The success of the smart grid mostly depends on the wide-spread participation of users. The potential for profit and the cost saving features of smart grids are excellent motivating factors to involve users in the smart grid implementation. In this survey paper, we first discuss the cost saving strategies for the smart grid from the user's perspective. Then, we present a brief discussion on the methods and algorithms which are proposed to save cost and increase the user profit through trading opportunities. The significance and limitations of the used methods are discussed from the user's point of view. Finally, the paper focuses on future challenges of smart grid research which should be considered to develop a sustainable power grid.

Additional Metadata
Keywords cost optimization, literature review, residential users, smart grid, smart homes, survey
Persistent URL dx.doi.org/10.1109/SEGE.2013.6707914
Conference 2013 IEEE International Conference on Smart Energy Grid Engineering, SEGE 2013
Citation
Alam, M.R. (Muhammad Raisul), St-Hilaire, M, & Kunz, T. (2013). A survey on cost saving methods for smart grids. Presented at the 2013 IEEE International Conference on Smart Energy Grid Engineering, SEGE 2013. doi:10.1109/SEGE.2013.6707914