Techno-Economic Performance Analysis of Grid Connected PV Solar Power Generation System Using HOMER Software

Renewable energy is the most efficient green energy technology in today's scenario for sustainable development. Hybrid Optimization Model for Electric Renewable (HOMER) software is used in this paper for optimal design and analysis of a grid connected solar photovoltaic (PV) based power generation system to supply load to proposed study area of administrative building of technical institute located at Nashik, Maharashtra(with latitude and longitude of 20.5°N, 73.5°E respectively). In this paper, the analysis is done in two modes i.e. grid connected PV system and with only grid connected (reference) system. The results obtained after simulation are mainly on the basis of different costs like net present cost (NPC), cost of energy (COE)and also operating cost. On the basis of these results, two modes are compared. Performance of the model is evaluated for techno-economic feasibility and at the end sensitivity analysis is performed for optimization the system at various conditions of nominal discount rate and expected inflation rate.