Energy storage in renewable-based residential energy hubs

Energy storage systems are expected as a near-term solution for renewable energy application in the residential energy hubs. Within this context, this study investigates the feasibility of using storage systems in improving the technical and financial performance of the residential renewable-based energy hub. A new approach has been proposed in this study in which economic dispatch problem has been formulated for an energy hub including both electrical and heat storage system. The proposed approach determines the optimal supply of energy demand and storage system operation to minimise the total energy cost of the hub. The economic benefit of storage system due to energy cost saving and emission reduction has been determined and the investment payback of the storage system have also evaluated in the proposed approach. The proposed approach has been applied to 12 different residential energy hubs and the impact of energy tariff and storage size has been analysed. The obtained simulation results demonstrate the importance of correctly modelling the hub elements in evaluating the storage system benefit in residential energy hub.