Technoeconomical Analysis of Grid Connected PV System Powered by Battery Implemented in Educational Institute

The increase in energy demand and environmental pollution necessitates the integration of renewable energy sources with the grid. The hike of installation cost of the conventional photovoltaic cells causes to look for better optimized solutions to integrate the PV, energy storage devices and converters with the grid. In this paper the solar PV, energy storage devices are optimized and integrated with grid with reduced NPC (Net Present Cost) and COE (Cost of Energy) in HOMER PRO software to find out the most economically viable solution. Among all the configurations proposed, PV/Grid/Battery system emerges as the most economically viable solution. This system has an NPC of $4.906967 million, a COE of $0.09973, and an overall operating cost of $3.79433 million. The payback period of the above configuration is 7.2 years which is sufficient to recover all the capital cost.