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This article assesses whether it is profitable to store solar PV electricityin the form of heat and convert it back to electricity on demand. The impact ofa number of technical and economic parameters on the profitability of aself-consumption residential system located in Madrid is assessed. The proposedsolution comprises two kinds of heat stores: a low- or medium-grade heat storefor domestic hot water and space heating, and a high-grade heat store forcombined heat and power generation. Two cases are considered where the energythat is wasted during the conversion of heat into electricity is employed tosatisfy either the heating demand, or both heating and cooling demands by usinga thermally-driven heat pump. We compare these solutions against a referencecase that relies on the consumption of grid electricity and natural gas anduses an electrically-driven heat pump for cooling. The results show that, underrelatively favourable conditions, the proposed solution that uses anelectrically-driven heat pump could provide electricity savings in the range of70-90% with a payback period of 12-15 years, plus an additional 10-20%reduction in the fuel consumption. Shorter payback periods, lower than 10years, could be attained by using a highly efficient thermally driven heatpump, at the expense of increasing the fuel consumption and the greenhouse gasemissions. Hybridising this solution with solar thermal heating could enablesignificant savings on the global emissions, whilst keeping a high amount ofsavings in grid electricity (> 70 %) and a reasonably short payback period (<12 years).

Techno-economic analysis of solar PV power-to-heat-to-power storage and trigeneration in the residential sector