本文探討電力用戶之表後儲能系統（Behind-the-Meter Energy Storage System, BTM-ESS）在國產電芯補助政策介入下之經濟可行性，並分析國產電芯相較於中國產電芯之成本競爭力與投資效益。研究以台灣儲能市場發展現況為背景，建構動態現金流量折現模型，納入時間電價套利、需量反應、輔助服務及預期電價上漲等收益來源，並考量儲能系統建置成本、維運費用、保險與保固費用等支出項目，透過淨現值（Net Present Value, NPV）、益本比（Benefit-Cost Ratio, BCR）及內部報酬率（Internal Rate of Return, IRR）等財務評估指標，評估不同國產電芯成本與補助方案下之投資效益。

研究結果顯示，在市場機制運作下，採用中國產電芯之表後儲能系統 (BTM-ESS) 具備良好之經濟可行性，可創造高於資金機會成本之投資報酬。然而，由於國產電芯建置成本顯著高於中國產電芯建置成本，在未提供補助之情況下，多數國產電芯專案難以通過財務可行性門檻。進一步納入政府補助後，雖可改善投資績效，但其效果受到國產電芯成本溢價程度之限制；當成本差距過大時，固定額度補助難以有效彌補財務缺口，政策誘因效果將明顯不足。

此外，本研究發現國產電芯成本偏高之原因，除量產規模不足外，亦與大型化電芯技術發展相對落後有關，進而影響製造成本與系統整合效率。基於研究結果，建議未來政府於推動儲能國產化政策時，應兼顧產業技術升級與補助機制設計，建立更具彈性之誘因制度，以提升國產電芯之市場競爭力與政策推動成效。

This study investigates the economic feasibility of Behind-the-Meter Energy Storage Systems (BTM-ESS) under domestic battery cell subsidy policies and evaluates the cost competitiveness of domestically manufactured battery cells compared with Chi-nese-manufactured battery cells. A discounted cash flow model is developed based on Tai-wan’s energy storage market, incorporating revenues from time-of-use electricity arbitrage, demand response programs, ancillary services, and electricity price escalation. Economic performance is assessed using Net Present Value (NPV), Benefit-Cost Ratio (BCR), and In-ternal Rate of Return (IRR).

The results show that BTM-ESS projects using Chinese-manufactured battery cells are economically viable and generate returns above the opportunity cost of capital. In contrast, the higher installation costs of domestically manufactured battery cells prevent most pro-jects from meeting financial viability requirements without government support. Although subsidies improve investment performance, their effectiveness is limited when the cost dif-ferential between domestic and imported battery cells becomes excessively large.

The study further finds that the high cost of domestically manufactured battery cells is associated with both limited economies of scale and the slower development of large-capacity battery cell technologies, resulting in lower manufacturing efficiency and higher system integration costs. Accordingly, future localization policies should focus on both technological advancement and subsidy design. More flexible incentive mechanisms are recommended to enhance the competitiveness of domestically manufactured battery cells and improve policy effectiveness.

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2. 台灣電力公司（2025）。《高壓以上用戶三段式時間電價表（114年度）》。台北市：台灣電力公司。
3. 台灣電力交易平台（2025）。《即時備轉輔助服務結清價格資料》。取自電力交易平台。
4. 台灣電力交易平台（2025）。《即時備轉效能價格資料》。取自電力交易平台。
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