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With the increasing penetration of renewable energy sources and energystorage devices in the power system, it is important to evaluate the cost ofthe system by using Levelized Cost of Energy (LCOE). In this paper a newmetric, Levelized Cost of Delivery (LCOD) is proposed to calculate the LCOE forthe energy storage. The recent definitions in LCOE for renewable energy systemhas been reviewed. From fundamental principles, it is demonstrated that thereis a need to introduce a new method to evaluate LCOE of the system as theconventional LCOE is not applicable for renewable energy storage systems. Threeyears of solar irradiance data in Africa collected from Johannesburg and thenational load data from Kenya are obtained for case studies. The proposed costcalculation methods are evaluated for two types of storage technologies(Vanadium Redox Battery (VRB) and Lithium-ion) with real-life data. It showsthat the marginal LCOE and LCOD indices can be used to assist policymakers toconsider the discount rate and the type of storage technology for a costeffective renewable storage energy system.

Levelized Cost of Energy for PV and Grid Scale Energy Storage Systems