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Sustainability 2018, 10(4), 933; https://doi.org/10.3390/su10040933

Quantifying and Monetizing Renewable Energy Resiliency

1
National Renewable Energy Laboratory, 15013 Denver West Parkway, Golden, CO 80401, USA
2
Sustainable CUNY, The City University of New York, 205 East 42nd Street, New York, NY 10017, USA
3
KatRisk LLC, 2397 Shattuck Ave., Suite 212, Berkeley, CA 94704, USA
*
Author to whom correspondence should be addressed.
Received: 20 February 2018 / Revised: 20 March 2018 / Accepted: 21 March 2018 / Published: 23 March 2018
(This article belongs to the Special Issue Energy Security and Sustainability)
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Abstract

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. View Full-Text
Keywords: energy resiliency; renewable energy hybrid systems; solar; energy storage; value of resiliency; monetizing resiliency; insurance premiums; business interruption loss energy resiliency; renewable energy hybrid systems; solar; energy storage; value of resiliency; monetizing resiliency; insurance premiums; business interruption loss
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

Supplementary material

  • Externally hosted supplementary file 1
    Link: https://data.nrel.gov/submissions/80
    Description: These data sets reflect the inputs and outputs of the catastrophe modeling analysis that evaluate the value of resiliency from an insurance perspective.
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Anderson, K.; Laws, N.D.; Marr, S.; Lisell, L.; Jimenez, T.; Case, T.; Li, X.; Lohmann, D.; Cutler, D. Quantifying and Monetizing Renewable Energy Resiliency. Sustainability 2018, 10, 933.

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