Economic Analysis of a Typical Photovoltaic and Energy Storage System Based on Multiple Models

This paper establishes three revenue models for typical distributed Photovoltaic and Energy Storage Systems. The models are developed for the pure photovoltaic system without storage, the photovoltaic and energy storage hybrid system, and the hybrid system considering SOH (State of Health) variation of the battery during the lifecycle. The revenue variations using these models under different pricing conditions are calculated and compared for a typical Photovoltaic and Energy Storage system. The impact of transition from peak-valley electricity price to deep-valley electricity price on system revenue is analyzed. The results show that the adjustment of electricity prices during deep-valley hours brings an increase of revenue as 55.57% for the hybrid system. The reducing SOH of the battery causes an approximately 10% decrease in profit over the system’s lifespan.