Solar thermal collectors and applications

# Economic analysis

The economic analysis of solar energy systems is carried out in order to determine the least cost of meeting the energy needs, considering both solar and non-solar alternatives. The method employed for the economic analysis is called the life savings analysis. This method takes into account the time value of money and allows detailed consideration of the complete range of costs. Solar processes are generally characterised by high initial cost and low operating costs. Thus, the basic economic problem is of comparing an initial known investment with estimated future operating costs.

Life cycle cost (LCC) is the sum of all the costs associated with an energy delivery system over its lifetime in today’s money, and takes into account the time value of money. The life cycle savings (LCS), for a solar plus auxiliary system, is defined as the difference between the LCC of a conventional fuel-only system and the LCC of the solar plus auxiliary system. This is equivalent to the total present worth (PW) of the gains from the solar system compared to the fuel-only system.

All software programs described in previous section have routines for the economic analysis of the modelled systems. The economic analysis of solar systems can also be performed with a spreadsheet program. Spreadsheet pro­grams are especially suitable for economic analyses as their general format is a table with cells which can contain values or formulae and they incorporate many built-in functions. The economic analysis is carried out for every year for which various economic parameters are calculated in different columns. A detailed description of the method of economic analysis of solar systems using spreadsheets is given in Ref. [127].

## Solar thermal collectors and applications

### Collector thermal efficiency

In reality the heat loss coefficient UL in Eqs (2) and (42) is not constant but is a function of collector inlet and ambient temperatures. Therefore: TOC o "1-5" h …

### Global climate change

The term greenhouse effect has generally been used for the role of the whole atmosphere (mainly water vapour and clouds) in keeping the surface of the earth warm. Recently however, …

### Limitations of simulations

Simulations are powerful tools for process design offering a number of advantages as outlined in the previous sections. However, there are limits to their use. For example, it is easy …

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