Potential Assessment and Economic Analysis of Concentrated Solar Power against Solar Photovoltaic Technology

Abstract

Competition between concentrated solar power and solar photovoltaic has been the subject of frequent debate in recent years based on their cost of fabrication, efficiency, storage, levelized cost of energy, reliability, and complexity of respective technologies. Taking Pakistan as a testbed, a study was conducted to determine which technology is economical in a particular location and climate. The study assesses the meteorological, orographic, and spatial factors that impact the performance and cost of both renewable energy systems. A SWOT analysis, followed by technoeconomic analyses, was conducted to determine suitable sites for setting up solar power plants in Pakistan. A detailed assessment of siting factors for solar power plants was conducted to shortlist the most suitable sites. Based on the results, economic analysis was performed to install 100 MW photovoltaic and parabolic trough power plants at selected locations. The levelized cost of energy for the 100 MW parabolic trough is 10.8 cents/kWh and 12 cents/kWh in best-case scenarios, i.e., for locations of Toba and Quetta, respectively, whereas the LCOEs of 100 MW photovoltaic systems stand comparatively low at 7.36 cents/kWh, 7.21 cents/kWh, 7.01 cents/kWh, 6.82 cents/kWh, 6.02 cents/kWh, and 5.95 cents/kWh in Multan, Bahawalpur, Rahim Yar Khan, Hyderabad, Quetta, and Toba, respectively. The results favor choosing solar PV plants over solar CSP plants in terms of finances in the selected regions. The findings will assist financiers and policymakers in creating better policies in terms of long-term goals.