Optimization and cost-benefit analysis of a grid-connected solar photovoltaic system

Growing energy demand has exacerbated the issue of energy security and caused us to necessitate the utilization of renewable resources. The best alternative for promoting generation in Bangladesh from renewable energy is solar photovoltaic technology. Grid-connected solar photovoltaic (PV) systems are becoming increasingly popular, considering solar potential and the recent cost of PV modules. This study proposes a grid-connected solar PV system with a net metering strategy using the Hybrid Optimization of Multiple Electric Renewables model. The HOMER model is used to evaluate raw data, to create a demand cycle using data from load surveys, and to find the best cost-effective configuration. A sensitivity analysis was also conducted to assess the impact of differences in radiation from the solar (4, 4.59, 4.65, 5 kWh/m²/day), PV capacity (0 kW, 100 kW, 200 kW, 300 kW, 350 kW, 400 kW, 420 kW), and grid prices (＄0.107, ＄0.118, ＄0.14 per kWh) upon that optimum configuration. Outcomes reveal that combining 420 kW of PV with a 405-kW converter and connecting to the utility grid is the least expensive and ecologically healthy configuration of the system. The electricity generation cost is estimated to be 0.0725 dollars per kilowatt-hour, and the net present value is 1.83 million dollars with a payback period of 6.4 years based on the system's 20-year lifespan. Also, compared to the existing grid and diesel-generator system, the optimized system, with a renewable fraction of 31.10%, provides a reduction in carbon dioxide emissions of 191 tons and 1,028 tons, respectively, each year.