Technical and Economic Feasibility of Solar Photovoltaic Systems for A Residential Home in Riyadh, Kingdom of Saudi Arabia

Abstract

To generate power and electricity for residential buildings, most countries in the world rely on fossil fuels. As a result of persistent increase and fluctuations of fossil fuels costs which negatively affect individual's financial advancement, several countries were inclined to develop and use cost-effective renewable energy systems such as photovoltaic (PV) systems. The objective of this research is to examine the amount of electrical energy that can be generated from a renewable energy source using a photovoltaic system, as well as the economic impact on the Saudi individual. Hybrid Optimization of Multiple Energy Resources software was used to carry out a feasibility study (HOMER)to simulate the use of PV systems and all potential equipment combinations for a house construction in Riyadh (24.7 N). Furthermore, the cost of using PV systems is calculated. This demonstrated the cost feasibility of achieving a reasonable level of energy entry. When compared to a current fossil fuel, this lowers the cost of energy (COE) and the net present cost (NPC) of the re-enacted power created by a further. The research yielded a list of possible power supply solutions that were sorted by net present cost. Furthermore, according to statistics, electricity consumption in the Kingdom is expected to increase by 0.2 percent in 2020, indicating the impact of PV costs and fossil fuel prices on the best alternatives. It now stands at 289.3 million GWh, up from 288.71 million GWh in 2019.