Solar Renewable Energy System (SRES) for an Educational Institute

Abstract

This paper highlights a Solar energy generation plant as Renewable energy source (SRES) on the criterion of cost involvement using net present value (NPV) method and its payback period. The reliability of the system and economic considerations of SRES are analyzed in depth for an educational institute. This is an installed off-grid system which comprises a wind energy source of 1.5 kW and solar energy source of 6 kW. The present work is focused on cost and performance analysis of solar energy systems only. The SRES considered here is connected to the light load of the department containing all lights, fans, personal computers, printers and LCD display. The results obtained proves that SRES has the potential to fulfill the demand reliably throughout the year. The cost analysis using NPV method is included with the existing MAHADISCOM as one of the projects and SRES as another project. Both the projects are analyzed by assuming the lifespan of 11 years. The payback period of the SRES system is 3.3 years and hence after that the energy will be available free of cost through the mentioned system. This analysis is done for the site located in the state of Maharashtra, India, and can be used as very useful research for future perspectives.