A through-life cost analysis model to support investment decision-making in concentrated solar power projects

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dc.contributor.authorShafiee, Mahmood
dc.contributor.authorAlghamdi, Adel
dc.contributor.authorSansom, Christopher L.
dc.contributor.authorHart, Phil
dc.contributor.authorEncinas-Oropesa, Adriana
dc.date.accessioned2020-04-01T14:38:18Z
dc.date.available2020-04-01T14:38:18Z
dc.date.freetoread2020-04-01
dc.date.issued2020-03-27
dc.description.abstractThis research paper aims to propose a through-life cost analysis model for estimating the profitability of renewable concentrated solar power (CSP) technologies. The financial outputs of the model include net present value (NPV) and benefit-cost ratio (BCR) of the project, internal rate of return (IRR) and discounted payback period (DPBP) of the investment, and levelized cost of energy (LCoE) from the CSP technology. The meteorological data for a specific location in the city of Tucson in Arizona is collected from a network of automated weather stations, and the NREL System Advisor Model (SAM) is applied to simulate hourly energy output of the CSP plant. An Excel spreadsheet tool is designed to calculate, in a bottom-up approach, the financial metrics required for approval of CSP projects. The model is tested on a 50MW parabolic trough CSP plant and the results show an annual energy production of 456,351,232 kWh, NPV of over $64 million and LCoE of 0.16 $/kWh. Finally, a sensitivity analysis is performed to identify the factors which have the most significant effect on the economic performance of CSP technologies. The proposed model can provide valuable guidance to support the strategic planning and investment decision-making in CSP projects.en_UK
dc.identifier.citationShafiee M, Alghamdi A, Sansom C, et al., (2020) A through-life cost analysis model to support investment decision-making in concentrated solar power projects. Energies, Volume 13, Issue 7, 2020, Article number 1553en_UK
dc.identifier.cris26537153
dc.identifier.issn1996-1073
dc.identifier.urihttps://doi.org/10.3390/en13071553
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/15355
dc.language.isoenen_UK
dc.publisherMDPIen_UK
dc.rightsAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectConcentrated solar power (CSP)en_UK
dc.subjectThrough-life cost analysisen_UK
dc.subjectsystem advisor model (SAM)en_UK
dc.subjectNet Present Value (NPV)en_UK
dc.subjectBenefit-cost ratio (BCR)en_UK
dc.subjectInternal rate of return (IRR)en_UK
dc.subjectDiscounted payback period (DPBP)en_UK
dc.subjectLevelized cost of energy (LCoE)en_UK
dc.titleA through-life cost analysis model to support investment decision-making in concentrated solar power projectsen_UK
dc.typeArticleen_UK

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