The Cost of Storage – How to Calculate the Levelized Cost of Stored Energy (LCOE) and Applications to Renewable Energy Generation | Zendy

I. Pawel | Zendy

Open Access

The Cost of Storage – How to Calculate the Levelized Cost of Stored Energy (LCOE) and Applications to Renewable Energy Generation

Author(s) -

I. Pawel

Publication year - 2014

Publication title -

energy procedia

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.474

H-Index - 81

ISSN - 1876-6102

DOI - 10.1016/j.egypro.2014.01.159

Subject(s) - cost of electricity by source , energy storage , process engineering , renewable energy , photovoltaics , diesel fuel , grid parity , electricity generation , environmental science , photovoltaic system , power (physics) , environmental economics , computer science , automotive engineering , engineering , electrical engineering , economics , thermodynamics , physics

This paper provides a new framework for the calculation of levelized cost of stored energy. The framework is based on the relations for photovoltaics amended by new parameters. Main outcomes are the high importance of the C rate and the less dominant role of the roundtrip efficiency. The framework allows for comparisons between different storage technologies. The newly developed framework model is applied to derive the LCOE for a PV and storage combined power plant. The derived model enables quick comparison of combined PV and storage power plants with other forms of energy generation, for example diesel generation. This could prove helpful in the current discussion about diesel substitution in off-grid applications. In general, the combined levelized cost of energy lies between the LCOE of PV and LCOE of storage

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