Photovoltaic Cost Research Articles

Analysis of Performance Yield Parameters for Selected Polycrystalline Solar Panel Brands in South Africa

Electricity access is an essential factor for any nation’s fast-growing economic and technological development. Therefore, to meet the fast-growing world population, the adoption of a mix of energy sources, including renewable energy, is one of the ways to address the paucity supply of energy worldwide. In this paper, the performance yields of five solar photovoltaic (PV) modules, named PV1, PV2, PV3, PV4, and PV5, from different manufacturers were analyzed and compared to their respective cost benefits for profitable customer’s choice. The study on the panels was conducted at the geographical locations of 25.7535° S latitude and 28.2079° E longitude, with an average perimeter of 525.6 m in Pretoria, South Africa. The panels were installed without shading under the same condition of solar irradiation. The power output of each module was collected three times a day for six months. The analysis showed that the power outputs or performances of the respective modules are majorly affected by their surface temperatures as indicated by the values of multiple regression correlation of 92.9%, 96.9%, 99.1%, 97.2%, and 77.5% between the respective modules’ power outputs and temperature. The study also showed a techno-economic evaluation method that helps to economically alleviate the cost of solar PVs and balance the choice of the PV panels according to their short-term performances.

A common ground switched capacitor‐based single‐phase five‐level transformerless inverter for photovoltaic application

SummaryTransformerless inverters (TLI) are widely accepted in photovoltaic (PV) systems. With the application of TLI, the bulky transformer from the conventional system can be removed, enhancing the PV system's compactness, cost, and efficiency. The direct connection of PV to the grid through the TLI causes common mode voltage (CMV). The variation of CMV causes the leakage current (LC) in the TLI topology. This paper suggests a new topology of five‐level TLI for the PV system. The problem of LC is mitigated by providing common ground (CG) for both PV and the grid neutral. This topology uses only five switches, a diode, two DC link capacitors, and a switched capacitor (SC) to produce the five‐level output voltage. Only two switches are conducted for positive and negative voltage level generation. The charging current of the SC is limited by using the front‐end inductor. A level‐shifted pulse width modulation (LS‐PWM) is adopted for generating the gate pulses. A detailed mathematical approach has been suggested for the component selection and the losses associated with it through theoretical calculation and simulation. Further, an explicit comparative study is performed with existing similar kinds of topologies to claim the merits of the proposed topology. This topology is validated using both MATLAB/Simulink and the laboratory prototype model for a 1 kW system. It is observed that the voltage stress and current stress across the component are very less. Overall, the component count is reduced and helps to get an enhanced efficiency of 96.7%.

Techno-Economic and Environmental Study of Optimum Hybrid Renewable Systems, including PV/Wind/Gen/Battery, with Various Components to Find the Best Renewable Combination for Ponorogo Regency, East Java, Indonesia

Nowadays, hybrid renewable systems can be the best solution for meeting electricity demand, especially where grid extension and environmental issues are important. This study aimed to find the best combination of the typical components used in East Java, Indonesia. In this regard, four types of photovoltaic (PV) panels, four types of wind turbines, and two types of batteries were selected, and the HOMER software simulated all possible combinations of the systems, including 32 scenarios (Sen). Then, considering the most important 15 parameters, such as pollutant emissions and economic values, the results were analyzed and sorted by the multicriteria decision-making (MCDM) method to find the best scenario for the case-study region. The results showed that SunPower E20-327 as PV, Eocycle EO10 10 kW as wind turbine, and Generic 1 kWh Li-Ion as the battery could be the best selection to design a hybrid renewable system for the case-study region since it can fulfill both economic and environmental needs. The cost of energy (COE) of the best-designed system and net present cost (NPC) are 0.24 ($/kWh) and 1.64 million $, respectively, where the renewable fraction (RF) is 55.1% and the scaled annual average load is 1126 kWh/day. The results of the sensitivity analysis on the best scenario’s parameters (where the capital cost of PV, battery, and wind turbine changes from 0.6 to 1.2, from 0.7 to 1.2, and from 0.7 to 1.4 of the current price, and diesel price from 0.5 to 1.1 ($/L)) showed that the RF, COE, and NPC values ranged between 51% to 93%, 0.2 to 0.3 ($/kWh), and 1.4 to 2.1 (million $), respectively.

Hybrid CSP—PV Plants for Jordan, Tunisia and Algeria

Hybrid concentrated solar thermal power (CSP) and photovoltaic (PV) plants are gaining relevance because they combine their advantages: easy installation and low cost of PV plus dispatchability of CSP. This paper presents results of a techno-economic modelling of this hybrid approach for sites in Jordan, Tunisia and Algeria. Local boundary conditions such as meteorology, cost and electricity demand have been considered to determine the best configurations for these three sites. Different CSP technologies with thermal energy storage have been selected. Hybridization with natural gas has also been included. The optimization is done towards minimizing the LCOE while covering the electrical demand 24/7. Results are presented for different CO2 emissions ranges, as the use of fossil fuel has a strong impact on the LCOE and for environmental reasons, it may be preferred to be kept to a minimum. For most of the cases analyzed, the fraction of energy from PV that leads to minimum LCOE is lower than the energy from CSP. It is shown that for countries with a high fuel price, the use of natural gas reduces the LCOE until a share from this source of about 20%. A higher integration of fossil fuel for sites rich in solar irradiation is considered not advantageous if the price of natural gas is above EUR 40/MWh.

Probabilistic operational costs assessment of combined PV–PEV connections in LV distribution networks

Decarbonization stimulates the increased penetration of photovoltaic (PV) systems and plug-in electric vehicles (PEV) in low-voltage (LV) distribution networks. However, the individual or combined PV and PEV massive connections may incur significant economic costs for distribution utilities due to technical issues caused by these connections. This paper proposes a probabilistic approach for operational costs assessment of combined PV–PEV penetration in LV distribution networks catering to the uncertainties associated with PV, PEV and households. In addition, to identify the relationships between the technical issues with each other and the increased combined PV and PEV penetration levels, a correlation analysis is developed to help utility engineers to estimate the operational costs of combined PV and PEV connections. The proposed methodology is applied to a real Brazilian LV distribution network showing that the costs of real power losses decrease in reduced penetration levels of combined PV–PEV. However, they increase under high combined penetration levels representing financial losses to utilities. Also, operational costs related to steady-state voltage level compliance indicators increase with PV connection, and the combined PV–PEV connections have beneficial results, reducing these costs. Further, the proposed methodology can be used by utility engineers responsible for studies of LV distribution network reinforcement actions. • Proposed methodology converts technical parameters into operational costs. • Operational costs in utility’s point-of-view due to combined PV–PEV connection. • Proposed approach considering stochastic uncertainties of PV, PEV and households. • Identifies high-risk consumer units, allowing LV network reinforcements. • Proposed methodology uses technical correlation analysis and Monte Carlo Simulation.

Sizing solar-based mini-grids for growing electricity demand: Insights from rural India

Abstract Mini-grids are a critical way to meet electricity access goals according to current and projected electricity demand of communities and so appropriately sizing them is essential to ensure their financial viability. However, estimation of demand for communities awaiting electricity access is uncertain and growth in demand along with the associated cost implications is rarely considered during estimation of mini-grid sizing. Using a case study of two rural communities in India, we assess the implications of demand growth on financial costs and performance of a mini-grid system consisting of solar photovoltaic (PV) panels and battery storage using two different system sizing approaches. We show a cost-saving potential of up to 12% when mini-grids are sized using a multi-stage approach where mini-grids gradually expand in several stages, rather than a single-stage optimisation approach. We perform a sensitivity analysis of the cost of the two sizing approaches by varying six key parameters: demand growth rate, logistics cost, system re-sizing frequency, likelihood of blackouts, solar PV and battery cost, and degradation rate. Of these, we find that system costs are most sensitive to variations in demand growth rates and cost decreases in solar PV and batteries. Our study shows that demand growth scenarios and choice of mini-grid sizing approaches have important financial and operational implications for the design of systems for rural electrification.

Evaluating the PV system expansion potential of existing integrated energy parks: A case study in North China

Industrial parks, distributed widely and with high energy consumption, show the demand for and provide favorable conditions of application of photovoltaic(PV) systems in a large-scale. Innovative PV technology allows more building integration options, bringing new opportunities for energy conservation.In the study, an evaluation framework was constructed in order to evaluate the expansion potential of PV systems. Taking the green integrated energy park in North China as an example, the construction and energy supply–demand data were reviewed.The scalable area of PV, the application effect of varied PV technologies and the impact on pollutant emission reduction were quantitatively analyzed. The roofs, facades and sites in the park were divided into seven types, These are then simulated to deploy mono c-Si modules, poly c-Si modules, CdTe film modules and CIGS film modules to obtain the best solutions by comparison. The results shows that the PV expansion of the park has significantly increased the power generation. The proportion of the energy supply meeting the overall energy demand increased from 4.3 % to 25.9 %. The wall of the production area where CdTe standard film modules were deployed is the place with the highest PV potential, followed by the parking shed and other sites. The deployment of diverse PV modules controlled the economic cost. The power generation trend also would better matches the hourly load of the park's power consumption, which can cover the sub item power consumption of the park. After the PV expansion, CO2 emissions would be reduced by 4757.8 t per year. Based on the results, the correlation change characteristics and the influences of PV available area, PV capacity and power generation index are discussed. Considering the declining PV cost and the demonstrative nature of the case Park, the above results can guide the industrial parks to improve the utilization level of renewable energy and promote the realization of carbon emission reduction targets.

Lose at sunrise and gain at sunset: A long-term evaluation of China's PV penetration

Photovoltaic (PV) development provides an excellent opportunity for China's energy transformation and carbon emission mitigation. However, there is still a lack of systematic evaluation of the economic and environmental benefits of PV penetration. This study explores the impact of PV growth on the power system and the macroeconomy, examines the abatement costs of PV based on the learning effect, and further discusses the economic feasibility range of PV development. The results indicate that: (1) From July 2011 to April 2022, for every 1% increase in the PV installed capacity, the cost will drop by 0.3238%. (2) The impact of PV development on the economy presents a “U shape”. The high cost in the early stage of PV will inflict a negative impact on capital stock and GDP, and the low cost in the later can promote economic growth. (3) The CO2 mitigation cost of PV adoption is marginally decreasing. During 2012-2020, the CO2 mitigation cost of PV is as high as 894.21 CNY/kWh. But in the long run, an increase in PV penetration can bring both environmental and economic benefits. (4) Sufficient market capacity might be a prerequisite for PV to achieve economic viability, and countries' mutual opening of the PV market is a key path to realizing global carbon abatement.

Life cycle cost analysis of solar energy via environmental externality monetization

Evaluating the embodied environmental impact of solar photovoltaic (PV) technology has been an important topic in addressing the sustainable development of renewable energy. While monetization of environmental externality is a remaining issue, which should be carried out in order to allow for an easy-to-understand comparison between direct economic and external cost. In this study, the environmental impact of solar PV power is monetized through conversion factors between midpoint and endpoint categories of life cycle analysis and the monetization weighting factor. Then, the power generation capacity and generation life of PV and coal-fired power plants are assumed to be consistent in order to compare the total cost of PV and coal-fired power generation. Results show that the cost of PV technology is higher than coal-fired form the base year from 2026 until 2030, taking into account environmental external costs and production costs. However, by 2030, the total cost of coal-fired power will be higher than that of solar PV. The life span cost per kWh is $3.55 for solar PV and $116.25 for coal-fired power. Although solar PV power seems more environmentally effective than coal-fired power in the life span, our results reveal the high environmental external cost of producing solar photovoltaic modules, which reminds us to pay more attention to the environmental impact when conducting cost-benefit analysis of renewable technologies. Without incorporating the environmental cost, the real cost of renewable technology will be underestimated.

Steering North African countries towards REN21’s path of sustainable solar energy development

While more countries are promising to reach net-zero carbon dioxide emissions by 2050, North Africa’s efforts and promises fall well short of what is needed to give the world a fair chance of staying below 1.5 °C global warming by 2050. Therefore, it is crucial that the nations within the region contribute to achieving the clean energy goals outlined in REN21’s latest renewable energy overview. Given the region's solar belt status, and with the Coronavirus Disease-2019 (COVID-19) undermining many of these countries’ emission goals, it has become imperative to evaluate in detail other sites within these countries to increase access to solar energy. Under the shadow of the 26th United Nations climate change conference of the parties, this goal should not seem unrealistic. This study represents the first attempt in the literature to utilize a strategic perspective to explore the viability and cost-effectiveness of adapting REN21’s targets for increasing the share of solar photovoltaic (PV) installations in North Africa. With the aid of Hybrid Optimization Model for Electric Renewables, the study indicates significant prospects for exploring solar PV across several cities in each country, in accordance with REN21’s nation-specific targets. An examination of different forms of PV technology reveals that Schneider ConextCoreXC 630 kW with Generic PV outperforms the other types investigated by delivering the lowest cost of energy among all types; alternating between US$0.01916/kWh and US$0.1574/kWh across the six nations. By performing comparisons between the proposed PV plants in each of the North African countries and power plants with similar targeted capacity utilizing diesel fuel, PV farm utilization is found to be economically practical, sustainable against volatile prices for diesel fuel, and it is anticipated to avoid nearly between 1 million tons/year and 25.5 million tons/year of pollutants and reduce energy costs by between US$0.07117/kWh and US$1.1046/kWh across the six countries. By analyzing the effects PV cost can have on the cost of energy for the top sites in each country, the anticipated continuing drop in PV costs will set the scene for PV systems to contribute to each of the countries’ energy mix even more attractive fundamentally. Either by focusing on one site and intensifying the farms at that site, or deciding on multiple sites out of the top five locations highlighted in each country and scatter the farms across them, this study offers a generalized design guideline and recommendation for government officials and policymakers to choose the best solutions based on national preferences.

An Assessment and Design of a Distributed Hybrid Energy System for Rural Electrification: The Case for Jamataka Village, Botswana

This research focuses on an assessment and design of a hybrid Photo Voltaic (PV)-wind system for rural electrification in Jamataka village, Botswana. The assessment revealed the most pressing factors for the need for reliable energy and the issues that the village community had with existing electricity sources. Hybrid Optimization of Multiple Energy Resources (HOMER) software was used to perform all the hybrid system configurations, simulations, and selections. The assessment research was carried out using questionnaires and physical data collection on site. With a peak load of 27.31 kW, the annual average demand is 165.29 kWh/day. The results show that the PV/wind/battery system generates the most economic and technical benefits, as measured by the Net Present Cost (NPC). Due to the high initial expenditures on renewable energy systems, the Levelized Cost of Energy (LCOE) of the system is 65 percent higher than the present energy cost in Botswana for households and 57 percent higher for companies. The International Renewable Energy Agency’s global report of renewable energy generation costs between 2010 and 2020 revealed a significant decrease, with utility-scale solar PV costs falling by 85% and onshore wind costs falling by 56 percent. As a result, the LCOE decreases as the cost of renewable energy decreases. Subsidies for renewable energy systems, on the other hand, can significantly reduce the LCOE.

Solar for small-holder farmers made affordable through innovative co-design and financing – lessons learnt

A technological revolution in both the cost and performance of solar photovoltaic (PV) technology has transformed the landscape of generating electricity directly from the sun in the last decade. Innovation combined with government incentives and policies led to massive investments which in turn fueled a virtuous cycle of declining PV costs with ever larger production volumes. The core electricity producing technology is scale neutral- a single solar module roughly the size of a typical door in a building, or a solar power plant with thousands of door-sized modules, all rely on the same solar cells. They are all equally efficient at converting the sun's energy into electricity. This paper describes a case study of using the solar PV technology for small farmers in Senegal to reduce their costs, carbon foot print and collaborate with other farmers. The paper also gives recommendations for farmers in other developing countries based on the lessons learnt in this study. The lessons include benefit from bulk procurement, significantly lower per module cost of installation, logistics, transaction costs and interconnection to the grid.

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

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.

A dynamic behavioral model of the long-term development of solar photovoltaic generation driven by feed-in tariffs

This work aims to assess the impact of renewable energy incentives, particularly that of the feed-in tariff (FiT), on the long-term development of solar photovoltaics (PVs). With this aim, the paper introduces a dynamic model based on nonlinear delay differential algebraic equations to simulate the evolution of the PV capacity and its commitment in the power grid. The model assumes the FiT budget, the PV cost and willingness of the public to install PVs as the main drivers for solar PV installations. In particular, the learning-by-doing concept to model the PV cost and consequently the PV deployment is proposed for the first time in this paper. The accuracy of the model is validated against historical data of two of the biggest PV markets in the world driven by FiT, namely, Italy during 2008–2014, and Germany during 2000–2014. A sensitivity analysis based on the Italian PV market is carried out to identify the impact of the parameters of the proposed model. Results indicate that the proposed model is a valuable tool that can help policymakers in the decision-making process, such as the definition of the FiT price and the duration of the incentives.

Multi-Objective Optimal Design of Solar and Wind Hybrid Renewable Energy Systems in Distribution System Considering Daily Uncertainties

The problem of energy supply kept floating on the surface. Hybrid Renewable Energy Systems (HRES) are one of the solutions and references to configure the power system and generation. The optimal sizing and placement of HRES in the Electrical Distribution Systems (EDS) is a trendy problem that may be solved using different approaches and algorithms due to their high complexity. The HRES presence in the EDS is so beneficial and advantageous, where in general lead to, power losses reduction, voltage profiles enhancement, growth of the system reliability and loadability, also the improvement of the system’s protection and security. Those benefits are reachable unless the RES is properly optimized in location and size based on different objective functions. In this context, this paper is devoted to utilizing a recent nature-inspired metaheuristic approach called Ant Lion Optimizer (ALO) algorithm to optimally integrate HRES units based on photovoltaic (PV) and wind turbine (WT) sources into the EDS when optimizing and minimizing a multi-objective function (MOF) represented as the total of the techno-economic parameters are the total power losses (TAPL), the total voltage deviation (TVD), the total operating time of overcurrent relays (TOT), and the investments cost of both PV and WT power sources (ICPV) and (ICWT), considering the daily uncertainties of their generation and the load demand. The ALO is validated on the test distribution system of IEEE 33-bus.

Techno-Economic Analysis and Optimization of an Off-Grid Hybrid Photovoltaic–Diesel–Battery System: Effect of Solar Tracker

Increment in energy demand, limitation of fossil fuels and fluctuations in their price, in addition to their pollution, necessitate development of renewable energy systems. Regarding the considerable potential of solar energy in Iran, this type of renewable energy has developed more compared with other renewable energies. Hybrid technologies consisting of photovoltaic (PV) cells, diesel generator, and battery are one of the efficient solutions to resolve the issues related to the energy supply of rural areas. In this study, a hybrid PV/diesel/battery system composed of the mentioned components is applied to supply the off-grid power with capacity of 233.10 kWh/day with peak load of 38.38 kW in a rural region in South Khorasan, Iran. The purpose of this study is to reduce the net present cost (NPC), levelized cost of energy (LCOE), CO2 reduction, renewable fraction (RF) enhancement and increase reliability. In order to improve the performance of the system, different tracking system, including fixed system, horizontal axis with monthly and continuous adjustment, vertical axis with continuous adjustment and two-axis tracker, are analyzed and assessed. The results indicate that the vertical axis with continuous adjustment tracker is the most suitable option in terms of economic and technical requirements. In this work, a sensitivity analysis is performed on different parameters such as PV cost, interest rate, diesel generator cost, battery cost, and price of fuel, and the outcomes reveal that the hybrid system with vertical axis continuous adjustment is very sensitive to costs of fuel and the battery, i.e., NPC decreases by 5% in case of 20% variations in costs of battery and fuel. In addition, it is found that diesel generator and inverter costs significantly influence NPC of the system.

Global sensitivity based prioritizing the parametric uncertainties in economic analysis when co-locating photovoltaic with agriculture and aquaculture in China

Teaming up photovoltaic (PV) with agriculture or aquaculture, namely, the agrivoltaics and aquavoltaics, create novel energy-food-(land or water) nexus offering mutual benefits potentially. At present, the profitability of these nexuses is still not well quantified, but it is usually what investors are most concerned about. Hence, an economic analysis framework is proposed to benchmark the profitability of both agrivoltaics and aquavoltaics systems, and further prioritize the most influencing factors for the project economy. The framework is applied in China indicating that the average simple payback period (SPP) ranges between 6.2–6.6 years for agrivoltaics projects, and 9.5–10.1 years for aquavoltaics projects. Capital cost of PV, solar resource richness, and feed-in-tariff are top three influencing factors for the profitability of both agrivoltaics and aquavoltaics systems. The national implementing potential of agrivoltaics and aquavoltaics would be up to 112 GW for agrivoltaics and 564 GW for aquavoltaics in China. Overall, compared to PV-only configuration, agrivoltaics and aquavoltaics contribute to more terms of Sustainable Development Goals to a greater extent, which could be emerging PV deployment patterns during the era of no subsidy on PV feed-in-tariff.

Hydrogen and Battery Storage Technologies for Low-Cost Energy Decarbonization in Distribution Networks

Deep energy decarbonization cannot be achieved without high penetration of renewables. At higher renewable energy penetrations, the variability and intermittent nature of solar photovoltaic (PV) electricity can cause ramping issues with existing fossil fuel generation, requiring longer term energy storage to increase the reliability of grid operation. A proton exchange membrane electrolyzer can produce H 2 and serves as a utility controllable load. The produced H 2 can then be stored and converted back into electricity, or mixed with natural gas, or used as transportation fuel, or chemical feedstock. This paper considers the perspective of the distribution system operator that operates the distributed energy resources on a standard IEEE 33-node distribution network considering the technical and physical constraints with the goal of minimizing total investment and operation cost. Different case studies, at very high PV penetrations are considered to show the challenges and path to net-zero emission energy production using H 2 energy. Sensitivity of utility PV costs and electrolyzer capital costs on producing H 2 at $1/kg are presented showing that the distribution network could produce 100% renewable electricity and H 2 could be produced at a cost of $1/kg by 2050 with conservative cost estimates and by 2030 with accelerated cost declines.

The roles of learning mechanisms in services: Evidence from US residential solar installations

Non-hardware costs are majority of the cost of producing solar photovoltaic (PV) electricity. We use matched data on patents and over 125,000 residential PV installations to estimate the effects of three learning mechanisms in reducing PV costs: learning by doing, searching, and interacting. While previous work in this area has focused predominantly on learning by doing, we find that learning by searching and interacting are also significant mechanisms to facilitate non-hardware cost reductions. Including these two mechanisms reduces the effect of learning by doing in explaining non-hardware cost reductions by 43%. Our results suggest that prior work may overemphasize the role of learning by doing and the policies that help generate learning by doing. Analysis of the supplier-network between installers and their suppliers shows that concentrated supplier networks are associated with lower non-hardware costs, although there are key differences between installer-panel and installer-inverter manufacturer networks. An important implication is that policies for reducing non-hardware costs need to take a more complete view of how different learning mechanisms engender cost reductions. They should particularly consider the important role of learning in supplier networks in cost reductions—an effect that until now has largely been missing in analyses of solar non-hardware costs.

Assessment of the impact of battery selection on the feasibility of hybrid renewable energy systems

AbstractThis paper assesses the technical, economic, and environmental feasibility of photovoltaic (PV)/wind turbines (WT)/diesel generator (DG)/battery‐based hybrid renewable energy systems (HRES) using lead acid (LA), lithium‐ion (LI), and iron Edison nickel‐iron (IE) battery technologies (BTs). The energy cost is optimized, and the obtained results are compared to select the best hybrid system. The LI battery employed in the PV/DG/battery system (206.43 kW PV, 50 kW DG, 53.04 kWh LI batteries, and 61.1 kW converter) performed comparatively much better, as levelized cost of energy (LCOE) was reduced by around 28% and 20%, and greenhouse gas (GHG) emissions were reduced by 31% and 6% as compared to the LA and IE batteries employed in HRES, respectively. In addition, sensitivity analysis reveals that the capital cost of PV and the discount rate are more critical to determining the LCOE and renewable penetration. In contrast, the effect of the battery cost and inflation rate is relatively small. Finally, comparing the optimal resource configuration has confirmed that PV/DG/LI has significantly reduced LCOE (58% less than DG/LI) and GHG emissions (87% less than DG/LI).