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Solar Engineering, Exam 2
Solar Economics and Photovoltaic Effect
26
Engineering
Undergraduate 4
11/16/2011

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Term
how should you design a SECS wrt demand over a year, and why?
Definition
-design the SECS to satisfy 100% of demand in the best conditions (use auxilary to supplement at other times)
-because if you design it to meet 100% of demand in winter, you'll be oversized the rest of the year and that doesn't do you any good, it just costs extra
Term
solar fraction
Definition
percentage of a system's annual (or monthly) energy requirements that can be met by a SECS
Term
solar fraction eqn (annual)
Definition
F = (L - L_aux)/L
Term
load
Definition
load = demand - losses
Term
life cycle map
Definition
Term
return on investment
Definition
ROI = (gain - cost)/cost
Term
ROI graph
Definition
Term
solar savings (SS)
Definition
SS = (cost of conv. energy) - (cost of solar energy)

sum of cash flows for a given year
Term
incremental costs
Definition
extra costs besides the energy system itself
Term
SS eqn
Definition
SS = FS - (incr. mortgage pymt) -(incr. maintenance pymt) - (incr. parasitic energy costs) - (incr. prop tax) + (income tax savings) + RFCs
Term
RECs
Definition
renewable energy certificates: use free market mechanism to promote renewable energy
Term
least cost solar energy
Definition
min ownership + operations cost over the lifetime of the system
Term
life cycle costs (LCC)
Definition
sum of costs over lifetime
Term
life cycle savings (LCS) or
net present worth (NPW)
Definition
cumulative SS, valued in today's dollars (total PW) for the life cycle period
DELTA(LCC of conv. fuel systems) - (LCC of SECS + aux)
Term
mortgage
Definition
annual payment required to cover funds borrowed to install system
Term
lambda_max
Definition
most probably wavelength for a given temperature
Term
to make a cost effective system, you must
Definition
base the system on the client's demand (client's annual load and local electric rate)
Term
present worth factor (PWF) eqn
Definition
Term
simple payback time
Definition
time when fuel savings equals initial investment
Term
non-discounted fuel savings in year j
Definition
FS = F*L*C_F1(1+i_F)^(j-1)

where F*L = neergy saved by using solar
C_F1 = fuel cost in year one
Term
system cost eqn, C_s
Definition
Term
gains
Definition
absorbed solar energy and useful solar energy to do work
Term
losses
Definition
energy demanded from system but rejected as not being able to do work
Term
loads
Definition
energy demaded from system and used to do work
Term
present worth (PW)
Definition
value of cash flows in today's dollars
Term
what is the prupose of doing a life cycle analysis (LCA)?
Definition
-for the clients, to evaluate the comparative value of an energy system
-cost of a system is dependent on the location
-shows initial costs, variable costs, fuel ssavings
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