| Title |
Case Study on the Life Cycle Cost Estimation of PV with ESS |
| DOI |
https://doi.org/10.5370/KIEE.2024.73.5.885 |
| Keywords |
Renewable energy; Photovoltaic; Energy storage system; Life cycle cost; Renewable Energy Certificate |
| Abstract |
Unlike fossil fuels, renewable energy sources must be critical to preserving our eco system, and ensuring a sustainable future for mankind. In Korea, renewable energy sources are continuously expanded and distributed, and according to The statistics of Korea Electric Power Corporation in 2022, renewable energy accounts for 18.35% of all power generation facilities, of which solar power accounts for 80.34%.
In this paper, a case analysis focused on PV accounts for 86.1% of the RPA power purchase amount in Korea. When PV generation facilities with ESS were operated, the annual net profit was very high up to 15 years when ESS REC sales revenue was generated, and in 16 to 20 years after the ESS service life period was over, the net profit was the same as when only PV was operated. Therefore, if solar power generation facilities with ESS were operated, the accumulated net profit was converted to surplus in the 14th year, and if only PV was operated, it was converted to surplus in the 23rd year due to additional investment costs. |