Computational Framework for Behind-The-Meter DER Techno-Economic Modeling and Optimization -- REopt Lite

TL;DR

REopt Lite is an open-source computational framework that enables rapid techno-economic modeling and optimization of behind-the-meter distributed energy resources, supporting accelerated renewable energy deployment through accessible and scalable analysis tools.

Contribution

It introduces a comprehensive, scalable, and open-source modeling framework for behind-the-meter DERs, integrating technology, economics, and policy considerations.

Findings

Accelerates techno-economic analysis of DERs

Supports rapid planning and decision-making

Enhances transparency and collaboration in energy modeling

Abstract

The global energy system is undergoing a major transformation. Renewable energy generation is growing and is projected to accelerate further with the global emphasis on decarbonization. Furthermore, distributed generation is projected to play a significant role in the new energy system, and energy models are playing a key role in understanding how distributed generation can be integrated reliably and economically. The deployment of massive amounts of distributed generation requires understanding the interface of technology, economics, and policy in the energy modeling process. In this work, we present an end-to-end computational framework for distributed energy resource (DER) modeling, REopt Lite which addresses this need effectively. We describe the problem space, the building blocks of the model, the scaling capabilities of the design, the optimization formulation, and the accessibility of the model. We present a framework for accelerating the techno-economic analysis of behind-the-meter distributed energy resources to enable rapid planning and decision-making, thereby significantly boosting the rate the renewable energy deployment. Lastly, but equally importantly, this computation framework is open-sourced to facilitate transparency, flexibility, and wider collaboration opportunities within the worldwide energy modeling community.