Comparison of Techno-Economic Models for Upgrading PV System without Net-Metering Option and Long Term Impact on Energy Bills
Abstract
This article presents a techno-economic analysis of upgrading a Photovoltaic (PV) power system at large. A comparative study has been carried out considering various technical and economic factors like per unit cost, annual load, energy demand growth, and PV panel efficiency, annual performance degradation of system, cost of electricity, payback period, initial capital expenditure, and rate of return in the form of saving in energy bills. The PV system is proposed to be upgraded from 1 MW to 2 MW at the National University of Sciences & Technology (NUST), Islamabad. The PV system is subject to be upgraded due to the growth rate of annual load and amount saved by PV contribution, which has been forecasted using data trends of the above-mentioned technical and economic factors. While considering these factors, four economic models have been evaluated and compared, which include Self-Built via Contractor with self-financing, Self-Built with bank financing, Power purchase agreement (PPA), also known as rental agreement and Built, Own, Operate & Transfer (BOOT) model. Merits and demerits of these models have been discussed, and the most feasible model has been proposed based on the mentioned key factors and long-term sustainable development goals (SDG) for affordable clean energy to contribute to climate action, i.e., adaptation of renewable energy resources (RER) and reduction of greenhouse gases (GHG).
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