Building energy storage system with peak load contribution cost optimization

A central plant comprising:

• one or more storage devices configured to store one or more resources purchased from a utility or generated by the central plant and to discharge the one or more resources for use in satisfying a building load;
• and
• a controller configured to:
• obtain a cost function comprising a peak load contribution (PLC) term, wherein the PLC term represents a cost based on an amount of the one or more resources purchased from the utility during coincidental peak (CP) hours of an optimization period comprising a plurality of time steps, the CP hours comprising a subset of the plurality of time steps, wherein the cost is a function of one or more decision variables representing an amount of the one or more resources to store in the one more storage devices or discharge from the one or more storage devices during each of the plurality of time steps;
• modify the cost function by applying a peak hours mask to the PLC term, wherein the peak hours mask identifies one or more hours in the optimization period as projected peak hours and causes the controller to assign substantially zero cost, in the PLC term, to the one or more resources purchased from the utility during any hours not identified as projected peak hours;
• and
• allocate, to each of the time steps within the optimization period, an amount of the one or more resources to store in the one or more storage devices or discharge from the one or more storage devices during the time step by performing an optimization of the modified cost function to determine values of the decision variables.