21.0 Energy Economics Dr. Michael Slotkin Frank R. Leslie B. S. E. E., M. S. Space Technology, LM IEEE (321) /13/2010 This is a placeholder and Frank Leslie has not completed the presentation yet

In Other News... Crude oil falls to about $80/bbl on increasing oil supply estimates

21 Overview Dr. Slotkin’s presentation is not yet available What follows are just my thoughts for now – F. Leslie

21.1 Constant Dollar Conversion The value of the dollar changes with inflation, so varying year costs must be compensated by the inflation rate After inflation, more money must be earned to buy the same goods

21.2 Present and Future Value Revised

21.3 Estimating System Life- Cycle Costs Revised

21.4 Externalities Externalities are costs not included in the system cost, but are borne by others Emission reduction can be encouraged by placing a tax on the emissions Revised

21.5 CFL vs. Incandescent Lamps vs. LEDs Compact Fluorescent Lamps (CFL) have fallen in price to about $2 per lamp and they last about 8000 hours  They require about ¼ the power for the same light as an incandescent bulb (~$0.25) LED (Light Emitting Diode) lamps cost about $35 and last ~10000 hours The energy cost for the quoted life must be added to the cost of replacement labor and the original cost to get a comparison cost

21.6 System Costing Revised

21.7 Truths and Fallacies Revised

21.8 Cost-Savings Analysis: Did you Compute Cost Savings to buy your Car? Cost savings are often expressed as “years until payoff”  The shorter the payoff time, the better the investment In buying a new car, one never worries about payoff time Perhaps, buying a solar system should be considered without payoff computations

21 Conclusion

Olin Engineering Complex 4.7 kW Solar PV Roof Array Questions?

References: Books Boyle, Godfrey. Renewable Energy, Second Edition. Oxford: Oxford University Press, 2004, ISBN (my preferred text) Brower, Michael. Cool Energy. Cambridge MA: The MIT Press, , TJ807.9.U6B76, ’4’0973. Duffie, John and William A. Beckman. Solar Engineering of Thermal Processes. NY: John Wiley & Sons, Inc., 920 pp., 1991 Gipe, Paul. Wind Energy for Home & Business. White River Junction, VT: Chelsea Green Pub. Co., , TJ820.G57, 621.4’5 Patel, Mukund R. Wind and Solar Power Systems. Boca Raton: CRC Press, 1999, 351 pp. ISBN , TK1541.P , ’2136 Sørensen, Bent. Renewable Energy, Second Edition. San Diego: Academic Press, 2000, 911 pp. ISBN Tester, Jefferson W., Elisabeth M. Drake, Michael J. Driscoll, Michael W. Golay and William A. Peters Sustainable Energy Choosing Among Options. Boston: MIT Press, 870 pp. July 2005 ISBN-10: Tester, Jefferson W. Elisabeth M. DrakeMichael J. DriscollMichael W. GolayWilliam A. Peters

References: Websites, etc. Wind Energy elist Wind energy home powersite elist geothermal.marin.org/ on geothermal energy rredc.nrel.gov/wind/pubs/atlas/maps/chap2/2-01m.html PNNL wind energy map of CONUS Elist for wind energy experimenters Site devoted to the decline of energy and effects upon population Federal Energy Regulatory Commission on OTEC systems telosnet.com/wind/20th.html solstice.crest.org/ dataweb.usbr.gov/html/powerplant_selection.html Revised