Economic Aspects of Hybrid Renewable Energy Systems for Remote Area

Abstract

Hybrid energy systems are increasingly being applied in areas where grid extension is considered uneconomical. Their costs can be minimized through proper equipment sizing and load matching. This paper reports an investigation on the economic aspects of a typical hybrid energy system for remote area in India. For this purpose, the Jaunpur block of Uttaranchal state of India has been selected as remote area. The model is developed with the objective of minimizing cost function based on demand and potential constraints. The model has been optimized using LINDO software 6.10 version. From the economic analysis, the capital cost, cost of energy for different types of resources, optimized cost of hybrid energy system are determined. The variation of the optimized cost of energy with increase in the load to be satisfied by hybrid system has also been reported.