Abstract
The objective of this work is the financial optimization of a solar-driven organic Rankine cycle. Parabolic trough solar collectors are used as the most mature solar concentrating system and also there is a sensible storage system. The unit is examined for the location of Athens in Greece for operation during the year. The analysis is conducted with a developed dynamic model in the program language FORTRAN. Moreover, a developed thermodynamic model in Engineering Equation Solver has been used in order to determine the nominal efficiency of the cycle. The system is optimized with various financial criteria, as well as with energy criteria. The optimization variables are the collecting area and the storage tank volume, while the nominal power production is selected at 10 kW. According to the final results, the minimum payback period is 8.37 years and it is found for a 160 m2 collecting area and a 14 m3 storage tank, while for the same design point the levelized cost of electricity is minimized at 0.0969 € kWh−1. The maximum net present value is 123 k€ and it is found for a 220-m2 collecting area and a 14-m3 storage tank volume. Moreover, the maximum system energy efficiency is found at 15.38%, and, in this case, the collecting area is 140 m2 and the storage tank volume 12 m3. Lastly, a multi-objective optimization proved that the overall optimum case is for a 160-m2 collecting area and a 14-m3 storage tank.
Highlights
Solar energy utilization is vital for facing important issues of our society such as global warming, fossil fuel depletion and increasing energy needs [1,2,3]
According to the final results, the minimum payback period is 8.37 years and it is found for a 160 m2 collecting area and a 14 m3 storage tank, while for the same design point the levelized cost of electricity is minimized at 0.0969 € kWh−1
We examine the impact of the collecting area and the storage tank on the system performance
Summary
Solar energy utilization is vital for facing important issues of our society such as global warming, fossil fuel depletion and increasing energy needs [1,2,3]. Askari-Asli Ardeh et al [15] examined a PTC with a V-shape cavity coupled to an ORC They found that this unit is able to lead to a payback period lower than 9 years and to a system efficiency of about 25% in optimal design. The previous literature review indicates the high interest of the ORCs driven by PTC In this direction, this work examines a system with PTC, a sensible storage system and ORC operating with toluene. The difference of this work compared to previous studies is based on the detailed optimization analysis and on the use of the proper sunny days for every month in order to find representative results. It is important to state that a parametric analysis is conducted before the optimization procedure, in order to make clear the way that every parameter influences the financial and energy indexes
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