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Photovoltaic/Thermal (PV/T) Systems pp 153–171Cite as

PV/T Feasibility and Cost Assessment

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Abstract

Discussion of economic aspects of any technology is critical to establish its utility and market potential. Given that PV/T is used as an energy source, it must be cost-competitive with conventional renewable energy and fossil fuel sources. For research and development to understand and evaluate the economic aspect of PV/T systems, it is recommended to study factors such as life cycle cost analysis (LCCA). This chapter presents the LCCA and shows how to use the method in research, by calculating parameters such as life cycle cost (LCC), cost of energy (COE), etc., as provided in other works. The levelized cost of heat (LCOH) is introduced to view the economics of the thermal aspect, given that PV/T generates heat as well. Moreover, the levelized cost of energy (LCOE) is explained in terms of concept and method of calculation and briefly reviewed in different research works. To assess the environmental impacts which can be linked to economic aspects in some cases, the life cycle assessment (LCA) is introduced. Finally, the payback period (PBP) is explained in concept and briefly discussed in terms of its utility and disadvantages.

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Authors and Affiliations

  1. Solar Energy Research Institute, Universiti Kebangsaan Malaysia, Bangi, Selangor, Malaysia

    Ali H. A. Al-Waeli & Kamaruzzaman Sopian

  2. Faculty of Engineering, Sohar University, Sohar, Oman

    Hussein A. Kazem

  3. Energy and Renewable Energies Technology Center, University of Technology, Baghdad, Iraq

    Miqdam Tariq Chaichan

Authors
  1. Ali H. A. Al-Waeli
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  2. Hussein A. Kazem
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  3. Miqdam Tariq Chaichan
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  4. Kamaruzzaman Sopian
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Al-Waeli, A.H.A., Kazem, H.A., Chaichan, M.T., Sopian, K. (2019). PV/T Feasibility and Cost Assessment. In: Photovoltaic/Thermal (PV/T) Systems. Springer, Cham. https://doi.org/10.1007/978-3-030-27824-3_4

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