To design a flywheel for an electric bicycle project, first determine the power requirement of 0.5 hp and the operational time of one hour to calculate the energy stored using the formula Energy = Power X Time. The design should start with a solid steel cylinder, optimizing dimensions, materials, and angular velocity for efficiency. Calculations can be simplified using software like MathCAD or Excel. Consideration of steering and control dynamics is important, as the flywheel's speed and design could impact bike handling. Detailed design assistance should be sought independently, as this is a personal project.