The use of renewable energy resources for off-grid electricity production has gained more importance in recent decades for meeting the energy needs of remote areas, even with limited resources. This research aims to provide an optimized and cost-effective approach for generating electricity in rural areas. By using current methodology, a stand alone energy source of PV is designed for development of NZE village. Solar irradiance of the selected location is 6.16 kWh/m2/day while the estimated electric load data for whole village is 64.259 kWh. Electric load and solar irradiance of the loaction is used in the Hybrid Optimization Model for Electric Renewable (HOMER) to design and analyze the techno-economic feasibility of the stand alone PV system to meet the load requirements. The study obtained the total Net Present Cost (NPC) of $0.511 M and the Cost Of Electricity (COE) is 2.26$/unit through the HOMER analysis, which is further refined by performing sensitivity analysis using parameters such as PV panel price, battery price, solar irradiance, variations in electric load and discount rates. According to the results, system is feasibile by annual electricity production of 30,078 kWh with initial capital investment of $0.434 M. This analysis compared the system performance and showed that it is economically and technically viable to meet the complete electricity needs of the village with a payback period of 7.2 years. Research can be utilized for policy making and implementation of NZE approach in remote areas by the government.
Keywords: HOMER pro; Net present cost; Net zero energy; Off-grid; Payback period.
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