Economic Analysis of Grid-Connected Hybrid Photovoltaic-Wind System in Malaysia

Solar and wind are alternative energy resources which are clean, inexhaustible and environmentally friendly. This study aims to conduct an economic analysis of a grid-connected hybrid PV-wind system in Kuala Terengganu, Malaysia. The system configurations comprise of grid-only, PV-grid and PV-wind grid system for a small-scale grid connected house with an annual energy consumption of 8.2125MWh. HOMER Simulation tool was used for the analysis. Assessment criteria include net present cost (NPC) and payback period. The finding shows that PV-wind-grid system has the lowest NPC of RM14980 which is approximately 16% lower than the NPC of PV-grid system configuration. Sensitivity analysis were also conducted and result shows that the feed-in-tariff rate for hybrid PV-wind-grid system must be at least RM1.80 to obtain a payback period as competitive as PV-grid system. It is concluded that grid-connected hybrid PV-wind system is the most viable choice economically.