In the past several years, there has been tremendous increase in power production by renewable energy resources and the energy projection profiles indicate that the trend will continue for the next decade. The development and application of battery energy storage systems in various fields such as electric vehicle, renewable energy, and grid has been increasing but the benefits are hard to quantify due to its complexity in different applications. New energy storage technologies could greatly increase the role of renewables, but an economic analysis is essential to understand the feasibility of battery storage systems.
The disclosed technology is an algorithm that outlines a set of building blocks, which carries out an economic analysis of a battery storage system, recommends battery actions, and provides solution for the battery action to increase profitability. Furthermore, special focus is given on describing how to use the algorithm for battery cycle life estimation, since the cycle life plays a central role in the economic analysis of battery storage system.
Reference Number: D-1235
- Commercial grid-scale energy storage projects in North America followed by Europe and Asia.
- In the U.S., battery storage is being given a massive boost by a California law that requires that the state’s investor-owned utilities purchase 1.3 GW of storage capacity by 2020.
- Electric industry, power transmission, and Renewable Energy industry.
Features, Benefits, & Advantages:
- Economic utilization of battery systems.
- Provides better load leveling management.
- Increased profit with less depreciation of the battery life.
A U.S. Provisional patent, serial number 62/232,637 was filed on 9/25/15.
The disclosed technology is currently in the simulation and validation stage.
Anitha Sarah Subburaj, Ph.D. Post Doctorial Research Associate, National Wind Institute, Texas Tech University, Lubbock, Texas
Economic analysis of battery system, Algorithm with high power battery, Economic utilization of battery system