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The cost variables with their respective definitions are shown in Table II-1, while the descriptions and baseline values for any parameters used are provided in Table II-2. LCOS models can use a variety of terms based on the system of interest and the desired complexity [54–58]. The base model is inspired by prior LCOS models published by Lazard in their annual levelized cost of storage studies, which serve as both a point of reference and comparison for this analysis [55,59]. Accordingly, the model includes necessary terms for upfront capital cost (It), charging cost (or cost of electricity, Ct), operating and maintenance cost (OMt), and energy stored (Et). We also elect to include loan (Lt) and tax (Tt) terms on the capital investments and to exclude a capital recovery factor, though this factor is sometimes included in other models [57]. Costs are either tracked yearly, where t ∈ {Z+ ∪ [1,n]} and n is the number of years of battery operation, or daily where t ∈ {Z+ ∪ [1,k]} and k=365n is the number of days of operation. As the capacity is tracked daily, any function of capacity must also depreciate on a daily schedule. Once tabulated across time, the costs are discounted with a periodic rate, r, which, again, is either yearly or daily, depending on the cost period. 20PDF Image | Bringing Redox Flow Batteries to the Grid
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