LAPSE:2023.33575
Published Article
LAPSE:2023.33575
Behavioral Economics Optimized Renewable Power Grid: A Case Study of Household Energy Storage
Shengyu Tao, Yiqiang Zhang, Meng Yuan, Ruixiang Zhang, Zhongyan Xu, Yaojie Sun
April 21, 2023
Power systems optimization is generally subject to the compromise between performance and cost. The 2021 Texas grid outage illustrates the worldwide dangers for the regional-centralized power grid, with comparable advantages to safety and flexibility for the distributed energy system. The storage of household batteries helps balance grid load and increase system stability and flexibility. However, household storage battery is still not widely used today because of its high costs. Currently, research on increasing household battery storage applicability is focused largely on optimizing economic strategies, such as configuration, dispatching and subsidy policies, which rely substantially more on technologies and financial perspectives. Consumers are not ‘rational’ individuals, and non-economic incentives can affect their decisions without raising prices. This paper consequently proposes to encourage users to acquire household battery storage to increase efficiency of power dispatching and economic advantages based on behavioral economics. In this paper, an empirical research builds upon the utility model of behavioral economics incentives and purchase willingness. Moreover, the multi-objective genetic algorithm is utilized to optimize the dispatching of household battery storage by using grid variance and user revenues as optimizing goals. The results of this paper show that the behavioral economics incentive improves intention to buy the household battery energy storage by 10.7% without raising subsidies. By improving the energy dispatching strategy, peak-load shifting performance and user revenues are improved by 4.2% and 10.6%, respectively.
Keywords
behavioral economics, energy dispatching strategy, household energy storage, multi-objective optimization
Suggested Citation
Tao S, Zhang Y, Yuan M, Zhang R, Xu Z, Sun Y. Behavioral Economics Optimized Renewable Power Grid: A Case Study of Household Energy Storage. (2023). LAPSE:2023.33575
Author Affiliations
Tao S: Department of Light Sources and Illuminating Engineering, Fudan University, Shanghai 200438, China; Shanghai Engineering Research Center for Artificial Intelligence and Integrated Energy System, Fudan University, Shanghai 200433, China; Institute for Six- [ORCID]
Zhang Y: Department of Light Sources and Illuminating Engineering, Fudan University, Shanghai 200438, China; Shanghai Engineering Research Center for Artificial Intelligence and Integrated Energy System, Fudan University, Shanghai 200433, China
Yuan M: Department of Light Sources and Illuminating Engineering, Fudan University, Shanghai 200438, China; Shanghai Engineering Research Center for Artificial Intelligence and Integrated Energy System, Fudan University, Shanghai 200433, China
Zhang R: Department of Light Sources and Illuminating Engineering, Fudan University, Shanghai 200438, China; Shanghai Engineering Research Center for Artificial Intelligence and Integrated Energy System, Fudan University, Shanghai 200433, China
Xu Z: Department of Light Sources and Illuminating Engineering, Fudan University, Shanghai 200438, China; Shanghai Engineering Research Center for Artificial Intelligence and Integrated Energy System, Fudan University, Shanghai 200433, China [ORCID]
Sun Y: Department of Light Sources and Illuminating Engineering, Fudan University, Shanghai 200438, China; Shanghai Engineering Research Center for Artificial Intelligence and Integrated Energy System, Fudan University, Shanghai 200433, China; Institute for Six-
Journal Name
Energies
Volume
14
Issue
14
First Page
4154
Year
2021
Publication Date
2021-07-09
Published Version
ISSN
1996-1073
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PII: en14144154, Publication Type: Journal Article
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doi:10.3390/en14144154
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