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    Energy assessment and economic sensitivity analysis of a grid-connected photovoltaic system

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    Authors
    Cui, Yuanlong
    Jie, Zhu
    Meng, Fanran
    Zoras, Stamatis
    Affiliation
    University of Nottingham
    University of Derby
    Issue Date
    2019-12-30
    
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    Abstract
    This paper presents techno-economic assessment results of a grid-connected photovoltaic (PV) system for domestic building application. The PV system electricity output, energy conversion efficiency and cell temperature are explored based on the local weather condition, the system life cycle cost is evaluated with full account of the life of assets, volatile economic fluctuations, uncertainty influence factors, net present value (NPV) and discounted payback period (DPP) under Feed-in Tariff (FiT) scheme, the annual savings and payback time are compared for the FiT and new Smart Export Guarantee (SEG) schemes. Technical analysis results indicate that the system is capable of fulfilling the building electrical energy demand from April to October, and the extra electricity of 1530.23 kWh is exported to the grid in this period. The life cycle cost assessment results illustrate that the system achieves a NPV of £1335.32 and has a DPP of 9.34 years under the FiT scheme. Moreover, the sensitive analyses reveal that the high discount rate decreases the system NPV whereas the high initial cost leads to long payback period to realize the positive NPV. Furthermore, the FiT is the most cost-effective solution for PV system and has the shortest DPP compared with the SEG.
    Citation
    Cui, Y., Zhu, J., Meng, F., Zoras, S., McKechnie, J. and Chu, J., (2020). 'Energy assessment and economic sensitivity analysis of a grid-connected photovoltaic system'. Renewable Energy, 150, pp. 101-115. DOI: 10.1016/j.renene.2019.12.127
    Publisher
    Elsevier
    Journal
    Renewable Energy
    URI
    http://hdl.handle.net/10545/624449
    DOI
    10.1016/j.renene.2019.12.127
    Additional Links
    https://www.sciencedirect.com/science/article/pii/S0960148119319998
    Type
    Article
    Language
    en
    ISSN
    09601481
    EISSN
    18790682
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.renene.2019.12.127
    Scopus Count
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    Department of Mechanical Engineering & the Built Environment

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