Efficiency and Cost-Effectiveness
- Higher Efficiency: Systems with higher efficiency, like those achieving over 90% efficiency (e.g., the KTH’s radial flow packed-bed design), reduce energy loss during storage and retrieval. This means less energy is wasted, and more can be utilized, leading to cost savings. High efficiency reduces the need for additional energy input to achieve the same output, which directly impacts operating costs.
- Energy Utilization: Efficient systems can better utilize stored thermal energy for applications such as electricity generation or direct industrial processes. This versatility increases their value by allowing them to serve multiple purposes effectively.
- Cost Reduction: Efficient TES systems can lead to lower long-term costs by reducing the amount of energy needed to achieve the same level of service compared to less efficient systems. This is particularly important for industrial applications where energy costs are a significant factor.
- Technological Advancements: Advances in technology, such as the modular, cost-effective particle storage systems developed by NREL, further enhance the cost-effectiveness of TES. These systems are not only efficient but also inexpensive, costing between $2‒$4 per kWh of thermal energy.
Future Outlook
- Improving Efficiency: Future improvements in efficiency will likely further enhance the cost-effectiveness of TES systems. Expectations include cost reductions of about 30% by 2030 for industrial applications.
- Market Viability: For TES systems to become more widely adopted, they must be available at lower costs across residential, commercial, and industrial levels. Increased efficiency and cost reductions will be key drivers in achieving this goal.
In summary, the efficiency of thermal energy storage systems directly impacts their cost-effectiveness by reducing energy waste, enhancing versatility, and lowering long-term operational costs. As technology continues to evolve, more efficient and cost-effective solutions are expected to emerge, making TES a more viable alternative for energy storage.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-efficiency-of-thermal-energy-storage-systems-impact-their-overall-cost-effectiveness-2/
