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where n is the number of years, the values of and are given in Table 3. The annual investment cost rate of the components which is used in the thermoeconomic balance equation is calculated based on the operational time of the component expressed in hours. Table 3 Assumed economic data for the economic and exergoeconomic modeling. Economic constant Effective annual cost of money, ieff Nominal escalation rate, rn Economic life, n Annual operating hours, 12% 5% 20 year 7000 h The cost rate of the fuel is expressed in this study as the summation of the total cost rate of the electric power for the geothermal pump and the levelized values of the annual investment cost rate of drilling and the geothermal circulation pump [14, 15]. The drilling cost can be calculated as a percentage of the total capital investment. It ranges from 25% to 40% and around 70% of the TCI for high temperature plants and low temperature plants, respectively. It can also be represented as function of the expander produced work. For this study, the drilling cost is taken as 250$/kW of produced useful power [31-33]. The cost rate of exergy destruction in each component is calculated with respect to the unit cost of the product of this component as follows: ̇̇ (38) where the unit cost of the component product is calculated though the unit costs of the exergy associated with the products from this component. The values of the unit cost of exergy streams are calculated from the thermoeconomic cost balance equation and the exergy destruction rates are provided from the thermodynamics analysis of the system. The exergoeconomic factor, and the relative cost difference, are determined for each of the system components as follows [16]: (39) ⁄ ̇⁄( ̇ ̇ ) (40) where and respectively, and they are calculated for each component of the system as follows: ̇ ̇ ̇ ̇ are the unit cost of the exergy associated with the component products and fuel, where ̇ and ̇ refers to the cost rate of the product and fuel streams through a certain component, respectively, and ̇ and ̇ are the exergy rate of the product and fuel streams of that component, respectively. (41) (42) 9PDF Image | Exergoeconomic Analyses and Optimization of Geothermal ORC
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