A comparison of solar photovoltaics and molten carbonate fuel cells as commercial power plants

Abstract

In line with the worldwide trend, Korea has recognized the importance of renewable energy and extensively supported its exploitation. As of August 2009, the largest incentives for renewable energy are offered to solar photovoltaic (PV) systems, which have vastly increased the installations of this system. On the basis of total paid incentives, the second largest beneficiary is the fuel cell (FC) system. This support has contributed to the successful commercialization of the molten carbonate FC (MCFC) as a distributed generation system (DG). Considering the status of energy systems in Korea, solar PV and MCFC systems are likely to be further developed in the country. The present paper analyzes the exploitation of these two energy systems by conducting a feasibility study and a technology assessment in the Korea environment based on many assumptions, conditions and data involved. The feasibility study demonstrates the positive economic gains of the solar PV and MCFC power plants. The unit electricity generation cost of solar PV is twice that of an MCFC system. In addition, the study reveals the slightly greater profitability of the MCFC. Exact estimation of their future economies is impossible because of uncertainties in many future conditions and environments. Nevertheless, the development of solar cells with higher efficiency is undoubtedly the most critical factor in increasing future profits. On the other hand, reductions in the operation and maintenance (O&M) costs and the natural gas (NG) price are the most important issues in raising the viability of the MCFC system. (C) 2010 Elsevier Ltd. All rights reserved.