Techno-economic Analysis of Renewable-based Stand-alone Hybrid Energy Systems Considering Load Growth and Photovoltaic Depreciation Rates

Abstract

The increasing trend in power consumption, mainly due to the rapid population growth, has resulted in grid outages and low-reliability grid connections. Renewable-based hybrid energy systems are one of the emerging alternatives for traditional and low-reliability grid connections. In this paper, a stand-alone hybrid energy system is proposed for a remote residential house. HOMER software is used for the optimisation of the proposed energy system. The main contribution of the paper is focused on considering two influential parameters, such as annual load growth and photovoltaic (PV) degradation rates in the optimal planning of the hybrid energy system. Simulation results indicate that considering influential parameters more realistic results, including system configuration, total net present cost (NPC) and optimal operation of the energy sources are achievable. Total NPC of the system obtained as 70,072 US$, which shows 52,029 US$ growth in comparison to the case neglected annual load growth and PV degradation rates. The optimum configuration benefits from higher penetration of renewable energy sources (RESs). Moreover, according to the comparison made with only-grid system, the proposed hybrid renewable-based energy system saves a large number of emissions. Based on the results, around 292,049.4202 kg emissions have been saved over 25 years of the project.