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Techno-Economic Assessment of Solar PV System for Two Private Enterprises in Ghana

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Abstract:

The limited adoption of solar photovoltaic (PV) energy within Ghana’s private sector presents a barrier to the broader implementation of renewable energy technologies. This challenge is driven by insufficient empirical data on the operational performance and economic benefits of solar PV systems to inform business investment decisions. This study bridges this gap through a techno-economic assessment of two small scale grid-tied solar PV systems installed for a hotel and a financial institution. Solar energy production data from January to December 2023, combined with PVSyst software simulations and a spreadsheet model, were used to evaluate the technical performance and financial viability of the systems. The hotel’s solar with a capacity of 38.22 kWp delivered an annual energy output of 45,880 kWh, a specific yield of 1,200 kWh/kWp/year, a performance ratio of 62%, a Levelized Cost of Energy (LCOE) of 0.065 USD/kWh, and a payback period of 6.55 years. In comparison, the financial institution’s system which has a capacity of 20.68 kWp generated 13,720 kWh annually, with a yield of 663 kWh/kWp/year, a performance ratio of 34%, an LCOE of 0.12 USD/kWh, and a payback period of 13.53 years. Simulating the integration of battery storage for the financial institution solar improved the technical performance raising annual generation to 21,213 KWh, yield to 1,025 kWh/kWp/year, and performance ratio to 52%. However, this increased the LCOE to 0.14 USD/kWh and extended the payback period to 15 years. Further analysis of net metering integration showed enhanced performance and more favorable financial outcomes for both systems. By analyzing real operational data of existing solar systems and exploring optimization options across two different private sector organizations, this study provides practical insights into the interventions required to encourage the adoption of solar PV energy by private enterprises in Ghana.

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Periodical:

Engineering Headway (Volume 36)

Pages:

73-94

DOI:

https://doi.org/10.4028/p-8naQHs

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Online since:

February 2026

Authors:

Afefa Mireille Akoumany*, Charles K. K. Sekyere, David Omakoji Omata

Keywords:

Ghana, Private Sector, Renewable Energy, Solar, Techno-Economic Assessment

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© 2026 Trans Tech Publications Ltd. All Rights Reserved

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* - Corresponding Author

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