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Economic Assessment of a PV-HP System for Drying Alfalfa in The North of Spain

Author

Listed:
  • Antonio Quijano

    (Instituto de Energía Solar, Universidad Politécnica de Madrid, 28031 Madrid, Spain)

  • Celena Lorenzo

    (Instituto de Energía Solar, Universidad Politécnica de Madrid, 28031 Madrid, Spain)

  • Luis Narvarte

    (Instituto de Energía Solar, Universidad Politécnica de Madrid, 28031 Madrid, Spain)

Abstract

This paper presents an economic assessment of three drying systems (DS) with different configurations: diesel-powered (DDS), grid-powered (GDS), and photovoltaic-powered (PVDS). The third configuration, PVDS, presents important technological innovations regarding the electric configuration (stand-alone PV, without batteries or grid support) and the heat pump technology used (optimized for drying the recirculated air, which permits a reduction in the electricity consumption by more than 45% if compared to a diesel air-heater or an electric resistance). The profitability of the investment required for the installation of the three systems is proven by calculating the profitability index ( PI ), the internal rate of return ( IRR ), the payback period ( PBP ), and the levelized cost of energy ( LCOE ). All the indicators show good profitabilities for the three technologies (the PI values range from 6.78 to 10.11, the IRR values range from 24% to 37%, and the PBPs are between 3 and 4 years), but the PVDS clearly offers important economic advantages: its PI and IRR are more than 40% higher, the PBP is 25% shorter, and the LCOE is between 40 and 47% lower than for the two other systems. The results of this analysis correspond to a particular base case but are obviously sensitive to geopolitical and economic changes: the ultimate strength of the PVDS configuration is its resilience against a possible rise in electricity and diesel prices, reducing the uncertainty for investors and policymakers.

Suggested Citation

  • Antonio Quijano & Celena Lorenzo & Luis Narvarte, 2023. "Economic Assessment of a PV-HP System for Drying Alfalfa in The North of Spain," Energies, MDPI, vol. 16(8), pages 1-19, April.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:8:p:3347-:d:1120035
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    References listed on IDEAS

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    1. Carrêlo, Isaac Barata & Almeida, Rita Hogan & Narvarte, Luis & Martinez-Moreno, Francisco & Carrasco, Luis Miguel, 2020. "Comparative analysis of the economic feasibility of five large-power photovoltaic irrigation systems in the Mediterranean region," Renewable Energy, Elsevier, vol. 145(C), pages 2671-2682.
    2. Hamid, Khalid & Sajjad, Uzair & Yang, Kai Shing & Wu, Shih-Kuo & Wang, Chi-Chuan, 2022. "Assessment of an energy efficient closed loop heat pump dryer for high moisture contents materials: An experimental investigation and AI based modelling," Energy, Elsevier, vol. 238(PB).
    3. Lorenzo, C. & Almeida, R.H. & Martínez-Núñez, M. & Narvarte, L. & Carrasco, L.M., 2018. "Economic assessment of large power photovoltaic irrigation systems in the ECOWAS region," Energy, Elsevier, vol. 155(C), pages 992-1003.
    4. Li, Y. & Zhao, B.Y. & Zhao, Z.G. & Taylor, R.A. & Wang, R.Z., 2018. "Performance study of a grid-connected photovoltaic powered central air conditioner in the South China climate," Renewable Energy, Elsevier, vol. 126(C), pages 1113-1125.
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    Cited by:

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