Assessment of the Economic Analysis of Utility Scale Solar-Wind-Diesel Generator System

The efficient use of energy resources is increasingly crucial due to the limited availability of fossil fuels and rising energy demands. This study evaluates a hybrid renewable energy system that combines Photovoltaic (PV) panels, wind turbines, and diesel generators to improve energy efficiency and reduce environmental impact in Northern Cyprus. Using the HOMER software, various system configurations were simulated to meet peak load demands ranging from 139 MW to 335 MW. Key metrics, including Net Present Cost (NPC), Levelized Cost of Energy (LCOE), and carbon emissions, were analyzed. The results show that the most cost-effective configuration, a hybrid solar-wind-diesel system with 250 MW solar and 50 MW wind capacities, achieves an NPC of $22.3 billion and an LCOE of $0.178/kWh while reducing carbon emissions by approximately 13,052 kg/year. These findings highlight the potential of hybrid renewable systems to improve energy efficiency, lower costs, and reduce environmental impact, offering valuable insights for energy policymakers and researchers.