Second-law-based thermoeconomic optimization of a sensible heat thermal energy storage system

An analytical method for the second-law-based thermoeconomic optimization of a sensible heat-storage system, in which the energy is stored in a large liquid bath from a hot-gas source, is presented. In this approach, monetary values are attached to the irreversible losses caused by the finite-temperature difference heat transfer and pressure drop in the storage system. Results are presented in terms of the optimum number of transfer units as a function of a dimensionless unit-cost ratio, charging time, and reduced temperature difference of the storage system.