In
this paper, an economic analysis is conducted on standalone
conventional solid oxide fuel cells (SOFCs) to determine their optimal
economic operating conditions and to contribute to the commercialization
of this technology. To this end, a mathematical model that accounts
for dominant degradation phenomena is used to predict the long-term
performance of SOFCs. The results of this analysis revealed that although
SOFCs carry high capital costs, they are able to generate electricity
at a cost similar to that of traditional power generators under optimal
operational conditions. Moreover, it is possible to lower the degradation
rate of the cells and run SOFCs under these conditions for several
years. Sensitivity analysis showed that capital and fuel costs have
the highest impacts on the levelized cost of electricity (LCOE) of
SOFCs, while CO2 tax has the smallest. The findings of
this analysis illustrate that performance and operational economics
of an SOFC are dependent on its mode of operation: SOFCs operating
in the constant-power-generation mode had the highest LCOE (ranging
from 0.131 to 0.409 $/kW h for different life spans), while those
with varying current densities, voltages, and power output during
operation were able to generate electricity with a very low LCOE (0.12
to 0.357 $/kW h for different life spans).