Techno-economic investigation of a solar Photovoltaic (PV) energy model using PVsyst, Homer, RETscreen: a case study in Bangladesh

Abstract Electricity demand is rapidly rising as it plays a vital role in a country’s development. However, most power plants rely on fossil fuels, contributing significantly to environmental degradation and harmful emissions. This makes the transition to clean energy, particularly renewables, more critical than ever. In remote areas like Saint Martin Island, Bangladesh, where the national grid is unavailable, renewable energy offers a practical and sustainable solution. This study investigates Photovoltaic (PV) energy system configurations on Saint Martin, including standalone solar PV, batteries, and converters, using PVsyst, HOMER, and RETScreen software. The analysis, based on energy needs from 60 households, 20 shops, 8 residential hotels, and 10 restaurants, considered seasonal variations across two cases for PVsyst, RETScreen, and HOMER. The results show that PVsyst performs best for standalone PV systems, achieving a performance ratio (PR) of 62.5%, a Levelized Cost of Energy (LCOE) of $0.3994/kWh, a return on investment (ROI) of 17.5%, and an internal rate of return (IRR) of 20.24%. On the other hand, HOMER and RETScreen might be better suited for different project goals or priorities.