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Sustainability 2017, 9(5), 820; doi:10.3390/su9050820

Multiple Criteria Decision Making (MCDM) Based Economic Analysis of Solar PV System with Respect to Performance Investigation for Indian Market

1
Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India
2
Power Quality Research Group, Institute of Power Engineering, Universiti Tenaga Nasional, Kajang 43000, Malaysia
*
Author to whom correspondence should be addressed.
Academic Editors: Gwo-Hshiung Tzeng and Kao-Yi Shen
Received: 26 February 2017 / Revised: 30 April 2017 / Accepted: 10 May 2017 / Published: 17 May 2017
View Full-Text   |   Download PDF [2523 KB, uploaded 24 May 2017]   |  

Abstract

Energy market is subject to changing energy demands on a daily basis. The increasing demand for energy necessitates the use of renewable sources and promotes decentralized generation. Specifically, solar PV is preferred in the energy market to meet the increasing energy demand. New approaches are preferred in the economic analysis to simulate multiple actor interplays and intermittent behavior in order to predict the increasing complexity in solar PV. In the Indian society, there are various myths and perceptions regarding economics of electricity generated through solar PV system. Therefore, this paper will address the various Life Cycle Cost Analysis (LCCA) and economic analysis for all types of consumers in the Indian electricity market. A detailed economic and performance study is made by considering ten categories and seven sub categories of investment plan for 1 MW solar projects using Multi Criteria Decision Making (MCDM). Analytic Hierarchy Process (AHP) is applied to support the decision. View Full-Text
Keywords: solar PV system; levelized cost of energy (LCOE); internal rate of return (IRR); net present value (NPV); accelerated depreciation (AD); multiple criteria decision making (MCDM); analytic hierarchy process (AHP) solar PV system; levelized cost of energy (LCOE); internal rate of return (IRR); net present value (NPV); accelerated depreciation (AD); multiple criteria decision making (MCDM); analytic hierarchy process (AHP)
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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K., P.; Govindarajan, U.; K. Ramachandaramurthy, V.; T., S.O.S. Multiple Criteria Decision Making (MCDM) Based Economic Analysis of Solar PV System with Respect to Performance Investigation for Indian Market. Sustainability 2017, 9, 820.

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