A Comprehensive Financial Analysis for Dual-Axis Sun Tracking System in Iran Photovoltaic Panels

Abstract

Renewable energy sources are defined as free and clean sources of energy, which encourage investment in electricity production industry to move from conventional power plants to renewable energy sources such as photovoltaic (PV) systems. Regarding to the geographical characteristics, solar panels can be used widely around the most populated cities of Iran. One of the most important factors, which affects the amount of harvested energy by panels, is the adjustment of tilt angle of the panels. In this paper, the cost effectiveness analysis (CEA) of installing the dual-axis sun tracking system in comparison to single-axis sun tracking system is carried out. The analysis is accomplished on three currently available panels installed in Iran cities, as case studies including Yazd, Semnan and Tehran. Financial analysis is conducted based on solar radiation, inflation rate, temperature, and characteristics of solar panels such as degradation effect on solar panel efficiency. The investigations are developed by simulation results, which show that although the dual-axis sun tracking system can increase the produced energy, the total investment and maintenance cost is greater than the profit of extra energy attained using the dual-axis system with respect to the single-axis system considering the financial indexes and geographical situation of case studies in Iran.