Exergetic and exergoeconomic evaluation of a solid-oxide fuel-cell-based combined heat and power generation system

For the analyses, the exergies of fuel and the exergies of product for all components have been defined. Subsequently, the exergetic efficiency of each component has been evaluated. By combining the results obtained from an economic analysis with the results of the exergetic analysis, the cost structure of the overall system has been figured out. The components, showing higher exergoeconomic factors such as SOFC stack, fuel blower, heat recovery water pump, and inverter, need reduction of investment cost, even if the associated efficiency would decreased because of this cost reduction. For the components, exhibiting lower exergoeconomic factors such as integrated reformer, fuel/water pre-heater, and air pre-heater, the main focus should be on efficiency improvements, even if higher investment expenditures would be associated with such improvements.