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Sustainability 2015, 7 15372 The system efficiencies include energy and exergy efficiencies, with exergy efficiency being the objective function for optimization. The energy efficiency of the generator is set at 0.8. The energy (ηth) and exergy (ηex) efficiencies for the system can be expressed as: where 2.4. Exergo-Economic Analysis W − W η = (30) ( 3 1 ) ( 3 2 ) η = = W W E Exergo-economic analysis determines the specific costs on the exergy streams in the exergy balance equations for each component of the system, as well as the capital and operating costs, in order to obtain a complete cost analysis. A typical cost rate balance for a component is given below: where C +W ×c +Z = C +W ×c (33) C = c×Ex (34) The capital and operating costs for the components are expressed here in units of USD/h (US dollars per hour). For the system considered, a costing analysis is done to estimate the initial capital cost (ICC) and the operating and maintenance costs (OM). An amortization factor is used to amortize the cost of the sum of ICC and OM over 20 years at a 5% interest rate, and is determined as follows [37]: i(i + 1) A =(1+i)−1 (35) Total costs for each of the components in the system are assessed in USD/h in the cost rate balance equations. After the initial capital and operating and maintenance costs are added and amortized, the total costs are divided by the number of hours in a year to obtain a cost in USD/h. Operating and maintenance costs are assumed to be a percentage of the initial capital costs. The general equations are given in below: W Q TCC = A(ICC + OM) OM = ICC × OM% (36) (37) Z = TCC (38) t The percentages for operating and maintenance costs are taken from Nafey et al. [36], while the costs for components are from various vendors. The cost rate balances for each of the components are developed to complete the exergo-economic analysis. The cost of the pump and condenser are added to the total capital and operating cost rate for the expander since the exergy stream in these componentsPDF Image | Selection of Optimum Working Fluid for Organic Rankine Cycles
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