Energy assessment and economic sensitivity analysis of a grid-connected photovoltaic system
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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.2019.12.127Publisher
ElsevierJournal
Renewable EnergyDOI
10.1016/j.renene.2019.12.127Additional Links
https://www.sciencedirect.com/science/article/pii/S0960148119319998Type
ArticleLanguage
enISSN
09601481EISSN
18790682ae974a485f413a2113503eed53cd6c53
10.1016/j.renene.2019.12.127