Energy and Stochastic Economic Assessments of Photovoltaic Systems in the East Midlands

Author:

Cui Yuanlong1,Tian Shuangqing1,Zhu Jie2ORCID,Zoras Stamatis3ORCID,Shao Yiming4ORCID

Affiliation:

1. School of Architecture and Urban Planning, Shandong Jianzhu University, 1000 Fengming Road, Jinan 250101, China

2. Department of Architecture and Built Environment, University of Nottingham, Nottingham NG7 2RD, UK

3. Department of Environmental Engineering, Democritus University of Thrace, 691 00 Xanthi, Greece

4. School of Architecture, Nanjing Tech University, Nanjing 211816, China

Abstract

This study implements techno-economic evaluations of different photovoltaic (PV) systems in the East Midlands of the UK. Three application case studies, including an office building, a domestic building, and a poultry shed, are achieved. The building electricity consumption is obtained according to hourly automatic meter readings, and the PV electricity production is predicted based on the Engineering Equation Solver 8.4 software. Meanwhile, the 25-years’ complete economic profitability investigations of the three PV systems are conducted on the basis of the Monte Carlo method; the sensitivity analyses of payback period and net present value are also carried out by using the @RISK 8 software. Furthermore, the payback period and yearly savings are investigated and compared between the Smart Export Guarantee (SEG) and feed-in tariff (FiT) schemes. Technical investigation outcomes conclude that the three PV systems are able to satisfy electrical energy requirements in summer, and the additional electricity could be exported to the grid in this period. In winter, however, the systems have less electricity output resulting in power shortage and input from the grid. Economic study results exhibit that the net present values of the office building, domestic building, and poultry shed are £9108.4, £1717.91, and £7275.86, respectively, corresponding to the payback periods of 6.15 years, 9.12 years, and 9.41 years. This implies that there is an acceptable payback period (<10 years) for the PV system installation; meanwhile, the FiT scheme has the shorter payback period compared with the SGE scheme.

Funder

‘Taishan’ Scholar Program of Shandong Province, China

Outstanding Youth Science Foundation Project of Shandong Province

Natural Science Foundation Project of Shandong Province

Publisher

MDPI AG

Subject

Energy (miscellaneous),Energy Engineering and Power Technology,Renewable Energy, Sustainability and the Environment,Electrical and Electronic Engineering,Control and Optimization,Engineering (miscellaneous),Building and Construction

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