Techno-Economic Evaluation of an Optimized Grid-connected Solar Photo-voltaic System for National Museum of Unity, Ibadan, Nigeria

Abstract

A comprehensive viability assessment of a grid-connected PV system is essential to evaluate its technical, economic, and environmental benefits. Hybrid Optimization of Multiple Energy Recourses (HOMER) software has been the commonly used tools for the design and analysis of this system, however, it fails to give in-depth analysis on the financial and emission analysis of the system, because it is designed to optimize and give technical report about the design. Hence this research aims to carry out a detail techno-economic and environmental evaluation of a grid-connected PV system for National Museum of unity, Ibadan using RETScreen software. A feasibility study was conducted on the National Museum of unity Ibadan, taking into consideration the energy demand of the museum and meteorological data such as solar irradiance, clearness index, and temperature. Mathematical model of the components of the grid connected renewable energy such as PV panel, battery and power converter was formulated and their optimal sizes were determined using HOMER software. The technical, economic and environmental viability of the optimized grid connected PV system were analyzed using RETScreen software. The HOMER result shows that, considering the space constraint and the required load by the proposed building, 116 pieces of solar panel of 215 W, 8 pieces of 100 AH battery storage and 34 kVA power converter are needed to realize the developed power system. The RETScreen analysis reveal that the initial capital cost of the designed system is NGN 16,223,297 and the total annual lifecycle savings is NGN 60,713,246.03. The equity payback period is estimated to be Nine months and twenty-five days while its net present value after 20 years is NGN 554,223,639.10. Considering the greenhouse gases emission, 63.4% reduction was achieved with the developed system compared to using only the common electricity grid. This research provides an optimal design of a grid connected PV system with a comprehensive techno-economic and environmental viability assessment using HOMER and RETScreen software that will assist the management of the National Museum of unity Ibadan, in making an effective and sustainable decision regarding power system. In addition to this, the outcomes of this research proffer a means of relieving the grid through alternative power supply.