Feasibility Analysis of Renewable Energy Based Hybrid Power System in a Coastal Area, Bangladesh

An uninterrupted power supply is the most significant issue behind a country's development. Maximum production of electricity comes from using fossil fuel in Bangladesh. It has adequate renewable energy resources due to geographical conditions to produce electricity instead of using fossil fuel. This study is performed to evaluate the optimum feasibility of a grid-connected renewable-based power system in a seashore region of Bangladesh. The design and simulation are operated by the Hybrid Optimization of Multiple Energy Resources (HOMER) software to get the best economical, energy balancing and environment-friendly solution by comparing each of the optimum models. HOMER simulation has been conducted in the sense of lowest cost of energy (COE), net present cost (NPC), short payback period, largest renewable fraction and internal rate of return (IRR) for various forms of off-grid and on-grid hybrid grid models. Our optimal solution is carried out by the PV -Bio-Grid system with $0.0451/kWh (3.83 BDT/kWh) COE, 10.3% IRR and lowest greenhouse gas (GHG) emission rate. The excess electricity produced from this system can be sold back to the grid. This type of Hybrid Renewable system ensures to get continuous uninterrupted electricity service, reduce GHG gases and abate power dearth of the national grid.