Nowadays, the photovoltaic-energy storage system (PV-ESS) has not achieved large-scale development. The role of ESS incentive mechanisms has been emphasized for promoting the diffusion of PV-ESS technology. Therefore, to explore reasonable ESS incentive mechanisms in China, this paper develops a compound real options model by considering the flexibilities and uncertainties of the investment and operational stage. The impact of the carbon emission trading market, auxiliary service market, and different ESS incentive policies and their synergistic actions on PV-ESS investment have been explored by considering the social welfare of all related stakeholders. Moreover, a sensitivity analysis on the scale of expanding the investment and incentive intensity for ESS is conducted. The results show that the electricity price subsidy is more favorable for investing in the PV-ESS project. The investment will be brought forward 2 years compared to the situation without incentive policy. In addition, from the perspective of social welfare, the effects of the combinations of three ESS incentive policies are better than any single ESS policy, and the project value and social welfare increases by at least 3.46 and 7.99 million yuan, respectively. Illustrative examples can provide references for the government and investors in promoting the construction of PV-ESS projects.

目前，光伏储能系统（PV-ESS）尚未实现规模化发展。ESS激励机制在促进PV-ESS技术推广方面的作用得到了强调。因此，为探索我国合理的ESS激励机制，本文在考虑投资和运营阶段的灵活性和不确定性的基础上，建立了复合实物期权模型。通过考虑所有相关利益相关者的社会福利，探讨了碳排放交易市场、辅助服务市场以及不同的ESS激励政策及其协同作用对PV-ESS投资的影响。此外，对ESS的投资规模和激励力度进行了敏感性分析。结果表明，电价补贴更有利于投资光伏储能项目。与没有激励政策的情况相比，投资将提前2年。此外，从社会福利来看，三项ESS激励政策的组合效果优于单一的ESS政策，项目价值和社会福利分别至少增加346万元和799万元。示例可为政府和投资者推动光伏-ESS项目建设提供参考。三种ESS激励政策的组合效果优于任何单一的ESS政策，项目价值和社会福利分别至少增加346和799万元。示例可为政府和投资者推动光伏-ESS项目建设提供参考。三种ESS激励政策的组合效果优于任何单一的ESS政策，项目价值和社会福利分别至少增加346和799万元。示例可为政府和投资者推动光伏-ESS项目建设提供参考。