sci. 2020, 10, 7366. https://doi.org/10.3390/app10207366

AMA Style

Pereira L, Cavaleiro J, Barros L. Economic Assessment of Solar-Powered Residential Battery Energy Storage Systems: The Case of Madeira Island, Portugal. Applied Sciences. 2020; 10(20):7366. https://doi.org/10.3390/app10207366

Chicago/Turabian Style

Pereira, Lucas, Jonathan Cavaleiro, and Luísa Barros. 2020. "Economic Assessment of Solar-Powered Residential Battery Energy Storage Systems: The Case of Madeira Island, Portugal" Applied Sciences 10, no. 20: 7366. https://doi.org/10.3390/app10207366

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