Quantifying and Monetizing Renewable Energy Resiliency

Anderson, Kate H.; Laws, Nicholas D.; Marr, Spencer; Lisell, Lars J.; Jimenez, Tony; Case, Tria; Li, Xiangkun; Lohmann, Dag; Cutler, Dylan S.

doi:10.3390/su10040933

Quantifying and Monetizing Renewable Energy Resiliency

Journal Article · Fri Mar 23 00:00:00 EDT 2018 · Sustainability (Basel)

DOI:https://doi.org/10.3390/su10040933· OSTI ID:1430655

Anderson, Kate H. ^[1]; Laws, Nicholas D. ^[1]; Marr, Spencer ^[2]; Lisell, Lars J. ^[1]; Jimenez, Tony ^[1]; Case, Tria ^[2]; Li, Xiangkun ^[1]; Lohmann, Dag ^[3]; Cutler, Dylan S. ^[1]

National Renewable Energy Lab. (NREL), Golden, CO (United States)
City Univ. (CUNY), NY (United States). Sustainable CUNY
KatRisk LLC, Berkeley, CA (United States)

Energy resiliency has been thrust to the forefront by recent severe weather events and natural disasters. Billions of dollars are lost each year due to power outages. This article highlights the unique value renewable energy hybrid systems (REHS), comprised of solar, energy storage, and generators, provide in increasing resiliency. We present a methodology to quantify the amount and value of resiliency provided by REHS, and ways to monetize this resiliency value through insurance premium discounts. A case study of buildings in New York City demonstrates how implementing REHS in place of traditional backup diesel generators can double the amount of outage survivability, with an added value of $781,200. For a Superstorm Sandy type event, results indicate that insurance premium reductions could support up to 4% of the capital cost of REHS, and the potential exists to prevent up to $2.5 billion in business interruption losses with increased REHS deployment.

Research Organization:: National Renewable Energy Laboratory (NREL), Golden, CO (United States)

Sponsoring Organization:: USDOE Office of Energy Efficiency and Renewable Energy (EERE); NREL Laboratory Directed Research and Development (LDRD)

Grant/Contract Number:: AC36-08GO28308

OSTI ID:: 1430655

Report Number(s):: NREL/JA-7A40-71143

Journal Information:: Sustainability (Basel), Journal Name: Sustainability (Basel) Journal Issue: 4 Vol. 10; ISSN SUSTDE; ISSN 2071-1050

Publisher:: MDPICopyright Statement

Country of Publication:: United States

Language:: English

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Cited By (2)

Adapting the theory of resilience to energy systems: a review and outlook Jesse, Bernhard-Johannes; Heinrichs, Heidi Ursula; Kuckshinrichs, Wilhelm Energy, Sustainability and Society, Vol. 9, Issue 1 https://doi.org/10.1186/s13705-019-0210-7	journal	July 2019
Sustainable Development of Power Retailers and Industrial Parks in China’s Belt and Road Initiative Tang, Bowen; Sun, Yuanzhang; Zhou, Nan Sustainability, Vol. 11, Issue 19 https://doi.org/10.3390/su11195427	journal	September 2019

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14 SOLAR ENERGY
25 ENERGY STORAGE
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REopt
business interruption loss
energy resiliency
energy storage
insurance premiums
monetizing resiliency
renewable energy hybrid systems
solar
value of resiliency

Quantifying and Monetizing Renewable Energy Resiliency

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