Techno-Economic Evaluation of Wind and Bio-Energy Systems for Sustainable Development: A Systematic Review

Abstract

The review presents the techno-economic analysis of renewable energy systems based on bioenergy and wind energy. Previous studies in this area of research deal with hybrid renewable energy systems, focusing on grid electrification as the most efficient solution. However, there is a need to look at the stand-alone energy system for remote areas, usually used to power a single house or small communities. Economic metrics and indicators used in the study include investment cost, payback period, internal rate of return, net present value, and so forth. During the review, it was observed that software for technical analysis, such as the hybrid optimization model for renewable energy and clean energy management software platform, model for analytical energy demand, and matrix laboratory, are the most commonly used for techno-economic study. Findings from the review revealed that the payback period and discount rate are less than 15 years and 10%, respectively, with a 20% internal rate of return and electricity production cost within the range of 0.0085–0.1 kWh. Notably, the levelized cost of energy for wind energy is below 10 $/kWh. Finally, policy implications and recommendations for future research for the attention and benefit of the government, policymakers, and stakeholders were also presented.