Techno-economic evaluation of solar-based thermal energy storage systems

Highlights: • The study focussed on the techno-economic assessment of thermal energy storage systems. • Data-intensive bottom-up models for each storage systems were developed. • Costs for sensible, thermo-chemical, and latent heat storage systems were developed. • The electricity cost from using these thermal energy storage systems is $0.02–$1.19/kWh. - Abstract: In this paper, a data-intensive cost model was developed for sensible heat, latent heat and thermochemical storage systems. In order to evaluate the economic feasibility of storage systems, five scenarios were developed depending on the method of storage. The five scenarios considered were indirect sensible heat, direct sensible heat using two tanks, direct sensible heat using one tank, latent heat and thermochemical storage. A Monte Carlo simulation was performed for all the scenarios to examine the uncertainty in the levelized cost of electricity when parameters such as solar multiple, plant capacity, storage duration, capacity factor, and discount rate are changed. The levelized cost of electricity ranges for individual scenarios are; 0.08–0.59 $/kWh for indirect sensible heat, 0.03–0.22 $/kWh for direct sensible heat using two tank, 0.02–0.16 $/kWh for direct sensible heat using one tank, 0.06–0.43 $/kWh for latent heat, and 0.22–1.19 $/kWh for thermochemical storage. The results indicate that when uncertainty is taken into account, the investment cost for thermochemical storage is clearly higher than other scenarios. This study will provide key information for industry and policy makers in decision making and in determining the economic viability of thermal energy storage systems.