Techno-economic analysis of solar photovoltaic powered electrical energy storage (EES) system

As solar energy is rapidly being implemented as a renewable energy resource, solar energy integrated systems should be optimally designed by performing a detailed analysis of materials, control systems, and economical aspects. This work aims to develop a theoretical and computational model for the techno-economic analysis of a photovoltaic (PV) system with and without the use of batteries as energy storage devices. A comprehensive literature review was first performed on PV systems with renewable energy integrated systems. Mathematical calculations of PV systems were then performed to develop a theoretical model to assess the technical aspects of PV systems. In addition, theoretical model was developed to calculate the economical assessment of the integrated PV system. Various types of lithium-ion and flow batteries were then discussed and assessed both technically and economically to determine the optimal storage method source. Five cases were analyzed, including the use of no storage solution, two scenarios including lithium-ion batteries, and two cases including flow batteries, using the proposed computational techniques. It was observed that PV system with lithium cobalt oxide battery shows the lowest levelized cost of electricity (3.4 cent/kWh) as compared to other PV system with batteries. The research suggests that integrated system including lithium-ion batteries was determined to be the most feasible and economical. Overall, the resulting detailed analysis of the PV system with energy storage options reflects the applicability of this system in remote areas.