Economic and life cycle analysis of a photovoltaic thermal application system based on phase change thermal storage

Based on the photovoltaic (PV) system, phase change materials (PCMs), thermoelectric generators (TEGs), and cooling water are combined to form a photovoltaic thermal application (PV-PCM/TEG-T) system. The system is also compared with the PV and photovoltaic phase change thermal (PV-PCM-T) systems for environmental and economic analyses. The environmental analyses shows that the environmental impacts of the three systems are mainly concentrated in the production phase, with the aluminum frames and PV panels being the primary sources of the environmental effects, while the addition of paraffin wax and TEG have relatively minor environmental impacts. Economic analyses shows that the system generates electricity for 0.076 $/kW h, with the purchase of TEGs being the main capital expenditure. At the same time, the energy payback time of this system is 17.5 % shorter than that of the PV system and 6.9 % shorter than that of the PV-PCM-T system. The life cycle conversion efficiency is 55 % higher than that of the PV system and 23.9 % higher than that of the PV-PCM-T system, which provides better energy saving. In addition, with the continuous development of TEG manufacturing technology, the PV-PCM-TEG-T system will have better economic benefits and application potential.