Modeling, Optimizing and Financial Analysis of Hybrid Renewable Energy Systems Coupled with Energy Storage

This study presents a novel method for optimal operation of a grid connected hybrid renewable system including photovoltaic arrays, a wind turbine and battery energy storage in such a way that the net present value (NPV) is maximized under grid real time pricing condition. This analysis considers an expected lifespan of the photovoltaic arrays and 72-hour ahead energy management for the system. An Optimization method is developed based upon a two-step process. In step one, given a specified system's components characteristic, the optimal means to fulfill the hourly required load demand is determined. Considering the result from the first step, in the next step, the system capital cost in the model space is calculated. Eventually, the results help determine the most cost-effective mean to obtain the optimal power schedule of a day for the system.