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
AuthorsCui, 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.

KeywordsTechno-economic assessment; Photovoltaic system; Smart export guarantee; Economic sensitivity analysis
Year2019
JournalRenewable Energy
PublisherElsevier
ISSN09601481
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 dates30 Dec 2019
Publication process dates
Deposited05 Feb 2020, 10:10
Accepted27 Dec 2019
ContributorsUniversity of Nottingham and University of Derby
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