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Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period

Year 2021, Volume: 5 Issue: 2, 88 - 92, 31.12.2021
https://doi.org/10.46460/ijiea.928012

Abstract

The importance of solar energy is increasing due to climate change and similar reasons. However, the biggest barriers to solar energy investments are the high initial investment cost and the long investment payback period. In this study, the effects of technological developments in the investment payback period are examined. It has been investigated how the increase in PV panel efficiency affects the investment payback period of solar energy systems. The annual average profit, the daily gain to be obtained according to the different PV panel efficiency values are calculated, and the effect of different PV panel efficiency values on the investment payback period of 1 MW PV power plant has been investigated. Levelized cost analysis has been used in this study. In the future, it has been found that the payback period of 1 MW PV power plants may be less than 3 years if high-efficiency PV panels take their place in the market.

References

  • [1] Farhidi F. Solar impacts on the sustainability of economic growth. Renew Sustain Energy Rev 2017;77:440–50. doi:10.1016/j.rser.2017.04.033.
  • [2] Bano T, Rao KVS. Levelized Electricity Cost of Five Solar Photovoltaic Plants of Different Capacities. Procedia Technol 2016;24:505–12. doi:10.1016/j.protcy.2016.05.086.
  • [3] Rediske G, Siluk JCM, Gastaldo NG, Rigo PD, Rosa CB. Determinant factors in site selection for photovoltaic projects: A systematic review. Int J Energy Res 2018:1–13. doi:10.1002/er.4321.
  • [4] Kost C, Shammugam S, Jülch V, Nguyen H, Schlegl T. Levelized Cost of Electricity- Renewable Energy Technologies 2018.
  • [5] Beccali M, Finocchiaro P, Nocke B. Energy and economic assessment of desiccant cooling systems coupled with single glazed air and hybrid PV/thermal solar collectors for applications in hot and humid climate. Sol Energy 2009;83:1828–46. doi:10.1016/j.solener.2009.06.015.
  • [6] Bouhal T, Aqachmar Z, Kousksou T, El Rhafiki T, Jamil A, Zeraouli Y. Energy and economic assessment of a solar air-conditioning process for thermal comfort requirements. Sol Energy 2020;208:101–14. doi:10.1016/j.solener.2020.07.045.
  • [7] Sirin SM, Sevindik I. An analysis of Turkey’s solar PV auction scheme: What can Turkey learn from Brazil and South Africa? Energy Policy 2021;148:111933. doi:10.1016/j.enpol.2020.111933.
  • [8] Mansoor O M, Simon SP, Kumar KA, Sundareswaran K, Nayak PSR, Padhy NP. Impact and economic assessment on solar PV mirroring system – A feasibility report. Energy Convers Manag 2020;203:112222. doi:10.1016/j.enconman.2019.112222.
  • [9] Numbi BP, Malinga SJ. Optimal energy cost and economic analysis of a residential grid-interactive solar PV system- case of eThekwini municipality in South Africa. Appl Energy 2017;186:28–45. doi:10.1016/j.apenergy.2016.10.048.
  • [10] Adewuyi OB, Lotfy ME, Akinloye BO, Rashid Howlader HO, Senjyu T, Narayanan K. Security-constrained optimal utility-scale solar PV investment planning for weak grids: Short reviews and techno-economic analysis. Appl Energy 2019;245:16–30. doi:10.1016/j.apenergy.2019.04.008.
  • [11] Khajepour S, Ameri M. Techno-economic analysis of a hybrid solar Thermal-PV power plant. Sustain Energy Technol Assessments 2020;42:100857. doi:10.1016/j.seta.2020.100857.
  • [12] Obeng M, Gyamfi S, Derkyi NS, Kabo-bah AT, Peprah F. Technical and economic feasibility of a 50 MW grid-connected solar PV at UENR Nsoatre Campus. J Clean Prod 2020;247. doi:10.1016/j.jclepro.2019.119159.
  • [13] Turkish State Meteorological Service. TURKEY AVERAGE GLOBAL SOLAR RADIATION MANY YEARS (2004-2016) HELIOSAT Model Products (ANTALYA) n.d. https://www.mgm.gov.tr/veridegerlendirme/il-ve-ilceler-istatistik.aspx?m=ANTALYA (accessed March 13, 2019).
  • [14] Gürtürk M. Economic feasibility of solar power plants based on PV module with levelized cost analysis. Energy 2019;171:866–78. doi:10.1016/j.energy.2019.01.090.
  • [15] TURKEY CBOTRO. Commercial (Opened in USD) (Flow Data,%) n.d. https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket/collapse_3/5010/DataGroup/english/bie_mt210ags/ (accessed October 28, 2020).
  • [16] National Renewable Energy Laboratory (NREL). Best Research-Cell Efficiency Chart n.d. https://www.nrel.gov/pv/cell-efficiency.html (accessed March 13, 2019).
  • [17] Duffie JA, Beckman WA. Solar Engineering of Thermal Processes. John Wiley & Sons; 1991.
  • [18] Kılıç A, Öztürk A. Güneş Enerjisi (in Turkish). KİPAŞ; 1983.
  • [19] Bejan A, Tsatsaronis G, Moran M. Thermal Desgn and Optimization. New York: John Wiley & Sons; 1996.
  • [20] Diner F. The analysis on photovoltaic electricity generation status, potential and policies of the leading countries in solar energy. Renew Sustain Energy Rev 2011;15:713–20. doi:10.1016/j.rser.2010.09.026.
  • [21] Byrne J, Taminiau J, Kim KN, Lee J, Seo J. Multivariate analysis of solar city economics: impact of energy prices, policy, finance, and cost on urban photovoltaic power plant implementation. Wiley Interdiscip Rev Energy Environ 2017;6. doi:10.1002/wene.241.
  • [22] Timilsina GR, Kurdgelashvili L, Narbel PA. Solar energy: Markets, economics and policies. Renew Sustain Energy Rev 2012;16:449–65. doi:10.1016/j.rser.2011.08.009.

Pv Panel Verim Parametresinin Yatırım Geri Ödeme Süresine Etkisinin Araştırılması

Year 2021, Volume: 5 Issue: 2, 88 - 92, 31.12.2021
https://doi.org/10.46460/ijiea.928012

Abstract

İklim değişikliği ve benzeri nedenlerle güneş enerjisinin önemi gün geçtikçe artmaktadır. Bununla birlikte, güneş enerjisi yatırımlarının önündeki en büyük engel, yüksek ilk yatırım maliyeti ve uzun yatırım geri ödeme süresidir. Bu çalışmada, teknolojik gelişmelerin yatırım geri ödeme süresindeki etkileri incelenmiştir. PV panel verimliliğindeki artışın, güneş enerjisi sistemlerinin yatırım geri ödeme süresini nasıl etkilediği araştırılmıştır. Yıllık ortalama kar, farklı PV panel verimlilik değerlerine göre elde edilecek günlük kazanç hesaplanmış ve farklı PV panel verimlilik değerlerinin 1 MW PV santralin yatırım geri ödeme süresine etkisi araştırılmıştır. Bu çalışmada seviyelendirilmiş maliyet analizi kullanılmıştır. Gelecekte, 1 MW PV enerji santrallerinin geri ödeme süresinin, piyasada yüksek verimli PV panellerin yer alması durumunda 3 yıldan az olabileceği ifade edilmiştir.

References

  • [1] Farhidi F. Solar impacts on the sustainability of economic growth. Renew Sustain Energy Rev 2017;77:440–50. doi:10.1016/j.rser.2017.04.033.
  • [2] Bano T, Rao KVS. Levelized Electricity Cost of Five Solar Photovoltaic Plants of Different Capacities. Procedia Technol 2016;24:505–12. doi:10.1016/j.protcy.2016.05.086.
  • [3] Rediske G, Siluk JCM, Gastaldo NG, Rigo PD, Rosa CB. Determinant factors in site selection for photovoltaic projects: A systematic review. Int J Energy Res 2018:1–13. doi:10.1002/er.4321.
  • [4] Kost C, Shammugam S, Jülch V, Nguyen H, Schlegl T. Levelized Cost of Electricity- Renewable Energy Technologies 2018.
  • [5] Beccali M, Finocchiaro P, Nocke B. Energy and economic assessment of desiccant cooling systems coupled with single glazed air and hybrid PV/thermal solar collectors for applications in hot and humid climate. Sol Energy 2009;83:1828–46. doi:10.1016/j.solener.2009.06.015.
  • [6] Bouhal T, Aqachmar Z, Kousksou T, El Rhafiki T, Jamil A, Zeraouli Y. Energy and economic assessment of a solar air-conditioning process for thermal comfort requirements. Sol Energy 2020;208:101–14. doi:10.1016/j.solener.2020.07.045.
  • [7] Sirin SM, Sevindik I. An analysis of Turkey’s solar PV auction scheme: What can Turkey learn from Brazil and South Africa? Energy Policy 2021;148:111933. doi:10.1016/j.enpol.2020.111933.
  • [8] Mansoor O M, Simon SP, Kumar KA, Sundareswaran K, Nayak PSR, Padhy NP. Impact and economic assessment on solar PV mirroring system – A feasibility report. Energy Convers Manag 2020;203:112222. doi:10.1016/j.enconman.2019.112222.
  • [9] Numbi BP, Malinga SJ. Optimal energy cost and economic analysis of a residential grid-interactive solar PV system- case of eThekwini municipality in South Africa. Appl Energy 2017;186:28–45. doi:10.1016/j.apenergy.2016.10.048.
  • [10] Adewuyi OB, Lotfy ME, Akinloye BO, Rashid Howlader HO, Senjyu T, Narayanan K. Security-constrained optimal utility-scale solar PV investment planning for weak grids: Short reviews and techno-economic analysis. Appl Energy 2019;245:16–30. doi:10.1016/j.apenergy.2019.04.008.
  • [11] Khajepour S, Ameri M. Techno-economic analysis of a hybrid solar Thermal-PV power plant. Sustain Energy Technol Assessments 2020;42:100857. doi:10.1016/j.seta.2020.100857.
  • [12] Obeng M, Gyamfi S, Derkyi NS, Kabo-bah AT, Peprah F. Technical and economic feasibility of a 50 MW grid-connected solar PV at UENR Nsoatre Campus. J Clean Prod 2020;247. doi:10.1016/j.jclepro.2019.119159.
  • [13] Turkish State Meteorological Service. TURKEY AVERAGE GLOBAL SOLAR RADIATION MANY YEARS (2004-2016) HELIOSAT Model Products (ANTALYA) n.d. https://www.mgm.gov.tr/veridegerlendirme/il-ve-ilceler-istatistik.aspx?m=ANTALYA (accessed March 13, 2019).
  • [14] Gürtürk M. Economic feasibility of solar power plants based on PV module with levelized cost analysis. Energy 2019;171:866–78. doi:10.1016/j.energy.2019.01.090.
  • [15] TURKEY CBOTRO. Commercial (Opened in USD) (Flow Data,%) n.d. https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket/collapse_3/5010/DataGroup/english/bie_mt210ags/ (accessed October 28, 2020).
  • [16] National Renewable Energy Laboratory (NREL). Best Research-Cell Efficiency Chart n.d. https://www.nrel.gov/pv/cell-efficiency.html (accessed March 13, 2019).
  • [17] Duffie JA, Beckman WA. Solar Engineering of Thermal Processes. John Wiley & Sons; 1991.
  • [18] Kılıç A, Öztürk A. Güneş Enerjisi (in Turkish). KİPAŞ; 1983.
  • [19] Bejan A, Tsatsaronis G, Moran M. Thermal Desgn and Optimization. New York: John Wiley & Sons; 1996.
  • [20] Diner F. The analysis on photovoltaic electricity generation status, potential and policies of the leading countries in solar energy. Renew Sustain Energy Rev 2011;15:713–20. doi:10.1016/j.rser.2010.09.026.
  • [21] Byrne J, Taminiau J, Kim KN, Lee J, Seo J. Multivariate analysis of solar city economics: impact of energy prices, policy, finance, and cost on urban photovoltaic power plant implementation. Wiley Interdiscip Rev Energy Environ 2017;6. doi:10.1002/wene.241.
  • [22] Timilsina GR, Kurdgelashvili L, Narbel PA. Solar energy: Markets, economics and policies. Renew Sustain Energy Rev 2012;16:449–65. doi:10.1016/j.rser.2011.08.009.
There are 22 citations in total.

Details

Primary Language English
Subjects Engineering
Journal Section Articles
Authors

Hüseyin Benli 0000-0002-4057-8750

Mert Gürtürk 0000-0003-4523-6984

Early Pub Date December 30, 2021
Publication Date December 31, 2021
Submission Date April 26, 2021
Published in Issue Year 2021 Volume: 5 Issue: 2

Cite

APA Benli, H., & Gürtürk, M. (2021). Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period. International Journal of Innovative Engineering Applications, 5(2), 88-92. https://doi.org/10.46460/ijiea.928012
AMA Benli H, Gürtürk M. Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period. IJIEA. December 2021;5(2):88-92. doi:10.46460/ijiea.928012
Chicago Benli, Hüseyin, and Mert Gürtürk. “Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period”. International Journal of Innovative Engineering Applications 5, no. 2 (December 2021): 88-92. https://doi.org/10.46460/ijiea.928012.
EndNote Benli H, Gürtürk M (December 1, 2021) Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period. International Journal of Innovative Engineering Applications 5 2 88–92.
IEEE H. Benli and M. Gürtürk, “Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period”, IJIEA, vol. 5, no. 2, pp. 88–92, 2021, doi: 10.46460/ijiea.928012.
ISNAD Benli, Hüseyin - Gürtürk, Mert. “Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period”. International Journal of Innovative Engineering Applications 5/2 (December 2021), 88-92. https://doi.org/10.46460/ijiea.928012.
JAMA Benli H, Gürtürk M. Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period. IJIEA. 2021;5:88–92.
MLA Benli, Hüseyin and Mert Gürtürk. “Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period”. International Journal of Innovative Engineering Applications, vol. 5, no. 2, 2021, pp. 88-92, doi:10.46460/ijiea.928012.
Vancouver Benli H, Gürtürk M. Investigation of The Effect of Pv Panel Efficiency Parameter on Investment Payback Period. IJIEA. 2021;5(2):88-92.