Technoeconomic assessment of a hybrid solar/wind installation for electrical energy saving

Abstract

This paper reports the technical feasibility and economic viability of a hybrid solar/wind grid connected system for electrical and thermal energy production, covering the energy demand of a typical residence in the city of Xanthi (Greece). The technical characteristics of the solar and wind energy subsystems are given. The energy output provided by the hybrid energy system was estimated using a simulation program, which is based on the Monte Carlo method, for reading the solar radiation and wind potential data. The auxiliary energy supply is based on the output of a combined-cycle natural gas power plant, recently constructed in the Thrace region. The economic analysis of the proposed hybrid solar/wind system is performed using the life cycle savings (LCS) method and the payback period (PBP) of the initial capital cost is determined.