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Techno-economic assessment of a stand-alone PV/hybrid installation for low-cost electrification of a tourist resort in Greece

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  • Bakos, G. C.
  • Soursos, M.

Abstract

This paper reports on the techno-economic assessment of an autonomous hybrid PV/diesel system installed in a bungalow complex in Elounda, Crete. Technical and economic factors are examined using a computerized renewable-energy technologies assessment tool. Several different economic and financial feasibility indices are calculated, such as the Internal Rate-of-Return (IRR), Year-to-positive cash flow, Net Present Value (NPV) and the simple Pay-Back Period (PBP) for different financing scenarios, in order to assess the gross return on the investment.

Suggested Citation

  • Bakos, G. C. & Soursos, M., 2002. "Techno-economic assessment of a stand-alone PV/hybrid installation for low-cost electrification of a tourist resort in Greece," Applied Energy, Elsevier, vol. 73(2), pages 183-193, October.
    • Handle: RePEc:eee:appene:v:73:y:2002:i:2:p:183-193
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    Cited by:

    1. Ma, Weiwu & Xue, Xinpei & Liu, Gang, 2018. "Techno-economic evaluation for hybrid renewable energy system: Application and merits," Energy, Elsevier, vol. 159(C), pages 385-409.
    2. Chris Hansen & John Bower, 2004. "An Economic Evaluation of Small-scale Distributed Electricity Generation Technologies," Others 0401001, University Library of Munich, Germany.
    3. Modi, Anish & Chaudhuri, Anirban & Vijay, Bhavesh & Mathur, Jyotirmay, 2009. "Performance analysis of a solar photovoltaic operated domestic refrigerator," Applied Energy, Elsevier, vol. 86(12), pages 2583-2591, December.
    4. Rehman, Shafiqur & Al-Hadhrami, Luai M., 2010. "Study of a solar PV–diesel–battery hybrid power system for a remotely located population near Rafha, Saudi Arabia," Energy, Elsevier, vol. 35(12), pages 4986-4995.
    5. Celik, A.N., 2007. "Effect of different load profiles on the loss-of-load probability of stand-alone photovoltaic systems," Renewable Energy, Elsevier, vol. 32(12), pages 2096-2115.
    6. Manfren, Massimiliano & Caputo, Paola & Costa, Gaia, 2011. "Paradigm shift in urban energy systems through distributed generation: Methods and models," Applied Energy, Elsevier, vol. 88(4), pages 1032-1048, April.
    7. Chauhan, Anurag & Saini, R.P., 2014. "A review on Integrated Renewable Energy System based power generation for stand-alone applications: Configurations, storage options, sizing methodologies and control," Renewable and Sustainable Energy Reviews, Elsevier, vol. 38(C), pages 99-120.
    8. Li, Changsheng & Wang, Haiyu & Miao, Hong & Ye, Bin, 2017. "The economic and social performance of integrated photovoltaic and agricultural greenhouses systems: Case study in China," Applied Energy, Elsevier, vol. 190(C), pages 204-212.
    9. Rashwan, Sherif S. & Shaaban, Ahmed M. & Al-Suliman, Fahad, 2017. "A comparative study of a small-scale solar PV power plant in Saudi Arabia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 80(C), pages 313-318.
    10. Ouedraogo, Bachir I. & Kouame, S. & Azoumah, Y. & Yamegueu, D., 2015. "Incentives for rural off grid electrification in Burkina Faso using LCOE," Renewable Energy, Elsevier, vol. 78(C), pages 573-582.
    11. Singh, Parm Pal & Singh, Sukhmeet, 2010. "Realistic generation cost of solar photovoltaic electricity," Renewable Energy, Elsevier, vol. 35(3), pages 563-569.
    12. Hong, Taehoon & Koo, Choongwan & Kwak, Taehyun & Park, Hyo Seon, 2014. "An economic and environmental assessment for selecting the optimum new renewable energy system for educational facility," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 286-300.
    13. Michalena, Evanthie & Angeon, Valrie, 2009. "Local challenges in the promotion of renewable energy sources: The case of Crete," Energy Policy, Elsevier, vol. 37(5), pages 2018-2026, May.
    14. Ekren, Orhan & Ekren, Banu Y. & Ozerdem, Baris, 2009. "Break-even analysis and size optimization of a PV/wind hybrid energy conversion system with battery storage - A case study," Applied Energy, Elsevier, vol. 86(7-8), pages 1043-1054, July.
    15. Mohammadali Kiehbadroudinezhad & Adel Merabet & Homa Hosseinzadeh-Bandbafha, 2022. "Review of Latest Advances and Prospects of Energy Storage Systems: Considering Economic, Reliability, Sizing, and Environmental Impacts Approach," Clean Technol., MDPI, vol. 4(2), pages 1-25, June.

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