Feasibility and Techno-Economic Assessment of a 128kWp Grid-Tied SPV System using HOMER Pro

Abstract

A substantial amount of the world’s annual CO2 emissions are attributable to the continued consumption of electricity from the grid that is generated from burning fossil fuels. Renewable energy sources could strengthen grid reliability and lessen their effect on the environment, especially in high-demand regions prone to power failures. Investigating the viability of erecting solar power plants in a subtropical area to provide the necessary electricity for an educational building that operates mainly during daylight hours is the main intent of the present study. The purpose of this investigation is to demonstrate and validate a model for enormous-scale commercial HRES applications (such as an educational institution) utilising the HOMER programme to figure out the optimal size. Minimising emissions of carbon dioxide, the main greenhouse gas responsible for accelerating global warming, is also of the utmost importance. Based on the simulation findings, the optimal system configuration consisted of a 120 kW converter and 400 PV arrays (each with 320 Wp = 128 kWp). For regional power generation, the most cost-effective choice is still a combination of solar panels and the grid. Findings show that a HRES can be economically feasible for installation in educational institutions at an initial capital cost of USD $0.068 million with annual operating expenses of USD $0.0447 million—a reduction of 44.11% compared to the existing system. The expected payback for this endeavour is five years. Other locations with identical climates could benefit from these results when considering the deployment of comparable technology. In order to help achieve a zero-carbon target, financial rewards could encourage governments to adopt similar schemes.