Feasibility Study of the Solar PV Rooftop System Installation: A Case Study of Academic Services Building, Navamindradhiraj University

This research is a feasibility study of solar photovoltaic (PV) rooftop system installation for reducing the electricity costs of the building. The research concept has been divided into 2 main parts: Physical Analysis (PA) and Financial Analysis (FA). Regarding the physical analysis, the solar PV rooftop system capability of 198 kWp has been simulated with the engineering application software. It found that the system can reduce the electricity cost by an average of 12.93% or 115,117 baht per month. Furthermore, when conducting a financial analysis with a 25-year project lifetime and an 11.09% discount rate. The PB, NPV, IRR, and BCR from this system were calculated to be 6.50 years, 1,557,466.64 THB, 14.52%, and 1.22, which is suitable and worthwhile investing. However, we found that this research has a high sensitivity and risk from investment cost factor and the amount of electricity generated factor. It indicates that the investment cost should not change by more than 25% and the amount of electricity produced by less than 15% from the base case. However, in the future, solar photovoltaic power generation systems will likely become more affordable and effective. This could be the key to achieving the renewable energy development plan of the university.