An Efficient Power Scheduling Scheme for Smart Home

In smart grid, residential consumers adopt different load scheduling methods to manage their power consumptions with specific objectives. The conventional load scheduling methods aim to maximize the consumption payoff or minimize the consumption cost. In this paper, we introduce a novel concept of cost efficiency-based residential load scheduling framework to improve the economical efficiency of the residential electricity consumption. The cost efficiency is defined as the ratio of consumer's total consumption benefit to its total electricity payment during a certain period. We develop a cost-efficient load scheduling algorithm for the demand-side's day-ahead bidding process and real-time pricing mechanism by using a fractional programing approach.