Energy assessment and economic sensitivity analysis of a grid-connected photovoltaic system
Journal article
Cui, Yuanlong, Jie, Zhu, Meng, Fanran and Zoras, Stamatis 2019. Energy assessment and economic sensitivity analysis of a grid-connected photovoltaic system. Renewable Energy. https://doi.org/10.1016/j.renene.2019.12.127
| Authors | Cui, Yuanlong, Jie, Zhu, Meng, Fanran and Zoras, Stamatis |
|---|---|
| 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. |
| Keywords | Techno-economic assessment; Photovoltaic system; Smart export guarantee; Economic sensitivity analysis |
| Year | 2019 |
| Journal | Renewable Energy |
| Publisher | Elsevier |
| ISSN | 09601481 |
| 18790682 | |
| Digital Object Identifier (DOI) | https://doi.org/10.1016/j.renene.2019.12.127 |
| Web address (URL) | http://hdl.handle.net/10545/624449 |
| hdl:10545/624449 | |
| Publication dates | 30 Dec 2019 |
| Publication process dates | |
| Deposited | 05 Feb 2020, 10:10 |
| Accepted | 27 Dec 2019 |
| Contributors | University of Nottingham and University of Derby |
| File | |
| File | File Access Level Open |
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