Abstract
The paper considers the advantages of employing a thermoeconomic analysis for describing the complete charging–discharging cycle of sensible heat, thermal energy storage systems. The main task is to find the performance of the storage systems at the minimum total cost of owning, maintaining, and operating such systems. The effect of different monetary values on optimum number of heat transfer units, charging time, and second-law efficiency are presented in graphical form. Comparison with results that are based on exergy analysis alone shows the advantages of adopting such an approach for designing and operating thermal energy storage units.
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