Techno-Economic Analyst

Job Details

Sector(s)

Component Manufacturing and Research & Development; Project Development

Median Pay

$80,000–$131,710 per year

$39.14–$63.32 per hour

Job Type

Entry to Mid-Level

Typical Entry-Level
Education and Work
Experience
Requirements

Bachelor’s degree; little to no experience required

Alternate Titles

Techno-economic model developer and cost estimator.

Brief Job Description

A techno-economic analyst builds and analyzes the results of mathematical models to evaluate the technical and economical benefits of marine energy technologies.

Education and Training Level Description

This position requires a minimum qualification of a bachelor’s degree in economics, mechanical engineering, or energy systems engineering, along with 2 or more years of relevant experience. To further progress along this career path, a master’s or doctoral degree in economics or a related engineering field is also ideal. A candidate pursuing an engineering degree could also supplement their skills and knowledge in this area with process engineering economics. Most techno-economic model developers receive on-the-job training in cost estimation techniques and required software like Microsoft Excel, MATLAB/Simulink, and Python.

Job Profile

A techno-economic analyst builds and analyzes the results of mathematical models to evaluate the technical and economic benefits of marine energy technologies and systems (such as ocean thermal, and tidal systems). These analysts, also called modelers, create mathematical models in spreadsheets, coding languages, or other tools to evaluate the current and/or future costs of a marine energy array. Models that evaluate future costs are often based on consumer demand predictions and market forecasts, future price changes for system parts and materials, and many other variables.

Because the marine energy industry is in early stages of development, techno-economic analysts principally assess how technology costs will change due to technology advancements and how system costs will vary across geographic locations. This analysis helps project teams make decisions about future technology designs and the best locations to build marine energy systems.

As the marine energy industry develops, techno-economic analysts will expand their areas of focus. Increasingly, analysts will develop tools and models that assess the performance and financing of marine energy technologies. These assessments estimate the annual energy production and the levelized cost of energy for different marine energy systems. As the industry advances, analysts will also develop tools and models that evaluate how different future policies and market conditions could impact technology costs and opportunities for expansion. Marine energy project teams will use this more detailed analysis to guide investment, research and development, and other business decisions.

Techno-economic analysts typically:

Apply quantitative and qualitative research methods to identify key variables and sensitivities that would drive opportunities for innovation of marine energy systems
Develop system performance models to assess the economic feasibility of marine energy systems
Work with internal and external partners to collect primary data and thus populate and inform techno-economic models
Provide recommendations for cost reductions based on results obtained from cost model analyses
Study the associated social costs and opportunity costs as well as the estimated capital costs of marine energy.

Job Skills

Techno-economic analysts typically need:

Analytical skills. Techno-economic analysts must review and evaluate different manufacturing methods to find cost-effective options. They develop very detail-oriented expressions that would assess the associated benefits, risks, and uncertainties.
Math skills. Techno-economic analysts need excellent math skills to make precise calculations of labor, material, and equipment cost estimates associated with the design and manufacture of novel marine energy conversion devices.
Writing skills. Techno-economic analysts must have excellent writing skills to prepare comprehensive reports, which often help managers make production/manufacturing decisions.

More Information, Job Opportunities, etc.

For more information on techno-economic analyst jobs, see: