Sizing and Financial Optimization of Hybrid PV/battery/Diesel System

Energy scarcity and environmental concerns are driving the World energy sector towards renewable energy sources. But, practical feasibility,reliability and high costs are the major hurdles. So, a judicious combination of all these factors and the various Renewable energy sources is the need of the hour. In this paper, a hybrid optimization technique for a residential building in Faridabad, Haryana, India has been proposed. A new scheme of utilizing battery costs as fixed deposits based on present market rates of installation makes the system financially viable. The proposed algorithm evaluates the system for desired LLP values & then economically optimizes it to provide a financially viable system with least total life cycle costs.