An Assessment of the Optimal Capacity and an Economic Evaluation of a Sustainable Photovoltaic Energy System in Korea

Young Hun Lee, In Wha Jeong and Tae Hyun Sung
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Young Hun Lee: KEPCO KDN, 661, Bitgaram-ro, Naju-si 58322, Korea
In Wha Jeong: Department of Electrical Engineering, Hanyang University, 222, Wangsimni-ro, Seongdong-gu, Seoul 04763, Korea
Tae Hyun Sung: Department of Electrical Engineering, Hanyang University, 222, Wangsimni-ro, Seongdong-gu, Seoul 04763, Korea

Sustainability, 2021, vol. 13, issue 21, 1-15

Abstract: The purpose of this study is to conduct an economic evaluation of a photovoltaic-energy storage system (PV–ESS system) based on the power generation performance data of photovoltaic operations in Korea, and to calculate the optimal capacity of the energy storage system. In this study, PV systems in Jeju-do and Gyeongsangnam-do were targeted, PV systems in this area were assumed to be installed on a general site, and the research was conducted by applying weights based on the facility’s capacity. All the analyses were conducted using the actual amount of Korea power exchange (KPX) transactions of PV systems in 2019. In order to calculate the optimal capacity of the power conditioning system (PCS) and the battery energy storage system (BESS) according to global horizontal irradiation (GHI), PV systems with a minimum/maximum/central value were selected by comparing the solar radiation before the horizontal plane for three years (2017–2019) in the location where the PV systems was installed. As a result of the analysis, in Jeju-do, if the renewable energy certificate(REC) weight decreased to 3.4 when there was no change in the cost of installing a BESS and a PCS, it was more economical to link to the BESS than the operation of the PV system alone. In Gyeongsangnam-do, it was revealed that if the REC weight was reduced to 3.4, it was more likely to link to the BESS than the operation of the PV system alone.

Keywords: photovoltaic; energy storage system (ESS); economy evaluation; optimal capacity (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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