Cost of PV electricity – Case study of Greece

Abstract

The potential for a 20kW photovoltaic (PV) power plant in Greece is examined in this study. HOMER software is used to predict energy production, cost of energy and reduction of green house gasses (GHGs) emissions. The long-term meteorological parameters for 46 sites in Greece being considered by the Centre for Renewable Energy Sources and Saving (CRES) are analyzed. The global solar radiation varies between a minimum of 4.04kWh/m2/day in Ioannina and a maximum of 4.89kWh/m2/day in Tymbakion, while the mean value for the 46 locations remained as 4.46kWh/m2/day. The renewable energy produced each year from the PV power plant varied between 33.35MWh in Ioannina and 41.63MWh in Tymbakion while the average value for the 46 locations is 37.61MWh. The results of the financial analysis demonstrate that a PV power plant can operate profitably at any of the considered sites in Greece.The capacity factor of a PV plant varies between 19.4% and 24.2% and the cost of electricity varies between 0.122€/kWh and 0.152€/kWh from the most appropriate location to the least attractive location respectively. Bearing in mind that the electricity cost for consumers in Greece is approximately 0.13€/kWh, the present study demonstrates that photovoltaics can play an important role in Greek energy generation. Last but not least, utilization of photovoltaics means that considerable quantity of CO2 is not released into the local atmosphere each year.