Economic Analysis of Solar PV/Wind/Diesel Generator/Battery Connected Integrated Renewable Energy Systems for Residential Applications

Abstract

Nowadays, energy becomes the basic need of each and every human being. Most of the energy demands are met by the conventional energy sources like coal, oil, natural gas, etc., which are going to exhaust in a day and cause severe energy demand in the future. Renewable energy sources become the alternative for meeting the energy demand, among which solar and wind energy resources are most commonly used. Because of the intermittent nature of solar and wind energy sources, hybrid/integrated renewable energy systems are evolved in the recent years. This paper discusses about the economic analysis and the optimal selection of solar PV, wind, diesel generator, and battery connected hybrid energy systems for residential applications. For the analysis purpose, a small middle class family in Perundurai, Erode District, Tamil Nadu has been considered for the study. Also, a suitable hybrid optimized model has been developed and the results have been discussed based on their net present cost (NPC) and cost of energy (COE), green house gas (GHG) emissions, etc.