IoT Based Enhanced Techno-Economic Feasibility of Photovoltaic-Battery System for a Household in Northern Cyprus

Abstract

Renewable energy systems are gaining enormous importance worldwide due to their techno-economic feasibility with decreased carbon emissions. However, they are unreliable as they depend on varying resources, hence need energy storage system to increase reliability. The article analyzes the Internet of Things (IoT) based techno-economic feasibility of a Photovoltaic-Battery system for a house in Güzelyurt, Northern Cyprus. Moreover, integrating the renewable energy system with IoT increases the system's economic benefits and technical feasibility. IoT decreases the electricity cost of the system by 0.001 $/kWh in IoT enabled scenario for increasing the economic benefit (Scenario 2) with a 17.71% decrease in demand-supply fraction. In comparison, the demand-supply fraction increases by 8.14% with an increase in electricity cost by 0.004 $/kWh in the IoT-enabled scenario hence increasing the technical feasibility (Scenario 3). Scenario 3 also increases the minimum average state of charge, enhancing the battery life in a real-time application, making Scenario 3 best suited for a household in Northern Cyprus.