Design and Economic Analysis of Hybrid Renewable Energy System

The power sector is the lifeline for any economy especially the developing ones. Wind and solar energy are becoming popular owing to the abundance, availability and ease of harnessing the energy for electrical power generation in the context of Bangladesh. This research work focuses on a hybrid renewable energy system consisting of wind and solar energies. National Renewable Energy Laboratory (NREL) data were used to identify where both wind and solar potentials are high. The focal point of this paper is to design and performance analysis along with cost analysis of a wind-solar hybrid power generation system for a selected location. For modeling our proposed hybrid system, we used MATLAB-SIMULINK and Hybrid Optimization Model of Renewable Energy (HOMER) for cost analysis. The hybrid power system was designed for the location at Sutiakhali, Gouripur, Mymensingh, Bangladesh, with a target to deliver 4 MW power to grid. The simulation results show that the proposed grid-PV-wind hybrid power system model is very suitable, economical and eco-friendly for the aforementioned region in Bangladesh.