Cost–Benefıt Assessment of Electrochemıcal Battery Technologıes: The Case of Stand-Alone Storage

Abstract

In this study, a comparative cost–benefit analysis was conducted for four electrochemical battery technologies: lithium iron phosphate (LFP), flow batteries, sodium-sulfur (NaS) batteries, and nickel–manganese–cobalt oxide (NMC) batteries. Furthermore, an investment projection was examined within the scope of standalone storage applications. Based on the comparative analyses of electrochemical batteries, and taking into account technological advancements, market conditions, grid-scale applicability, investment costs, efficiency in terms of application areas, impacts on the energy market, and the standalone consumer profile, lithium iron phosphate (LFP), flow batteries, sodium-sulfur (NaS) batteries, and nickel–manganese–cobalt oxide (NMC) batteries have emerged as advantageous storage technologies at the point of maximum benefit in cost–benefit analysis studies. Positioned against prior research and relevant standards, this study is expected to advance the literature. In conclusion, it offers an investment-oriented cost–benefit assessment of the most widely deployed electrochemical energy-storage technologies, conducted within the context of a standalone storage consumer profile.