Integrating Solar and Wind Energy: A Technical and Economic Perspective

This paper presents a comprehensive economic and technical analysis of a hybrid solar and wind energy microgrid system. Utilizing HOMER software for simulation, it evaluates the feasibility of integrating solar photovoltaic (PV) panels and wind turbines in a microgrid to meet energy demands efficiently and cost-effectively. The study considers key parameters such as capacity shortage, energy costs, and system components, including PV, wind turbines, storage systems, converters, and the grid. The economic analysis reveals the Total Net Present Cost (NPC) and Levelized Cost of Energy (LCOE), offering insights into the financial viability of the hybrid system compared to traditional energy sources. The technical analysis focuses on energy production, consumption, and system efficiency, highlighting the performance of individual components and the overall reliability of the microgrid. The findings demonstrate the potential for significant cost savings and enhanced energy security through the adoption of hybrid renewable energy systems. The study concludes with recommendations for policymakers and stakeholders, emphasizing the benefits of renewable energy integration and the importance of supportive policies to facilitate the transition to sustainable energy solutions.