Photovoltaic (PV) System Levelized Cost of Energy (LCOE) Evaluation with Grid Support Function Valuation and Service Lifetime Estimation
Photovoltaic (PV) systems play a critical role in renewable energy resource grid integration, and levelized cost of energy (LCOE) is commonly used to evaluate PV system feasibility in modern power grids. In this work, a revised PV system LCOE calculation model is derived to quantify the potential of LCOE reduction. Particularly, the grid support functions are valuated to offset the investment and operation costs of PV systems, which thereby reduces the LCOE. Meanwhile, PV system service lifetime is also estimated with the derived PV inverter reliability model, considering the critical components (i.e., semiconductor devices and capacitors). The case studies with field datasets are conducted to validate the effectiveness of the developed LCOE calculation model.