Abstract
The effective selection of inverters plays a critical role in optimising the efficiency and performance of solar photovoltaic (PV) and wind turbine systems. Inverters have a direct impact on overall energy conversion efficiency and system output by influencing their efficiency and reliability. Inverter selection also involves essential criteria such as cost, compatibility with renewable energy sources, and environmental considerations. Therefore, a comprehensive and systematic approach is necessary to thoroughly assess and compare various inverter options.
 This study utilises a multi-criteria decision-making methodology to address these challenges. It assesses the identified criteria using the Analytical Hierarchy Process (AHP) and ranks them to determine the most suitable solution through the Technique for Order of Preference by Similarity to the Ideal Solution (TOPSIS). As a result, the investigation identifies smart grid and smart metre inverters as the optimal solutions, effectively addressing concerns related to power stability, communication and connectivity, security, data management, and cost.
 The proposed methodology yields a substantial total equity portion of USD 9,325.71, along with impressive annual earnings before interest, taxes, depreciation, and amortisation (EBITDA) of USD 1,734.09. The estimated payback period is 6.85 years, and the return on investment (ROI) reaches a remarkable 338.07%. Additionally, the nett income significantly reduces the production cost, amounting to USD 40,853.34 in a single period.
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