Economic Analysis of a Redox Flow Batteries-Based Energy Storage System for Energy Savings in Factory Energy Management System

Abstract

Renewable energy systems are essential for carbon neutrality and energy savings in industrial facilities. Factories use a lot of electrical and thermal energy to manufacture products, but only a small percentage is recycled. Utilizing energy storage systems in industrial facilities is being applied as a way to cut energy costs and reduce carbon emissions. However, lithium-based batteries, which are predominantly used in traditional industries, face challenges in terms of affordability and reliability. Redox flow batteries, on the other hand, offer high power output and reliability, and are economical to manufacture for installations with high capacity. Although redox flow batteries are difficult to use in general electrical systems due to their small volume-to-capacity ratio, they can be easily utilized as energy storage devices in industrial parks or renewable energy parks with relatively little space constraints. In addition, since factories use a lot of heat energy in addition to electricity, utilizing combined heat and power can further reduce heat energy. In this study, we analyzed the cost estimation and economic feasibility of utilizing photovoltaics, redox flow cells, and combined heat and power to save energy in a factory’s energy management system.