Abstract
Photovoltaic (PV) systems are becoming a relevant electricity source, characterised by a growing trend in the last years. This paper analyses the economic feasibility of investments in industrial PV systems of different sizes (200 kW, 400 kW, 1 MW, and 5 MW), in the absence of subsidies, and in a mature market (Italy). The selected indicators for this kind of assessment are net present value (NPV) and discounted payback time (DPBT). Furthermore, the environmental advantage in comparison to fossil sources of energy is evaluated through the reduction of carbon dioxide emissions (ERcd). Finally, a sensitivity analysis on critical variables (percentage of self-consumed energy, average annual insolation rate, annual electricity purchase price, annual electricity sale price, unitary investment cost and opportunity cost) is conducted. Results highlight the strategic role of self-consumption in a market characterised by an absence of public policy incentives and the presence of interesting economic opportunities for industrial applications.
Highlights
Renewable energy sources (RES) are able to cope with global economic crisis, unpredictable oil price oscillations and environmental issues [1,2,3,4]
The non-intermittent production, that initially represented a strong limitation, today is seen as a simple disadvantage
The scientific literature has confirmed the sustainability of this source
Summary
Renewable energy sources (RES) are able to cope with global economic crisis, unpredictable oil price oscillations and environmental issues [1,2,3,4]. The combination of solar systems and heat pumps (HP) can add profits and reduce environmental pollution with a net saving rate of about 41% of energy consumption per unit investment for cooling and 35% for heating [6,7] Another interesting application is represented by a combination of an energy storage system (ESS) with a PV system [8]. In a futuristic scenario, characterized by an expansion of the distributed generation of energy, smart grids could help to better integrate RES with distribution and transmissions systems [11] They are able to provide several beneficial utilities, like the optimization of production and consumption of energy, power monitoring and data provision [12]. Forecasting methods could play a fundamental role in this context [15] and the use of micro-grids powered by PV systems could contribute significantly to global energy requests [13]
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