Techno-Economic Feasibility Study of Multi-Energy-Based Hybrid Power System at an Industrial City

Abstract

Energy is crucial for economic growth and is necessary for the progress of all nations. The demand for renewable energy sources with very low environmental impact and reduction in hazardous gases emission has increased due to the need for sustainable industrial city solutions in energy supply. This study presents a proposed advanced multi-energy-based hybrid system for meeting the electric needs of an industrial belt at Jamnagar industrial city. The proposed system aims to enhance the existing infrastructure by integrating additional energy generation sources, energy storage, and a converter to achieve significant cost reductions. The proposed system comprises a 31 kW PV system, 121 kWh of battery capacity, and 6.0 kW of wind generation capacity. By incorporating these elements, the operating costs are projected to decrease to $14,497 per year. This reduction translates to a considerable payback period of 4.7 years and an IRR of 8.3%.