Optimization and sizing of SPV/Wind hybrid renewable energy system: A techno-economic and social perspective

The present work intends to develop a rural hybrid renewable energy system and examines the techno-financial, and social viability of the same system for rural sites in northern India. This work analyses the performance of Solar Photovoltaic-Wind hybrid renewable energy system for a residential load demand of 51.54 kWh/day with 11.51 kW peak in standalone application. In this paper, a nine parameter based multi-target optimization and sizing scheme is executed by HOMER PRO software. This work sequentially addresses the techno-economic and socio-environmental indicators for optimization analysis. The specification of technical and financial fields are availed from the Indian local market. Seven feasible combinations of different resources are analysed for designing parameters and the optimized combination is selected by multi criteria analysis. The solar Photovoltaic-wind-diesel generator-battery storage is found best combination for consistent power supply. The net present cost and cost of energy are obtained as $ 0.179 and $31,439 respectively. Sensitivity analysis is performed for macro-economic factors and components cost to obtain better opportunity. Moreover, the technical and commercial viability of the proposed system is assured by robustness check for satisfying the consumer demand.