Economic Feasibility of Micro-Grid Energy Storage and the Impact of Emerging Technologies on Its Viability

Abstract

Currently, energy storage devices show great promise when used in micro-grid applications, and further advancements in this technology will lead to economically-viable and environmentally-friendly solutions in regards to residential energy consumption. Creating a 21st-century energy infrastructure will be fundamental to society in the coming decades and ensuring cost-effective means of doing so will lessen the burden on the average consumer. While current research has focused primarily on fundamental battery research, the economic viability for the average American consumer has been neglected in many cases. In this work, current and future methods of home energy storage are analyzed via a thorough literature review and the most promising current and near-future methods are explored. These methods include current Lithium-Ion Battery (LIB) technology, reused LIB from Electric Vehicles (EVs), Lithium Nickel manganese cobalt oxides (NMC) cathode composition and the utilization of silicon as an anode material. After the potential of these technologies is explored, an analysis of their economic viability for the average consumer is presented. The literature review demonstrates that the current state of LIB is very close to economically feasible; reused LIBs are less viable than new LIBs, and future LIB compositions show great promise in viability. This shows that within the next decade, micro-grids will be a reasonable alternative to utility energy harnessing techniques, and a major step towards green energy consumption will be realized. Hybrid energy storage systems, on the other hand, are shown to be economically infeasible, in the near future, due to their high cost per kWh. However, when analyzing the energy storage capabilities of these systems, it is shown that they may be vital in updated energy infrastructure and provide a cost saving.