LCOE*: Re-Thinking LCOE for Photovoltaic Systems

Michael Woodhouse, Christopher Deline, M. Patel, Reza Asadpour, Muhammad Alam

Research output: Contribution to conferencePaperpeer-review

8 Scopus Citations

Abstract

Solar industry is working towards reducing the levelized cost of energy (LCOE). The LCOE formulation includes various implicitly connected cost and physical design parameters. This entails complex cost analyses by economists, and electrical analysis and energy yield calculations of solar farms by device physicists/technologists. The standard formulation requires a constant exchange of information to optimize the design of a specific farm. In this paper, we present a fundamental reformulation of LCOE (in terms of LCOE∗) to deconvolve the cost vs. energy yield analysis so that economists and technologists can work independently towards minimizing LCOE. We validate our LCOE∗ formulation by comparing LCOE calculated by the traditional vs. new method. We further provide a global analysis of LCOE∗ as an illustrative example. This LCOE∗ will accelerate new technology development (e.g. bifacial PV) by allowing a rapid and transparent analysis of its cost-performance trade-off.

Original languageAmerican English
Pages1711-1713
Number of pages3
DOIs
StatePublished - Jun 2019
Event46th IEEE Photovoltaic Specialists Conference, PVSC 2019 - Chicago, United States
Duration: 16 Jun 201921 Jun 2019

Conference

Conference46th IEEE Photovoltaic Specialists Conference, PVSC 2019
Country/TerritoryUnited States
CityChicago
Period16/06/1921/06/19

Bibliographical note

Publisher Copyright:
© 2019 IEEE.

NREL Publication Number

  • NREL/CP-6A20-76328

Keywords

  • economic parameters
  • levelized cost of energy (LCOE)
  • photovoltaic systems
  • physical parameters

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