Energy Conversion through Hybrid Renewable Energy System (HRES) from Solid Waste and Its Economic Assessment

Abstract

The demand for energy and renewable energy utilization increases swiftly and accelerates technological development in the renewable field. Still, there is a lack of awareness and government policy that may boost capacity addition. In order to address the challenges presented by the unpredictable and intermittent character of renewable energy sources (RES), the utilization of RES in conjunction with their associated expenses has the potential to provide an affordable, environmentally friendly, and efficient alternative energy supply. This study centers on the techno-economic evaluation of hybrid renewable energy systems (HRESs) used for electricity production through Solid wastes. The present study explores the benefits of a grid-connected Hybrid Renewable Energy System over stand-alone HRES via Solid waste management due to technological and policy improvements. Furthermore, net metering and bill savings through self-consumption and sensitivity analysis for five different sell-back prices. The impact of sensitivity analysis on HRES economics is discussed in this paper. A commercially available software, HOMER@ pro, simulates the system for the optimal solution. The result shows that the stand-alone system’s economy is high if there is an absence of sell-back from the consumer’s end. Whereas, with the sell-back price introduction, the economy of the grid-interactive HRES is too low and trending to be minimal. Moreover, the study concludes that net metering with the sell-back price reduces the Net Present Value and Cost of Energy, i.e., sell-back price of Rs.2/kWh; the cost of energy production is Rs.1.43/kWh. Due to the sell from the consumer ends, the system generates yearly earnings, which is highest (Rs.133,920/year) in case of a sell-back price of Rs.2/kWh. Therefore, the installation of a Hybrid Renewable Energy System (HRES) tailored to the specific climatic circumstances would provide a durable and reliable and affordable energy solution that effectively addresses climate concerns, enhances energy stability, and promotes ecological accountability supporting SDG goals. © The Author(s), under exclusive licence to Springer Nature B.V. 2024.