Abstract
In this paper, a methodology for the optimal economic design of a hybrid energy system is presented. The novelty of the proposed methodology lies in the fact that a convex optimization approach is used - allowing a solution to be found very efficiently compared to existing techniques. A simulation model for a grid-connected PV/wind/diesel hybrid system is implemented in Math works Simulink (TM). Using this simulation model, it is shown that the design problem under consideration is indeed convex. An interior-point convex solver is then used to design an optimal PV/wind/diesel system with lowest overall cost (capital running costs) for a small university campus using a 35 year project lifetime. The results agree with those obtained using the closed-source HOMER software package which is based on slow discrete combinatorial optimization.
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