A Cost–Power-Effectiveness Factor for Simplified Economic Evaluation of Photovoltaic Enhancement Technologies

Photovoltaic (PV) enhancement technologies, including cooling systems, reflectors, and optical concentrators, can improve PV electrical performance; however, their economic attractiveness must also be considered when selecting suitable enhancement technologies. Existing techno-economic indicators such as levelized cost of energy (LCOE), net present value (NPV), and payback period generally require time-dependent energy, lifetime, and financial information, whereas the previously proposed Cost-Effectiveness Factor (FCE) requires the calculation of a case-dependent benchmark. To provide a simpler preliminary assessment approach, this study proposes a new dimensionless Cost–Power-Effectiveness Factor (FCPE), which directly relates the manufacturing cost of a PV enhancer to the economic value of its additional power output. The methodological novelty of FCPE  lies in its single-ratio formulation and universal theoretical minimum of FCPE,min=0, eliminating case-specific benchmark derivation while enabling direct screening of PV enhancement technologies. Experimental validation using previously published reflector and forced-air cooling datasets demonstrated the applicability of the proposed indicator. The single- and double-reflector configurations yielded FCPE values of 0.84 and 1.57, respectively, while three forced-air cooling configurations yielded values of 1.55–2.03. Hypothetical cases further yielded FCPE values ranging from 0.531 to 1.060, demonstrating the ability of the indicator to distinguish cost-effective, neutral, and non-cost-effective configurations. Sensitivity analyses confirmed that FCPE decreases with increasing additional power output and one unit cost of PV power and increases with enhancer manufacturing cost. The proposed indicator is therefore intended as a low-input preliminary screening and optimization tool that complements, rather than replaces, comprehensive lifetime economic indicators such as LCOE, NPV, and payback period.