Abstract
In the context of global warming and energy shortage, this paper discusses the techno-economic feasibility of a residential household based on 100% renewable energy in China. The energy storage life, equipment’s residual value, system shortage capacity and atmospheric pollution emissions were considered comprehensively. A life cycle evaluation model based on the net present value (NPV) was built. Taking a real household as an example, the levelised cost of energy (LCOE) is 0.146 $/kW and the unmet load is only 0.86%, which has a big economic advantage when compared with diesel generators. If grid-connected, the system can bring $8079 in 25 years when the LCOE is −0.062 $/kW. The effects of the allowed shortage capacity, renewable energy resources, battery price and the allowed depth of discharge on the economy and energy structure were examined. For example, due to the features of the residential load, the influence of wind resource richness is more obvious than the irradiance. The maximum depth of discharge has less impact on the economy. This paper verifies the techno-economic rationality and feasibility of 100% renewable energy for a household.
Highlights
With the consumption of a large amount of fossil fuel, various environmental problems have become increasingly severe [1,2]
Sensitivity analysis of the net present value (NPV) was carried out, and the changes of renewable energy structure under different renewable resource richness are studied, which provides a reference for the actual planning and operation
The net present value (NPV) of the system is to convert all income and expenses incurred during the life of the project to the present value according to the actual interest rate [25], which can be written as: Cann,tot
Summary
With the consumption of a large amount of fossil fuel, various environmental problems have become increasingly severe [1,2]. From the aspect of system optimization, electricity economic benefit, power supply reliability, and environmental benefit are usually considered. Li Chong et al [11] adopted the total net present value and the levelised cost of energy to analyze the techno-economic feasibility. In terms of system structure and economic analysis, Li Chong et al [11] performed research on the off-grid hybrid power system in Urumqi, China. Tao et al [28] presented a detailed feasibility study and economic analysis of a hybrid solar-wind-battery power system for an island. Sensitivity analysis of the NPV was carried out, and the changes of renewable energy structure under different renewable resource richness are studied, which provides a reference for the actual planning and operation
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