Economic Analysis of Renewable Energy Systems

As the price of oil and natural gas continues to increase, reaching levels that threaten our local and national economy, the need to seek alternative sources of energy has become necessary to reduce our dependence on foreign oil and enhance homeland security. The USA has an abundance of renewable energies such as solar, wind, hydro and bio-fuels that need to be explored for generating hydrogen as an energy carrier. Engineering and Technology graduates must be well educated and highly trained with use and applications of the alternative energy systems. Accordingly, students should be instructed on the state of the art technology and modern systems in this area of increasing national interest. Renewable Energy sources will reduce our national dependence on foreign oil and enhance our homeland security because of their environmental and economical merits. This paper introduces engineers, technologists, and students interested in the area of renewable energy systems to the utilization of a modern software product that will enable them to conduct both technical and economical analysis on alternative energy systems. Software products from RETScreen International provide the user with clean energy decision capabilities. It enhances the capacity of planners and decision-makers by presenting them with a tool to implement renewable energy and energy efficiency projects in alternative energy systems such as solar, wind, and hydro.. The software (free download available at www.retscreen.net) enables economic analysis and parametric studies on a variety of renewable energy systems.