To combat the adverse environmental effects of fossil fuel burning for power generation and to conserve it for strategic use, new, clean, and renewable energy sources are being utilized for power generation. The study presents techno-economic analysis of a grid-connected solar photovoltaic (PV) power plant to partially meet the energy consumption of the people of Kuttiady village in Kerala, India. The proposed 2315.5 kW installed capacity PV is found to be feasible for the village and can produce 3878.3 MWh of energy annually while the demand is 4044.86 MWh at a plant capacity factor of 19.1% and cost of energy of 290.73 $/MWh. The performance of the proposed PV plant measured in terms of final yield (4.59 h), reference yield (5.64 h), and performance ratio (82%) is compatible and even higher with many such plants in India and other countries. Economic sensitivity analysis is also performed by varying the interest, discount, and inflation rates to check their effect on cost of energy, benefit cost ratio, and payback period. As the interest and discount rates decrease, the cost of energy and payback period also decreases while benefit cost ratio increases. The proposed plant can help in avoiding around 785 tons of greenhouse gases entering the local atmosphere of the Kuttiady village.
Keywords: Cost of energy; Final energy yield; Payback period; Photovoltaics; Reference energy yield; Renewable energy.
© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.