Techno-Economic Feasibility Study of a 1.5 MW Grid-Connected Solar Power Plant in Bangladesh

Abstract

This study addresses the pressing energy constraints in nations like Bangladesh by proposing the implementation of photovoltaic (PV) microgrids. Given concerns about environmental degradation, limited fossil fuel reserves, and volatile product costs, renewable energy sources are gaining momentum globally. Our research focuses on a grid-connected solar PV system model at Char Jazira, Lalpur, Natore, Rajshahi, Bangladesh. Through PVsyst 7.1 simulation software, we assess the performance ratio (PR) and system losses, revealing an annual solar energy potential of 3375 MWh at standard test condition (STC) efficiency. After considering losses, the system generates 2815.2 MWh annually, with 2774 MWh exported to the grid. We analyze an average PR of 78.63% and calculate a levelized cost of energy (LCOE) of 2.82 BDT/kWh [1 USD = 110 BDT]. The financial assessment indicates a cost-effective LCOE for the grid-connected PV system, with an annual gross income of 27,744 kBDT from selling energy to the grid and operating costs of 64,060.60 BDT/year. Remarkably, this initiative can prevent 37,647.82 tCO2 emissions over the project’s 25-year lifespan.