Techno Economic Feasibility Analysis of Grid-Connected Microgrid by Using Solar PV for Residential Usage

Renewable energy systems (RES) are becoming more prominent because of the depletion of natural resources. Optimum sizing of the hybrid RES is necessary to ensure that renewable energy sources penetrate. Improper sizing may result in higher initiating costs or an inability to meet load demand under various weather conditions. By analyzing with Hybrid Optimization Multiple Energy Resources (HOMER pro), this study shows the ideal hybrid energy system that provides the lowest cost of energy production, emissions, and so on. This study provides a grid-connected hybrid power system model based on metrological data collected from a residential building in Mohammadpur, Dhaka, Bangladesh. Solar energy is used as a sustainable energy source thus the cost of the system was decreased, which is also environmentally friendly. This renewable energy also helped to minimize the levelized cost of energy (COE). The conclusion estimates operational costs, production costs, net present cost, and energy cost for the two combinations evaluated for the proposed microgrid system. According to the simulation results, delivering power to the load via a microgrid would be a viable and cost-effective solution.