Modelling and Optimising the Value of a Hybrid Solar-Wind System

Abstract

In this paper, a net present value (NPV) approach for a solar hybrid system has been presented. The system, in question aims at supporting an investor by assessing an investment in solar-wind hybrid system in a given area. The approach follow a combined process of modelling the system, with optimization of major investment-related variables to maximize the financial yield of the investment. The consideration of solar wind hybrid supply presents significant potential for cost reduction. The investment variables concern the location of solar wind plant, and its sizing. The system demand driven, meaning that its primary aim is to fully satisfy the energy demand of the customers. Therefore, the model is a practical tool in the hands of investor to assess and optimize in financial terms an investment aiming at covering real energy demand. Optimization is performed by taking various technical, logical constraints. The relation between the maximum power obtained between individual system and the hybrid system as a whole in par with the net present value of the system has been highlighted. INTRODUCTIONNowadays the price of fuels is increasing drastically mainly because of scarcity and high demand. Moreover these fuels eject out greenhouse gases which is slowly destroying the environment. Considering all these factors the people these days are largely depending on natural resources for energy for many applications like cooling, heating, electricity, etc. Solar, wind and Bio energy can be widely used these days if the environment or the place is rich in that source of natural resource. The availability of resources play a major factor for producing energy from this resources. Among all renewable energy sources solar and wind energy are more attractive to the people because these resources are available at the site at free of cost.However, every venture exploring solar and wind energy trace the common drawback of its dependency on the unpredictable climatic and weather variations, alongside its mismatch with the demand load rate. By lowering the energy performance of the system, this shortcoming sharply decreases the lifetime of batteries. It should be noted that only an integrated exploitation of these energy resources helps keep the cost of system design low. A stand-alone solar or wind energy system is insufficient to supply continuous power citing the frequent seasonal and periodical changes . The drawbacks from solar and wind now a day the people are thinking towards hybrid technology i.e. combination of solar and wind. The hybrid system can get enough energy from both sources and even if the energy from one source is low at the point it will be compensated by the other. Hybrid systems has gained popularity in the past, for its application in remote systems such as radio telecommunication and satellite earth stations, or at localities inaccessible to the conventional power grids Zhou et al, 2008;Diafa et al 2008). Today, upgrading the current single source systems (Solar, Hydro or Wind) into hybrid systems for...

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