June 23, 2013
June 23, 2013
June 26, 2013
Energy Conversion and Conservation
23.447.1 - 23.447.10
Economic and Life Cycle Analysis of Renewable Energy SystemsAbstract Renewable energy resources such as wind and solar are playing increasinglyimportant role in the present and future energy scenarios of both developed anddeveloping countries. For example, the installed wind energy in the United States haveincreased from 12 GW in 2006 to 47 GW in 2011 averaging 30% increase over the fiveyear period . Over the same period, global wind energy capacity has increased from74 GW to 238 GW . Engineering students and future engineers that will be involved in makingdecisions on design and implementation of these renewable energy systems requireknowledge of economic and life cycle assessment of these systems in order to make aninformed decision. Environmental impact and sustainability as well as tax credit andincentives play key roles in conducting economic analysis of renewable energy systems. The present paper discusses aspects of economic and life cycle analysis ofrenewable energy systems that are different from those of conventional energy systems.Several case studies will be used to demonstrate the major differences in the economicanalysis of renewable and conventional energy systems. These case studies were used intwo courses that the author taught at ____ University. The paper will also include theresults of survey among the students on economic analysis of renewable energy systems.References AWEA U.S. Wind Industry Annual Market Report Year Ending 2011, AWEA, 2012. Energy Outlook 2030, BP, 2012.
Aung, K. T. (2013, June), Economic and Life Cycle Analysis of Renewable Energy Systems Paper presented at 2013 ASEE Annual Conference & Exposition, Atlanta, Georgia. 10.18260/1-2--19461
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