Designing the IoT Based Trading System for Renewable Solar Energy Through Hybrid Microgrid

Abstract

Renewable energy systems have recently come to the forefront as a viable solution to environmental concerns. As a result, governmental policies are being introduced in different countries around the world to spread and encourage power generation systems that use renewable energy. A hybrid smart grid extends the capacity of solar-powered microgrids that could be managed and operated through the Internet of Things (IoT). It creates an opportunity for the development of a novel model for business of exporting and importing of the generated as well as stored solar PV. Microgrid systems that connect to the Internet of Things will log data in the cloud and remotely track the grid. The aim of this paper is to explore ways to improve domestic hybrid power grid networks and linked those to the electricity grid, which connects several other residences. Owners of nodes may use a web interface to buy and sell generated/stored energy from the comfort of their own homes.