TECHNOECONOMIC ASSESSMENT OF ENERGY STORAGE OPTIONS FOR RENEWABLE-POWERED UNIVERSITY LODGING IN IZMIR, TÜRKIYE

Abstract

This study investigates the technoeconomic feasibility of integrating photovoltaic (PV) and wind turbine-based renewable energy systems with various storage technologies for a university lodging consisting of 50 houses in İzmir, Türkiye. To address the rising demand for sustainable and cost-effective residential energy solutions, four energy storage options—lead-acid, lithium-ion, vanadium redox flow (VRF), and hydrogen-based systems—were evaluated. Their economic performance was assessed using indicators such as Levelized Cost of Electricity (LCOE), Levelized Cost of Storage (LCOS), and Net Present Value (NPV). The annual electricity load profile was constructed hourly, reflecting monthly consumption and user behavior. PV and wind energy outputs were estimated using PV-Sol software and turbine power curves, respectively. A model was developed in MATLAB, targeting a Loss of Power Supply Probability (LPSP) below 1% over 20 years. Results showed that vanadium redox flow batteries had the best economic performance, due to their long lifespan and low capital cost, achieving the lowest LCOE (0.31 $/kWh), LCOS (0.24 $/kWh), and highest NPV (0.42 million $). PV-based systems were more favorable than wind-based ones, mainly due to wind turbines' higher costs and lower capacity factors in the region. Sensitivity analysis highlighted that storage cost, LPSP, grid electricity price, and interest rate are the most influential parameters. This research provides valuable guidance for developing economically viable and technically reliable off-grid renewable energy systems, supporting informed decision-making by researchers and policymakers working on localized energy transition strategies.

Keywords

• Photovoltaics
• Wind turbine
• Energy storage
• Loss Power Supply Probability
• Technoeconomic assessment

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