Optimization and Economic Analysis of Standalone Hybrid PV-Biomass-Hydel Energy System Using HOMER

Abstract

This study proposes optimization and economic analysis of standalone PV-Biomass and Hydel as a hybrid energy system that also includes diesel generator and battery array as back up source of power. This off-grid system serves the electrical energy demand of a rural location which further reduces the dependency on conventional fossil fuel generation that induces high cost of energy and results in increased carbon contents emission. State of the art tools like Hybrid optimization model of electric renewables (HOMER) have brought new opportunities for utilization of renewable energy sources. A hybrid optimization model for renewable energy is used to determine the optimum configuration of the proposed off-grid PV-Biomass-Hydel energy system with minimum net present cost (NPC) and levelized cost of energy (LCOE) while minimizing total annualized cost of the system. Analysis of the result shows that off grid PV-Biomass and Hydel hybrid energy system with Diesel generator and Battery system is economical and secure for rural electrification.

A Methodological Framework for Fostering Renewable Investments on Photovoltaic in Small Italian Islands

“…In order to identify the optimal system designs, the energy system of each island is modeled using HOMER Pro® (Hybrid Optimization Model for Multiple Energy Resources), a software developed by the National Renewable Energy Laboratory (NREL), which is widely adopted in different studies to design electricity generation systems in remote communities, through technical and economic evaluations of different renewable and conventional energy mixes (Lal et al, 2011;Vani and Khare, 2013;Singh and Chanana, 2019).…”