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needed to refine the economic details surrounding leasing agreements before the value proposition of this approach can be unambiguously determined. 90 0.26 350 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 a) Discount rate 0.04 0.08 0.12 0.16 Leasing fee IRR Annual fee = 10% of electrolyte cost b) Price of vanadium 10 $/kg 30 $/kg 50 $/kg 70 $/kg Leasing fee Discount rate 80 70 60 50 40 30 20 10 0.24 300 0.22 0.2 0.18 0.16 0.14 0.12 0.1 0.08 250 200 150 100 50 0 0.06 0 0 10203040506070 0 Price of vanadium ($/kg) Figure II-7 – a) Maximum annual leasing fee (left y-axis, solid lines) to allow a competitive leasing scheme for the lessee, as a function of vanadium price (x-axis) at various discount rates to the lessee (red, blue, green, and purple), and the lessor’s internal rate of return to the lessor under each case (right y-axis, dashed lines). The pink lines represent the case where the leasing fee is 10% of the electrolyte cost. b) Minimum annual leasing fee to be charged by the lessor (left y-axis, solid lines) as a function of the lessor’s desired internal rate of return (x-axis) at various market prices of vanadium (red, blue, green, and purple), and the discount to the lessee in each case (right y-axis, dashed lines). 4. Conclusions A defining feature of VRFBs is the ability to recover capacity via periodic rebalancing of the external electrolytes and injection of chemical reductants. However, the added value of this resilience has not yet been well-articulated in techno-economic models of VRFBs. Accordingly, we have developed a simple model to calculate the VRFB LCOS by introducing a physical model 0.25 Internal rate of return for lessor 0.5 0.75 1 39 Discount rate for lessee Internal rate of return for lessor Max competitive leasing fee ($/kWh per year) Minimum leasing fee ($/kWh per year)PDF Image | Bringing Redox Flow Batteries to the Grid
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