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Multiple Criteria Decision Making (MCDM) Based Economic Analysis of Solar PV System with Respect to Performance Investigation for Indian Market

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  • Padmanathan K.

    (Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India)

  • Uma Govindarajan

    (Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India)

  • Vigna K. Ramachandaramurthy

    (Power Quality Research Group, Institute of Power Engineering, Universiti Tenaga Nasional, Kajang 43000, Malaysia)

  • Sudar Oli Selvi T.

    (Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India)

Abstract

Energy market is subject to changing energy demands on a daily basis. The increasing demand for energy necessitates the use of renewable sources and promotes decentralized generation. Specifically, solar PV is preferred in the energy market to meet the increasing energy demand. New approaches are preferred in the economic analysis to simulate multiple actor interplays and intermittent behavior in order to predict the increasing complexity in solar PV. In the Indian society, there are various myths and perceptions regarding economics of electricity generated through solar PV system. Therefore, this paper will address the various Life Cycle Cost Analysis (LCCA) and economic analysis for all types of consumers in the Indian electricity market. A detailed economic and performance study is made by considering ten categories and seven sub categories of investment plan for 1 MW solar projects using Multi Criteria Decision Making (MCDM). Analytic Hierarchy Process (AHP) is applied to support the decision.

Suggested Citation

  • Padmanathan K. & Uma Govindarajan & Vigna K. Ramachandaramurthy & Sudar Oli Selvi T., 2017. "Multiple Criteria Decision Making (MCDM) Based Economic Analysis of Solar PV System with Respect to Performance Investigation for Indian Market," Sustainability, MDPI, vol. 9(5), pages 1-19, May.
    • Handle: RePEc:gam:jsusta:v:9:y:2017:i:5:p:820-:d:98846
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    References listed on IDEAS

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    9. BumChoong Kim & Juhan Kim & Jinsoo Kim, 2019. "Evaluation Model for Investment in Solar Photovoltaic Power Generation Using Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 11(10), pages 1-23, May.

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