HOMER: A valuable tool to facilitate the financing process of photovoltaic systems in Puerto Rico

This paper is about how the HOMER software facilitates the analysis of the financing process and the viability of photovoltaic systems in Puerto Rico (PR). Photovoltaic (PV) systems are becoming a very popular way to produce energy in PR since the cost of electricity is around 0.30 $/KWh. Unfortunately there are some facts that are affecting the financial process of PV systems, for example there are not enough tools available in the market that could help users obtain a realistic projection of their capital and operating expenses. One solution for this problem is using a software developed by the Department of Energy, named HOMER. HOMER (Hybrid Optimization Modeling for Electric Renewable) software has the necessary tools to make this work since the users do not need to be an expert in the energy area. By using HOMER software it is possible to improve the criteria of the financing analysis and also to speed up the process of financing photovoltaic systems for different facilities in PR. As part of this paper two case of study for different regions in PR were developed. Firstly, it is considered a residential case covering the residential area and secondly an important establishment case like a hospital is tested, covering the commercial area. Finally, with the outcome of the two different cases, costumers and financiers will be able to analyze how convenient or not will be spending on the implementation of photovoltaic technologies in PR.

I. Introduction

There is no doubt that a big part of the energy produced in a lot of regions in the globe is based on fossil fuels [1]. Unfortunately the absence of this resource in some areas is making the cost of energy extremely high. Some islands for example are highly dependent on petroleum mixtures to produce energy and as consequence the energy price is skyrocketing [2]. Another fact is that the excessive consumption of energy around the world is constantly increasing [EIA]. And as consequence, the CO₂ emissions produced by some of the energy generation systems are alarming [EIA]. All these facts are bringing alternative ways to produce energy more suitable to costumers.