Energy and Stochastic Economic Assessments of Photovoltaic Systems in the East Midlands

Cui, Yuanlong; Tian, Shuangqing; Zhu, Jie; Zoras, Stamatis; Shao, Yiming

Abstract

This study implements techno-economic evaluations of different photovoltaic (PV) systems in the East Midlands of the UK. Three application case studies, including an office building, a domestic building, and a poultry shed, are achieved. The building electricity consumption is obtained according to hourly automatic meter readings, and the PV electricity production is predicted based on the Engineering Equation Solver 8.4 software. Meanwhile, the 25-years’ complete economic profitability investigations of the three PV systems are conducted on the basis of the Monte Carlo method; the sensitivity analyses of payback period and net present value are also carried out by using the @RISK 8 software. Furthermore, the payback period and yearly savings are investigated and compared between the Smart Export Guarantee (SEG) and feed-in tariff (FiT) schemes. Technical investigation outcomes conclude that the three PV systems are able to satisfy electrical energy requirements in summer, and the additional electricity could be exported to the grid in this period. In winter, however, the systems have less electricity output resulting in power shortage and input from the grid. Economic study results exhibit that the net present values of the office building, domestic building, and poultry shed are £9108.4, £1717.91, and £7275.86, respectively, corresponding to the payback periods of 6.15 years, 9.12 years, and 9.41 years. This implies that there is an acceptable payback period (<10 years) for the PV system installation; meanwhile, the FiT scheme has the shorter payback period compared with the SGE scheme.

Citation

Cui, Y., Tian, S., Zhu, J., Zoras, S., & Shao, Y. (2023). Energy and Stochastic Economic Assessments of Photovoltaic Systems in the East Midlands. Energies, 16(18), Article 6723. https://doi.org/10.3390/en16186723

• Journal Article Type: Article
• Acceptance Date: Sep 14, 2023
• Online Publication Date: Sep 20, 2023
• Publication Date: 2023-09
• Deposit Date: Oct 5, 2023
• Publicly Available Date: Oct 5, 2023
• Journal: Energies
• Electronic ISSN: 1996-1073
• Publisher: MDPI
• Peer Reviewed: Peer Reviewed
• Volume: 16
• Issue: 18
• Article Number: 6723
• DOI: https://doi.org/10.3390/en16186723
• Keywords: photovoltaic system; hourly electrical output; net present value; payback period; Smart Export Guarantee
• Public URL: https://nottingham-repository.worktribe.com/output/25395149
• Publisher URL: https://www.mdpi.com/1996-1073/16/18/6723