Levelized cost of electricityThe levelized cost of electricity (LCOE) is a measure of the average net present cost of electricity generation for a generator over its lifetime. It is used for investment planning and to compare different methods of electricity generation on a consistent basis. The more general term levelized cost of energy may include the costs of either electricity or heat. The latter is also referred to as levelized cost of heat or levelized cost of heating (LCOH), or levelized cost of thermal energy.
Photovoltaic effectThe photovoltaic effect is the generation of voltage and electric current in a material upon exposure to light. It is a physical and chemical phenomenon. The photovoltaic effect is closely related to the photoelectric effect. For both phenomena, light is absorbed, causing excitation of an electron or other charge carrier to a higher-energy state. The main distinction is that the term photoelectric effect is now usually used when the electron is ejected out of the material (usually into a vacuum) and photovoltaic effect used when the excited charge carrier is still contained within the material.
Energy conversion efficiencyEnergy conversion efficiency (η) is the ratio between the useful output of an energy conversion machine and the input, in energy terms. The input, as well as the useful output may be chemical, electric power, mechanical work, light (radiation), or heat. The resulting value, η (eta), ranges between 0 and 1. Energy conversion efficiency depends on the usefulness of the output. All or part of the heat produced from burning a fuel may become rejected waste heat if, for example, work is the desired output from a thermodynamic cycle.
Solar-cell efficiencySolar-cell efficiency refers to the portion of energy in the form of sunlight that can be converted via photovoltaics into electricity by the solar cell. The efficiency of the solar cells used in a photovoltaic system, in combination with latitude and climate, determines the annual energy output of the system. For example, a solar panel with 20% efficiency and an area of 1 m2 will produce 200 kWh/yr at Standard Test Conditions if exposed to the Standard Test Condition solar irradiance value of 1000 W/m2 for 2.
Nuclear powerNuclear power is the use of nuclear reactions to produce electricity. Nuclear power can be obtained from nuclear fission, nuclear decay and nuclear fusion reactions. Presently, the vast majority of electricity from nuclear power is produced by nuclear fission of uranium and plutonium in nuclear power plants. Nuclear decay processes are used in niche applications such as radioisotope thermoelectric generators in some space probes such as Voyager 2. Generating electricity from fusion power remains the focus of international research.
Economics of nuclear power plantsNuclear power construction costs have varied significantly across the world and in time. Large and rapid increases in cost occurred during the 1970s, especially in the United States. Recent cost trends in countries such as Japan and Korea have been very different, including periods of stability and decline in costs. New nuclear power plants typically have high capital expenditure for building plants. Fuel, operational, and maintenance costs are relatively small components of the total cost.
Electric power industryThe electric power industry covers the generation, transmission, distribution and sale of electric power to the general public and industry. The commodity sold is actually energy, not power, e.g. consumers pay for kilowatt-hours, power multiplied by time, which is energy. The commercial distribution of electricity started in 1882 when electricity was produced for electric lighting. In the 1880s and 1890s, growing economic and safety concerns lead to the regulation of the industry.
Electric vehicleAn electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion. It can be powered by a collector system, with electricity from extravehicular sources, or it can be powered autonomously by a battery (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator). EVs include, but are not limited to, road and rail vehicles, surface and underwater vessels, electric aircraft, and electric spacecraft.
Thermal efficiencyIn thermodynamics, the thermal efficiency () is a dimensionless performance measure of a device that uses thermal energy, such as an internal combustion engine, steam turbine, steam engine, boiler, furnace, refrigerator, ACs etc. For a heat engine, thermal efficiency is the ratio of the net work output to the heat input; in the case of a heat pump, thermal efficiency (known as the coefficient of performance) is the ratio of net heat output (for heating), or the net heat removed (for cooling) to the energy input (external work).
