An Economic Feasibility Study for Off-Grid Hybrid Renewable Energy Resources

Renewable energy resources (RES) are gaining popularity worldwide. As a result, renewable energy sources (RES) are now considered an alternative source of electric power generation in many communities. Furthermore, using renewable energy sources reduces pollution caused by coal and the release of carbon into the atmosphere by power plants. This article focuses on the economic feasibility of renewable energy resources since it is one of the obstacles in building and executing effective and efficient power generation with RES. An optimizer function of HOMER Pro software was employed in this study to develop a cost-effective power-generating RES configuration. The system uses an IEEE 14-Bus load demand of 259 MW supplied by five generators tested the design system in an IEEE 14-Bus test system with a total load demand of 259 MW supplied by five generators. The loads were classified as critical or non-critical. Three case studies were considered: 1. a case in which all five generators supplied the loads, 2. a case in which one generator was replaced by solar PV with the same generating capacity, and 3. a case in which two generators were replaced by both solar PV and wind turbine respectively. The decrease in net present cost (NPC), Levelized cost (COE), and operating cost (OC) demonstrate the efficacy of the proposed system topologies with various forms of RES.