Techno-economic Performance Analysis of a Hybrid Concentrated Photovoltaic/Thermal Combined with Organic Rankine Cycle (CPV/T-ORC) system for Simultaneous Generation of Power and Heat

Using the solar concentrating systems leads to an increase in the solar power radiation hitting the Photovoltaic (PV) panel surface which in turn increases the power generated by PVs. However, the concentrated radiation, on the other hand, raises the PV panel temperature, decreasing its operational efficiency. Cooling techniques (usually water) are used in these systems to reduce the PV operating temperature. In this way, the temperature of the operating fluid rises after cooling the PV panel and its heat can be used for heating purposes in cold seasons and to generate electricity in hot seasons through Organic Rankine Cycle (ORC) technology, which significantly increases the overall efficiency of the combined system. This paper aims to investigate the technical and economic aspects of a hybrid Concentrated Photovoltaic Thermal / Organic Rankine Cycle (CPV/T-ORC) system for simultaneous generation of power and heat in the summer and winter seasons. The results of the analysis show that for the ORC investment cost of 2000$/kW, the return on investment is 3.58 years and for the ORC investment cost of 3500$/kW, the return on investment is 5.81 years.