On the optimum sizing of solar electricity production

Abstract Using solar energy in industrial systems results in considerable savings in energy expenses with a decrease in greenhouse gas emissions. Solar panels particularly offer a sustainable and cost‐effective solution to meet growing energy demands. Türkiye has a rich potential for photovoltaic (PV) power plants installations. In this work, a thermo‐economic method is introduced to predict the optimal size of solar electricity production. The P 1 ‐ P 2 method is utilized to build the original formulation. Optimum size and technical life of a solar panel plant are simply determined using new equations. The proposed innovative optimization technique is verified using data on solar energy generation in Türkiye via MATLAB. In this study, the land area is calculated for a solar power ranging from 0 to 1600 kW. The optimum solar power and payback period are determined as 859.3 kW and 6.88 years, respectively. The results reveal that excessive PV sizing is not cost effective because of a decrease in the life cycle savings of the plant ( S ). It is found that the longer lifetime leads to higher S .