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7.6.2 Economic modelling Several methods are used for economic evaluation of energy generating systems. The most popular ones are (Short et al., 1995; Biezma and Christobal, 2006; Nikolaidis et al., 2009): Depreciated payback period (DPP) Net present value (NPV) Internal rate of return (IRR) Savings to investment ratio (SIR) Levelized electricity cost (LEC) The NPV, the DPP and the LEC will be used in the present study. 7.6.2.1 The net present value The NPV sums the discounted cash flows; it integrates and converts at the same time amounts of money of various time periods. The formula that is used for the determination of the NPV is: F n n is the time period (year), Fn the net cash flow for year n, i.e. Fn=Bn-Cn, Bn the benefit (inflows) for year n, Cn the cost (outflows) for year n; C0 is the initial investment, k the interest rate, and N is the number of years of the investment‘s lifetime or, the number of years for which the economic evaluation is requested. Using the NPV, an investment should be realized only if NPV>0, while in case alternative investments are considered, the best will be the one with higher NPV. 7.6.2.2 The depreciated payback period The depreciated payback period determines the number of time periods that are required until an investor recovers the initial investment. It is given by DPP=-ln(1-kC /F )/ln(1+k) (7.10) 0n Where it is assumed that the net cash flows Fn remain constant during the lifetime period. 7.6.2.3 The levelized cost of electricity The levelized electricity cost (LEC) also called levelized cost of electricity (LCOE) is the cost of generating electricity from a particular system. Its calculation includes all costs necessary for the generation of electricity: initial investment, operation and maintenance, cost of fuel, insurance, etc. It represents the minimum cost at which electricity should be sold in order for the project to break even. It is written as: NPV=-C0 + n (7.9) N n=1 (1+k) Page | 174PDF Image | Low-Grade Heat Conversion into Power Using Small Scale Organic Rankine Cycles
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