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Open AccessArticle

Industrial Photovoltaic Systems: An Economic Analysis in Non-Subsidized Electricity Markets

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Department of Industrial and Information Engineering and Economics, University of L’Aquila, Via G. Gronchi 18, L’Aquila 67100, Italy
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Department of Management, Economics and Industrial Engineering, Politecnico di Milano, Piazza L. Da Vinci 32, Milano 20133, Italy
*
Author to whom correspondence should be addressed.
Academic Editor: Mark Deinert
Energies 2015, 8(11), 12865-12880; https://doi.org/10.3390/en81112350
Received: 4 June 2015 / Revised: 31 October 2015 / Accepted: 11 November 2015 / Published: 12 November 2015
Photovoltaic (PV) systems are becoming a relevant electricity source, characterised by a growing trend in the last years. This paper analyses the economic feasibility of investments in industrial PV systems of different sizes (200 kW, 400 kW, 1 MW, and 5 MW), in the absence of subsidies, and in a mature market (Italy). The selected indicators for this kind of assessment are net present value (NPV) and discounted payback time (DPBT). Furthermore, the environmental advantage in comparison to fossil sources of energy is evaluated through the reduction of carbon dioxide emissions (ERcd). Finally, a sensitivity analysis on critical variables (percentage of self-consumed energy, average annual insolation rate, annual electricity purchase price, annual electricity sale price, unitary investment cost and opportunity cost) is conducted. Results highlight the strategic role of self-consumption in a market characterised by an absence of public policy incentives and the presence of interesting economic opportunities for industrial applications. View Full-Text
Keywords: economic analysis; photovoltaic (PV) systems; sensitivity analysis; sustainability economic analysis; photovoltaic (PV) systems; sensitivity analysis; sustainability
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Cucchiella, F.; D’Adamo, I.; Rosa, P. Industrial Photovoltaic Systems: An Economic Analysis in Non-Subsidized Electricity Markets. Energies 2015, 8, 12865-12880.

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