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between increases in upfront costs for flexibility in lifetime operating costs. Recognizing the separate financial considerations related to capital cost that are not captured in LCOS calculations, we conclude with an examination of the emerging vanadium leasing market, which aims to reduce the upfront cost burden. Unless otherwise noted, all analyses use the baseline values from Table II-2. 3.1 Sensitivity analyses on fade rates and lower capacity limit to optimize rebalancing frequency The sensitivity of the model predictions to capital cost, overall fade rate, electrolyte decay rate, and lower capacity limit are of relevance, as these parameters contribute substantially to the LCOS and, in some cases, reported values can vary substantially across the literature (e.g., fade rates shown in Figure II-2) or are not publicly available (e.g., electrolyte decay rates). We first perform a sensitivity analysis on the effect of lower capacity limit (caplim) on LCOS. Unlike capital cost or fade rate, this is an operational, and thus optimizable, parameter that does not require technology or market development. Indeed, the lower capacity limit can be changed at any time and thus can be dynamically optimized to achieve the best LCOS possible. Figure II-4 shows, in general, how the choice of caplim impacts LCOS: setting the limit too high leads to a steep increase in LCOS as the costs of frequent rebalancing and servicing grow, but, conversely, setting the limit too low also causes an increase in LCOS as the battery is often storing much less energy. We select three capital cost (Ccap) values, 300, 400, and 500 $ kWh-1, which fall within present or near future cost projections per multiple sources, to assess model sensitivity [18– 20,23,55,61,73,81]. Figure II-4 shows there is an optimal caplim value, around 83% for the baseline case, and this optimal point is independent of Ccap. Increasing Ccap linearly increases LCOS as it represents a one-time, upfront cost, while we observe a nonlinear dependence of LCOS on caplim. The stronger dependence of LCOS on the caplim than on the Ccap is apparent from the convergence of the three Ccap curves at high caplim values. 29PDF Image | Bringing Redox Flow Batteries to the Grid
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