Optimal Design and Techno-Economic Feasibility Analysis of Hybrid Renewable Energy Systems

Renewable energy systems are being invented as a sustainable alternative to fossil fuel-powered energy systems to reduce the impact of climate crisis. This study examined an efficient model and techno-economic viability analysis of a hybrid renewable energy system. In this work, an optimization analysis was conducted using the software Hybrid Optimization Model for Multiple Energy Resources (HOMER) to reduce energy costs and recognize the most techno-economic system configuration. The main components examined are PV panels, wind turbines, biomass generators, converters, and battery banks. Optimized results suggest that the PV-WT-Biomass-Storage-Converter-based combined energy model is the most feasible, efficient, cost-effective, and eco-friendly option compared to the other systems evaluated. The proposed structure has a net present cost (NPC) of ∃72,161 and an energy cost (COE) of ∃0.0924/kWh. Moreover, proposed architecture includes an additional 1.9 kW of PV and 100 kW of wind generation capacity, reducing operating costs by ∃3,302 annually. The simulation indicates that the proposed hybrid system generates an annual output of 1,239,944 kWh. Additionally, the proposed configuration has a compensation term of 6.19 years and an internal rate of return (IRR) of 13.2%. The feasibility research will help decision-makers optimize hybrid renewable energy systems to meet Sustainable Development Goal 7.