A numerical model of the CentRec® receiver has been developed and validated using the measurement data collected during the experimental test campaign of the centrifugal particle system at the solar tower Jülich. The model has been used to calculate the thermo-optical efficiency of a scaled-up 20 MWth receiver for various receiver geometries. A cost function has been deduced and was used to perform a techno-economic study on an levelized cost of heat (LCOH) basis of the CentRec® receiver concept. Attractive LCOH as low as 0.0209 €/kWhth for a system with thermal storage, or as low as 0.0150 €/kWhth for the LCOH without storage, is predicted. This study has shown that the optimal configuration from an LCOH perspective for a 20 MWth centrifugal particle receiver reaches specific receiver costs of 35 €/kWth. Hereby, the costs of the receiver can be reduced by 60% compared to the original configuration.