Investigation into the economic feasibility of grid-tied photovoltaic panel and storage systems

Renewable Energy is a subject of great interest but the widespread implementation of renewable energy does have its limitations. One of the most notable, and the driving notion behind this work, is the abundance of solar energy available during daylight hours but the inability to maintain generation during hours with sunlight. The aim of this work is to identify a means of energy storage to be used in conjunction with a domestic grid-tied photovoltaic panel and to discover the point at which the use of storage might provide economic benefit. It also aims to investigate the potential for automatic switching of a domestic load, such that reliance on grid-supplied energy is reduced thus also reducing the reliance on ‘dirty’ energy sources. To complete this investigation, various storage technologies have been reviewed allowing for modelling using measured load and solar data gathered from a domestic residence. The results suggest that installation of energy storage is currently not feasible in a domestic application but future installation is possible if capital costs continue to decrease by a minimum of 16.67% and tariff schemes such as the Victorian Time-of-Use tariff becomes widespread. Viability could be increased by implementing automatic switching of domestic loads to reduce grid usage during peak hours. There is great potential for expansion on the results presented due to expected emergence of new, less hazardous technologies and continual improvement of existing technologies. While it has been concluded that storage is not currently economically feasible, future feasibility does appear likely.