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dc.contributor.authorLai, CS-
dc.contributor.authorLocatelli, G-
dc.contributor.authorPimm, A-
dc.contributor.authorTao, Y-
dc.contributor.authorLi, X-
dc.contributor.authorLai, LL-
dc.identifier.citationApplied Energy, 2019, 251en_US
dc.description.abstractElectrical energy storage (EES) such as lithium-ion (Li-ion) batteries can reduce curtailment of renewables, maximizing renewable utilization by storing surplus electricity. Several techno-economic analyses have been performed on EES, but few have investigated the financial performance. This paper presents a state-of-the-art financial model obtaining novel and significative financial and economics results when applied to Li-ion EES. This work is a significant step forward since traditional analysis on EES are based on oversimplified and unrealistic economic models. A discounted cash flow model for the Li-ion EES is introduced and applied to examine the financial performance of three EES operating scenarios. Real-life solar irradiance, load, and retail electricity price data from Kenya are used to develop a set of case studies. The EES is coupled with photovoltaics and an anaerobic digestion biogas power plant. The results show the impact of capital cost: the Li-ion project is unprofitable in Kenya with a capital cost of 1500 $/kWh, but is profitable at 200 $/kWh. The study shows that the EES will generate a higher profit if it is cycled more frequently (hence a higher lifetime electricity output) although the lifetime is reduced due to degradation.en_US
dc.subjectLithium-ion energy storageen_US
dc.subjectFinancial modelen_US
dc.subjectSolar PVen_US
dc.subjectStorage degradationen_US
dc.titleA financial model for lithium-ion storage in a photovoltaic and biogas energy systemen_US
dc.relation.isPartOfApplied Energy-
Appears in Collections:Dept of Electronic and Computer Engineering Research Papers

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