Renewable energy is increasingly becoming cheaper than that derived from thermal power plants. However, a major problem with renewable energy sources such as solar is the mismatch between energy generation and consumption. For example, consider a solar rooftop photovoltaic (SRTPV) system serving an electric vehicle (EV) charging station. While solar energy is generated during the day, EVs may also be charged during the night. This mismatch naturally creates the need for energy storage that can store the excess energy generated for use during times of higher demand. This is referred to as time shifting of energy. However, energy storage systems increase overall system costs, thereby making the integration of renewables costlier. Net metering is a powerful mechanism which can facilitate energy time-shifting by the electrical grid with zero additional costs.
