Techno-economic assessment of hybrid renewable energy system with multi energy storage system using HOMER

Energy storage systems (ESS) address the uncertainty of renewable energy sources (RES) in renewable energy based isolated microgrids. One type of ESS is unable to provide 100 % supply reliability. Moreover, there are either excess energy or reliability issues due to a lack of energy management techniques. Therefore, this paper proposes hybrid RES (HRES) with multiple-ESS (MESS), including battery and hydrogen storage system (HSS). The techno-economic analysis and optimal design of HRES-based microgrids, which include wind turbine (WT), solar photovoltaic (PV), fuel cell (FC), electrolyzer, HSS, and battery energy storage (BES) are performed using HOMER. The design objectives are to minimize the net present cost (NPC) and cost of energy (COE) in the proposed HRES with MESS. The analysis is performed for a multi-energy storage system. The results show that WT/PV/FC/Electrolyzer/HSS/BES/converter is the optimal microgrid with the lowest NPC of $838832, $679605, and COE of 0.232 $/kWh, 0.189 $/kWh at capacity shortages of 0.0 % and 1.0 %, respectively. The excess energy and unmet loads are also the lowest for the system at the same capacity shortage. The sensitivity analysis shows the impact of uncertain techno-economical parameters on NPC and COE.