Optimal Residential Load Control With Price Prediction in Real-Time Electricity Pricing Environments

Real-time electricity pricing models can potentially lead to economic and environmental advantages compared to the current common flat rates. In particular, they can provide end users with the opportunity to reduce their electricity expenditures by responding to pricing that varies with different times of the day. However, recent studies have revealed that the lack of knowledge among users about how to respond to time-varying prices as well as the lack of effective building automation systems are two major barriers for fully utilizing the potential benefits of real-time pricing tariffs. We tackle these problems by proposing an optimal and automatic residential energy consumption scheduling framework which…