Thermo-economic and environmental feasibility of a solar power plant as a renewable and green source of electrification

Abstract

ABSTRACTIn this paper, thermal, economic, and environmental feasibility of a 5 MW solar photovoltaic power system as an alternative to fossil fuel-operated power plant has been studied for 10 different sites in Pakistan. Long-range metrological data have been considered to access the viability of proposed plant through energy production, financial, and emission analysis. The results show that all sites are within the range of profitable values but Quetta is the most feasible site for installation of solar PV plant. The average values of internal rate of return equity, payback period, net present value, benefit–cost ratio, and capacity factor are 21.75%, 10.58 years, 3,704,588 US$, 1.99, 24.13%, respectively for all sites under investigation. Furthermore, a sensitivity analysis shows that government incentives of up to 40% as an initial cost will lower the payback period to 5 years that make the installation of PV power plants more attractive and feasible. The overall results suggest that installing a PV power plant as a replacement of fossil fuel-operated power system would be a profitable decision.