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Economic optimization and sensitivity analysis of photovoltaic system in residential buildings

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  • Ren, Hongbo
  • Gao, Weijun
  • Ruan, Yingjun

Abstract

This paper deals with the problem of optimal size of grid-connected photovoltaic (PV) system for residential application. It is assumed the PV system can input or output liberally the electricity to the utility electricity grid. A simple linear programming model is developed. The objective is to minimize the annual energy cost of a given customer, including PV investment cost, maintenance cost, utility electricity cost, subtracting the revenue from selling the excess electricity. The model reports the optimal PV capacity that customers adopt with their electricity requirements. Using this model, an investigation is conducted of economically optimal PV investment under several conditions for a typical residential building. Additionally, the sensitivity of levelized cost and simple payback period to various economic and technical circumstances has been analyzed.

Suggested Citation

  • Ren, Hongbo & Gao, Weijun & Ruan, Yingjun, 2009. "Economic optimization and sensitivity analysis of photovoltaic system in residential buildings," Renewable Energy, Elsevier, vol. 34(3), pages 883-889.
  • Handle: RePEc:eee:renene:v:34:y:2009:i:3:p:883-889
    DOI: 10.1016/j.renene.2008.06.011
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    References listed on IDEAS

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    1. Oliver, M. & Jackson, T., 2001. "Energy and economic evaluation of building-integrated photovoltaics," Energy, Elsevier, vol. 26(4), pages 431-439.
    2. Byrne, John & Letendre, Steven & Govindarajalu, Chandrasekhar & Wang, Young-Doo & Nigro, Ralph, 1996. "Evaluating the economics of photovoltaics in a demand-side management role," Energy Policy, Elsevier, vol. 24(2), pages 177-185, February.
    3. Hernández, J.C. & Vidal, P.G. & Almonacid, G., 1998. "Photovoltaic in grid-connected buildings, sizing and economic analysis," Renewable Energy, Elsevier, vol. 15(1), pages 562-565.
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