Evaluating the Technical and Economic Feasibility of a Hybrid Renewable Energy System for Off-grid

Abstract

This study describes the best hybrid energy system in terms of emissions, cost, and other factors. All the computations performed by HOMER Pro. A standalone hybrid power system model is suggested in this study. The suggested concept combines diesel generation with PV and Wind energy sources. The National Aeronautics and Space Administration (NASA) provided the data for simulation in HOMER to determine system performance. To reduce dependency on either conventional energy or renewable energy sources, a hybrid renewable energy system may be employed. Studies have shown that the suggested approach and the optimization technique for sizing standalone hybrid power systems both settle really well. The study aim is to optimize the size and expense of a renewable energy system at the chosen location in order to satisfy the electrical demand. The evaluation of the hybrid systems is based on the net present cost (NPC), levelized cost of energy (COE), initial cost, operating cost, and renewable fraction. The results support the use of RES at the chosen location, with the PV-Wind-Diesel generator system emerging as the most cost-effective RES with a COE of 0.2424 $/kWh. The outcomes are in favor of using a hybrid renewable system.