Papers by Keyword: Cost of Energy

Abstract: The adoption of stand-alone hybrid energy systems (HES) has gained traction in addressing energy deficits in unserved and underserved regions. This paper elucidates the technical and financial evaluation of a hybrid energy system designed to supply power to the Faculty of Engineering at the University of Port Harcourt, tailored to meet specific load requirements. Situated at coordinates 4°54.4’N and 6°55.4’E, the case study reveals a load consumption of 400.33 kWh/day, with a peak load of 78.71 kW during operational hours. Utilizing HOMER (Hybrid Optimization Model for Electric Renewable) software version 3.14.2, five optimal configurations are systematically analyzed with respect to Net Present Cost (NPC), Levelized Cost of Energy (LCOE), and renewable energy fraction to ascertain the most viable option. The analysis indicates that the Diesel/Wind/PV/Biomass/Battery hybrid configuration emerges as the most efficient, yielding a power output of 180,771 kW/yr, an NPC of $725,576, and an LCOE of $0.384/kWh. This configuration achieves a notable CO₂ emission reduction of 51.6%, resulting in emissions of merely 8,000 kg/yr, alongside surplus power generation of 18,814 kWh/yr (10.4%). Furthermore, this system records a Return on Investment (ROI) of 25.3% and a Return on Revenue (ROR) of 21.7%, both of which are indicative of strong economic viability and favorable financial performance, suggesting that the investment will yield substantial returns and contribute positively to the institution's sustainability goals. This research underscores the novel renewable energy integration of biomass at the faculty level, thereby demonstrating its potential to advance sustainability initiatives within educational institutions. The comparative advantage of this optimal configuration lies in its effective amalgamation of diverse renewable energy sources, facilitating both economic feasibility and significant environmental benefits.

Abstract: This paper built a hybrid power system, including wind power, PV power and hydro power generation. It is presented mathematical model for the optional design of hybrid power system. The object of the model are to minimize the initial investment cost, power supply reliability and power complementation. The constraint condition are included system working, installed capacity and load balance, So the capacity matching model is established. A stand-alone photovoltaic of pasturing area is calculated by using the model. The result shows that the optional design model have an important sense, which improved power supply reliability, complementary characteristics of hybrid power and reduce the total cost of the system.

Abstract: A generalized approach for the economic selection of wind turbine for a given wind regime is proposed in this paper. It draws from the literature and standards being used in the field to arrive at an economic site specific wind turbine based on minimizing the annual cost of energy produced (AEP) while tracking the initial capital cost (ICC) of investment required. It is meant to provide an initial study to guide decision makers who are contemplating using wind energy as a power source to generate electricity in commercial quantity for community usage. It is a general estimation approach which does not require surfing for manufacture prices and wind turbine parameters. The input data consists of site specific wind data, hub height, rotor diameter and turbine power rating. The output gives a range of plots of feasible wind turbine ratings, rotor diameters, rated speed against initial capital cost (ICC) and also cost of energy produced (COE).