Practical Cost Effectiveness Analysis for Solar Energy Systems: Case Study of Stand-Alone Retail Building

The cost effectiveness of hybrid renewable energy systems is highlighted by studying the impact of various param-eters involved in the implementation of these systems in the case of a solar study; namely load profile, pricing and grid injection. An experimental study is used to determine the optimum values of basic parameters such as tilt, albedo and azimut that maximize the solar output of the renewable energy system. Thus, the impacts of the load profile, pricing and injection were studied through sensitivity analysis. The results show that the search for optimal values that maximize the net present value of the project depends on the size of the installation area available for the system. In addition, injection brings significant added value, but may be subject to quantity constraints. As climate change remains at the heart of discussions, it is imperative that we explore all available options to reduce our carbon footprint. This study provides valuable information on the economic viability of renewable energy systems, and can inform the decision-making processes of governments and companies.