Technical and Financial Assessment of a Grid Connected Solar PV Net Metering System for Residential Community

The worlds increasing demand of electricity and lessening of fossil fuels has created a condition for serious concern to search for new inexhaustible resources to fulfill the future electrical energy demand. In this study a techno-economic comparison of a grid connected residential load is made with the grid connected residential load along with solar PV panels based on Net-Metering system. The design implementation and analysis is accomplished by using HOMER Software. This paper also considers the feasibility analysis of solar radiations at the described location. It is observed here that the system under consideration gives minimum expenditure when connected with solar PV panels. Simulations result shows that the total net present cost along with cost of energy and annual operational cost is reduced significantly when compared with the existing grid system. In this system the grid has same rates for selling and buying of electrical energy and a payback period analysis is also carried out with the proposed system.