A survey on cost saving methods for smart grids

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.