Abstract
In this study, a general building of medium size with an Energy Storage Systems (ESS)-connected Photovoltaic (PV) system (energy storage system that is connected to a photovoltaic system) was chosen to develop a tool for a better economic evaluation of its installation and use. The newly obtained results, from the revised economic evaluation algorithm that was proposed in this study, showed the effective return of investment period (ROI) would be 8.62 to 12.77 years. The ratio of maximum power demand to contract demand and the falling cost of PVs and ESS was the factors that could affect the ROI. While using the cost scenario of PVs and ESS from 2019 to 2024, as estimated by the experts, the ROI was significantly improved. The ROI was estimated to be between 4.26 to 8.56 years by the year 2024 when the cost scenario was considered. However, this result is obtained by controlling the ratio of maximum power demand to contract demand. Continued favorable government policies concerning renewable energy would be crucial in expanding the supply and investment in renewable energy resources, until the required ROI is attained.
Highlights
Rapid advancement in state-of-the-art technology naturally leads to the need for development of more stable, reliable, and efficient methods to harvest electrical energy
The result of conventional economic evaluation performed for the target building showed that it would take over 15 years of return of investment period (ROI) time, which implies that there is no economic feasibility
ROI period with the new algorithm was between 8.62 and 12.77 years; it would still be difficult to please the landlord, since the original requirement was five years for ROI. This algorithm would be essential in monitoring and maintaining both ground and floating and marine based photovoltaics for the future where installation environments are quite sensitive to natural disasters
Summary
Rapid advancement in state-of-the-art technology naturally leads to the need for development of more stable, reliable, and efficient methods to harvest electrical energy. When installing ESS, it is important to choose the right capacity that is suitable for the PV system while considering its capacity, generation time, maximum load, etc. If those conditions were not reviewed, over or under estimation of PV and ESS system would occur, which resulted in over price or shortage of electricity. We developed an economic evaluation algorithm, which can minimize the time before where a return on investment (ROI) is evident that can be applied to various cases Based on this algorithm, the policies of the current government in supporting renewable energy initiatives were reviewed. Recent Trend of Government Policies on Solar Energy Generation and Saving System
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