Optimal Energy Storage System Selection: A Decision Support Framework

Abstract

This study enhances the domain of optimum energy storage system selection by offering a complete decision support framework that incorporates technical, economic, and environmental factors. The technical investigation examines energy and power density measurements, which demonstrate the exceptional volumetric energy storage capacities of lithium-ion batteries at 250 Wh/L. This highlights their appropriateness for applications that prioritize compactness. Lead-acid batteries are a cost-effective option that have a lower energy density of 80 Wh/L. This makes them particularly advantageous in situations where volume limitations are not as important. Flow batteries and supercapacitors are positioned in the middle, with flow batteries offering a well-balanced profile of energy and power density, while supercapacitors excel in applications that need fast charging and discharging. An in-depth evaluation of the startup costs and ongoing expenditures is conducted to thoroughly assess the economic feasibility of adopting an energy storage system. Although lithium-ion batteries have a higher upfront cost of $100,000, they demonstrate a well-balanced economic profile by offering a significant 66% decrease in operating expenditures compared to lead-acid batteries. Lead-acid batteries, which have an initial price tag of $60,000, demonstrate cost-effectiveness but result in higher ongoing costs. Flow batteries and supercapacitors are positioned as premium alternatives, with respective beginning prices of $150,000 and $200,000. Environmental sustainability is a fundamental factor that is assessed via life cycle analysis. Lithiumion batteries, while very efficient, give rise to problems over resource depletion and environmental damage linked to mining activities. Lead-acid batteries, due to their recyclability, provide a more ecologically sound alternative. Flow batteries, which use readily available and environmentally safe components, are very compatible with objectives aimed at promoting sustainability. Supercapacitors, which often use ecologically friendly materials, have potential in reducing negative environmental impacts. MultiCriteria Decision Analysis (MCDA) is used to integrate technical, economic, and environmental assessments. Lithium-ion batteries are considered the most favorable choice due to their exceptional technical performance and economic viability. Lead-acid batteries have a strong market position due to their cost-efficiency and ecofriendliness. Flow batteries and supercapacitors, while they have distinct benefits, are only suitable for certain applications. The stability of the framework is shown by sensitivity analysis, which identifies energy density and beginning costs as crucial factors. Engaging stakeholders helps confirm the framework’s usefulness, ensuring that it can be practically used and remains relevant in guiding well-informed choices in the ever-changing field of energy storage technologies. This study provides vital insights into the discussion on sustainable and efficient energy solutions, presenting a clear plan for decision-makers to navigate the intricacies of selecting energy storage systems.