Techno-economic assessment and optimal design of hybrid power generation-based renewable energy systems

This study presents a techno-economic analysis of five different hybrid energy systems (HES)-based renewable energy sources (RES) in the northern region of Saudi Arabia. It aims to provide valuable insights into the economic feasibility, technical compatibility, and environmental implications of these systems. To carry out this analysis, hybrid optimization of multiple energy resources (HOMER) software is used. Parameters such as total net price cost (TNPC), cost of energy (COE), initial capital cost (ICC), energy generation and consumption, excess and unmet energy, renewable energy (RE) fraction, and emissions were considered to assess the different HES configurations. The findings demonstrate that the grid-connected photovoltaic/wind turbines (PV/WT) system is the best option in terms of economic perspective with TNPC and COE of $213,099 and $0.0480/kWh, respectively followed by grid-connected PV/fuel cell (FC)/WT and stand-alone PV/diesel generator (DG)/WT/battery systems. The PV/battery and PV/FC/WT/battery green hybridization are the highest cost-effective due to their high initial and replacement battery costs. The grid-connected PV/WT and PV/DG/WT/battery systems are the most efficient in meeting load demand, while the PV/battery and PV/FC/WT/battery hybridization have the highest excess and unmet energy. From an environmental perspective, the stand-alone HES consisting solely of RESs, i.e., PV and batteries, has the lowest emissions, making it one of the most environmentally friendly options. Following closely is the PV/FC/WT/battery configuration, which also demonstrates low emissions. On the other hand, the grid-connected PV/WT system exhibits the highest total GHG emissions, rendering it the least environmentally friendly option. This research provides decision-makers, researchers, and stakeholders with valuable information for selecting the optimal hybrid energy systems, taking into account economic, technical, and environmental considerations.