The reversible dissociation of ammonia is one of the candidate reactions for use in closed loop solar thermochemical energy storage systems. The major determinant of achievable performance for such a system is the degree of thermodynamic irreversibility associated with the heat recovery process. Exergy analysis of a semi realistic 30 MPa isobaric system has revealed that the major irreversibilities occur within the exothermic reactor and the counterflow heat exchanger between ingoing and outgoing reactants. In this study, optimum reactor control yielded exergetic efficiencies up to 71%, which should translate to overall solar to electric conversion efficiencies of around 20%.