Economic Analysis of Thermal Energy Storage Systems

Abstract

This paper describes an investigation of the economic performance of a central chiller plant with thermal energy storage (TES) operating in a hotel in California and an office building in Wisconsin for the following three conventional control strategies: chiller-priority, constant-proportion, and storage-priority control. Since all control strategies depend on properly selected design parameters, the storage and chiller capacities as the primary design parameters were varied over a wide range, and the life-cycle economic feasibility of each possible design was assessed over a 20-year economic life using the net present value method. Measured cooling and weather data for both buildings were used in annual calculations to determine annual utility cost savings on the basis of one of four artificial rate structures. Trends in the life-cycle economic performance of TES systems as a function of chiller and storage capacities were revealed, and design guidelines were developed.