Abstract
A method is described for the economic optimization and comparative evaluation of various energy storage systems in a given application. The method is particularly useful in examining the economics of devices with short lifetimes and can be employed whenever a device lifetime can be expressed as a function of physical parameters which are related to the manner in which the device is used. Given a detailed description of the pattern of use of the device in the application, the device lifetime can be calculated. The economic consequences of changes in lifetime result from the dependence of the capital recovery factor on device lifetime. It is shown how analyses can be made of changes in technical performance characteristics or changes in the pattern of use of the storage device to determine their effects upon the annual cost of energy storage and to determine minimum cost systems.
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