Energy Systems for Multigeneration Purposes

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Energy Systems for Multigeneration Purposes ( energy-systems-multigeneration-purposes )

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5. 5.3.1.5 PEM electrolyzer The purchase cost of the electrolyzer is a function of the inlet electricity to split water which can be expressed as [105]: () ̇ (5.124) 5. 5.3.1.6 Domestic water heater (DWH) The cost function of the domestic water heater considered in this system can be expressed as follows [103]: ( ) (5.125) is the hot water production in m3 that is calculated using the energy balance Here, equation for a control volume around the DWH. 5.5.3.2 Capital recovery factor (CRF) A capital recovery factor is the ratio of a constant annuity to the present value of receiving that annuity for a given length of time [90]. Using an interest rate i, the capital recovery factor is defined as () () (5.126) Here, i denotes the interest rate and n the total operating period of the system in years. 5.5.3.3 Cost rate Since each device in a system is expected to be working in a specific time frame, the cost rate of each device is a good indicator to calculate the cost rate in $/s represented by ̇. The cost rate of each device is determined as ̇ (5.127) where Zk is the purchase cost of the kth component, and CRF is the capital recovery factor explained in equation (5.126). Also, N is the annual number of operation hours for the unit, and φ is the maintenance factor, which is often 1.06 [90]. 91

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