Levelized Cost Computation of Novel Thermoelectric Modules

Abstract

In this research paper, the cost analysis of novel thermoelectric modules has been proposed. Thermoelectric material cost, thermoelectric manufacturing cost and areal manufacturing cost of novel thermoelectric modules were taken into consideration to analyze the capital cost of novel thermoelectric modules. Cost-performance metric for the proposed novel thermoelectric modules was analyzed. Levelized cost of electricity was calculated for TEG integrated thermal power plant and compared with traditional thermal power plant. Solar, wind and battery technologies were compared with thermoelectric generator on the basis of capital cost, area occupancy, weight and carbon footprints. The results indicated that Pb1−xMgxTe0.8Se0.2 and CoSb3−xTex-based thermoelectric generator has the lowest cost-performance metric. It also indicated that the levelized cost of energy decreases by 82.4% in TEG integrated thermal power plant as compared to non-integrated thermal power plant. The proposed TEG weighs less than a battery occupies less space than solar panels and is a reliable renewable technology.