At present renewable energy production sources such as solar, hydro, and wind continue to gain popularity worldwide. With the increased entry of renewable energy generation into the grid, the success of the clean technologies will increasingly depend on the long-term development of energy storage solutions that support variations in electric power generation.
A research initiative undertaken by a team at the National Renewable Energy Laboratory has developed a rigorous novel storage financial analysis scenario tool involves modeling to examine the levelized cost of energy. The model can be used to identify potential storage opportunities in the long run for electric grid frameworks of the future with 85 percent penetration of renewables. Furthermore, researchers designed StoreFAST based on the success of previously modeled Hydrogen Financial Analysis created by NREL in 2015. The tool has emerged as a convenient aid for examining the financial aspects for the installation of hydrogen fueling stations.
Meanwhile, The H2FAST model is agile, stated an infrastructure systems analyst at NREL. However, the inherent use of the system for hydrogen is not specific. For example, the use of the model to analyze cost for long-haul trucking, electric vehicle charging, ammonia production, and more is established. Importantly, the target of StoreFAST is towards analysis of energy storage to compute the efficiency of storage of different systems.
Technically, StoreFAST is a distinct techno-economic tool that examines both flexible power generation systems and energy storage systems simultaneously. The output of the model are visualized for three parameters: financial performance parameters, LCOE, and time sequence charts for all financial line things. Primary inputs for the model include capital costs, system power output capacity, operations and maintenance costs, and capacity factors.