Financial Optimization of a Solar-Driven Organic Rankine Cycle
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 operat...
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doaj-76bfb0a866f8422eb55d977c840acc282020-11-25T02:13:23ZengMDPI AGApplied System Innovation2571-55772020-04-013232310.3390/asi3020023Financial Optimization of a Solar-Driven Organic Rankine CycleEvangelos Bellos0Christos Tzivanidis1Thermal Department, School of Mechanical Engineering, National Technical University of Athens, Zografou, Heroon Polytechniou 9, 15780 Athens, GreeceThermal Department, School of Mechanical Engineering, National Technical University of Athens, Zografou, Heroon Polytechniou 9, 15780 Athens, GreeceThe 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 m<sup>2</sup> collecting area and a 14 m<sup>3</sup> storage tank, while for the same design point the levelized cost of electricity is minimized at 0.0969 € kWh<sup>−1</sup>. The maximum net present value is 123 k€ and it is found for a 220-m<sup>2</sup> collecting area and a 14-m<sup>3</sup> storage tank volume. Moreover, the maximum system energy efficiency is found at 15.38%, and, in this case, the collecting area is 140 m<sup>2</sup> and the storage tank volume 12 m<sup>3</sup>. Lastly, a multi-objective optimization proved that the overall optimum case is for a 160-m<sup>2</sup> collecting area and a 14-m<sup>3</sup> storage tank.https://www.mdpi.com/2571-5577/3/2/23solar concentrating powerparabolic trough collectorfinancial analysissustainable designorganic Rankine cycle |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Evangelos Bellos Christos Tzivanidis |
spellingShingle |
Evangelos Bellos Christos Tzivanidis Financial Optimization of a Solar-Driven Organic Rankine Cycle Applied System Innovation solar concentrating power parabolic trough collector financial analysis sustainable design organic Rankine cycle |
author_facet |
Evangelos Bellos Christos Tzivanidis |
author_sort |
Evangelos Bellos |
title |
Financial Optimization of a Solar-Driven Organic Rankine Cycle |
title_short |
Financial Optimization of a Solar-Driven Organic Rankine Cycle |
title_full |
Financial Optimization of a Solar-Driven Organic Rankine Cycle |
title_fullStr |
Financial Optimization of a Solar-Driven Organic Rankine Cycle |
title_full_unstemmed |
Financial Optimization of a Solar-Driven Organic Rankine Cycle |
title_sort |
financial optimization of a solar-driven organic rankine cycle |
publisher |
MDPI AG |
series |
Applied System Innovation |
issn |
2571-5577 |
publishDate |
2020-04-01 |
description |
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 m<sup>2</sup> collecting area and a 14 m<sup>3</sup> storage tank, while for the same design point the levelized cost of electricity is minimized at 0.0969 € kWh<sup>−1</sup>. The maximum net present value is 123 k€ and it is found for a 220-m<sup>2</sup> collecting area and a 14-m<sup>3</sup> storage tank volume. Moreover, the maximum system energy efficiency is found at 15.38%, and, in this case, the collecting area is 140 m<sup>2</sup> and the storage tank volume 12 m<sup>3</sup>. Lastly, a multi-objective optimization proved that the overall optimum case is for a 160-m<sup>2</sup> collecting area and a 14-m<sup>3</sup> storage tank. |
topic |
solar concentrating power parabolic trough collector financial analysis sustainable design organic Rankine cycle |
url |
https://www.mdpi.com/2571-5577/3/2/23 |
work_keys_str_mv |
AT evangelosbellos financialoptimizationofasolardrivenorganicrankinecycle AT christostzivanidis financialoptimizationofasolardrivenorganicrankinecycle |
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