I'm still confused on CC vs. LF in HOMER.  Even on systems where there is no battery, it makes a difference which you choose.  See attached file.  I would expect the CC/LF option to have no meaning if there is no battery.  Does the deferable load have something to do with it?

Good question.  Yes, the deferrable load is what makes cycle charging different from load following.

I normally say that under cycle charging, the generators produce excess electricity to charge the battery bank, but the above explanation is more precise.  The deferrable load is certainly a higher priority than battery charging, so if it makes sense to charge the batteries with surplus power, it must make even more sense to serve the deferrable load with surplus power.