Abstract
The sustainable power generation industry needs a balance between efficiency and cost in order to be competitive to the more conventional energy sources (i.e., fossil fuels) to produce energy. The cost reduction will help to increase production and provide new developments in technological and manufacturing areas. In the following study, the grid connected PV–wind hybrid systems are analyzed to find out the optimum number of PV panels and wind turbine capacity to generate electricity for a household in Nicosia, Northern Cyprus (NC). Firstly, meteorological conditions of NC and required power load are investigated. Then, HOMER software is used to optimize the size, capacity, and the number of each of the components. This analysis is done with the evaluation of economical indicators such as Net Present Value, Simple Payback Period, and Save to Investment Ratio for the hybrid system to produce adequate electricity for the desired load. Also, greenhouse gas mitigation due to the use of PV–wind hybrid system instead of conventional fossil fired plants is calculated and discussed.
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