Next Article in Journal
Beauveria bassiana Ribotoxin (BbRib) Induces Silkworm Cell Apoptosis via Activating Ros Stress Response
Next Article in Special Issue
Problems of Selected Sectors of Biofuels for Transport in Poland
Previous Article in Journal
Controlling Atmospheric Corrosion of Weathering Steel Using Anodic Polarization Protection Technique
Previous Article in Special Issue
Techno-Economic Assessment of a Grid-Independent Hybrid Power Plant for Co-Supplying a Remote Micro-Community with Electricity and Hydrogen
Article

Investigating the Impact of Economic Uncertainty on Optimal Sizing of Grid-Independent Hybrid Renewable Energy Systems

1
Queensland Micro and Nanotechnology Centre, Griffith University, Nathan 4111, QLD, Australia
2
Faculty of Engineering, Kotelawla Defence University, Kandawala Estate, Ratmalana 10390, Sri Lanka
3
Department of Mechanical Engineering, Rajshahi University of Engineering & Technology, Rajshahi 6204, Bangladesh
4
Department of Physiology, College of Medicine and King Khalid University Hospital, King Saud University, Medical City, P.O. Box 2925, Riyadh 11461, Saudi Arabia
5
Institute of Mechanical Engineering, Warsaw University of Life Sciences, 02-787 Warsaw, Poland
6
Electrical Engineering Department, Faculty of Engineering, Minia University, Minia 61519, Egypt
7
Department of Electrical Engineering, Fuzhou University, Fuzhou 350116, China
*
Authors to whom correspondence should be addressed.
Academic Editor: Enrique Rosales-Asensio
Processes 2021, 9(8), 1468; https://doi.org/10.3390/pr9081468
Received: 7 July 2021 / Revised: 4 August 2021 / Accepted: 12 August 2021 / Published: 23 August 2021
One of the many barriers to decarbonization and decentralization of the energy sector in developing countries is the economic uncertainty. As such, this study scrutinizes economics of three grid-independent hybrid renewable-based systems proposed to co-generate electricity and heat for a small-scale load. Accordingly, the under-study systems are simulated and optimized with the aid of HOMER Pro software. Here, a 20-year average value of discount and inflation rates is deemed a benchmark case. The techno-economic-environmental and reliability results suggest a standalone solar/wind/electrolyzer/hydrogen-based fuel cell integrated with a hydrogen-based boiler system is the best alternative. Moreover, to ascertain the impact of economic uncertainty on optimal unit sizing of the nominated model, the fluctuations of the nominal discount rate and inflation, respectively, constitute within the range of 15–20% and 10–26%. The findings of economic uncertainty analysis imply that total net present cost (TNPC) fluctuates around the benchmark value symmetrically between $478,704 and $814,905. Levelized energy cost varies from an amount 69% less than the benchmark value up to two-fold of that. Furthermore, photovoltaic (PV) optimal size starts from a value 23% less than the benchmark case and rises up to 55% more. The corresponding figures for wind turbine (WT) are, respectively, 21% and 29%. Eventually, several practical policies are introduced to cope with economic uncertainty. View Full-Text
Keywords: economic uncertainty; hydrogen-based fuel cell; hydrogen-based boiler; electricity and heat co-generation; standalone hybrid renewable-based systems economic uncertainty; hydrogen-based fuel cell; hydrogen-based boiler; electricity and heat co-generation; standalone hybrid renewable-based systems
Show Figures

Figure 1

MDPI and ACS Style

Rezaei, M.; Dampage, U.; Das, B.K.; Nasif, O.; Borowski, P.F.; Mohamed, M.A. Investigating the Impact of Economic Uncertainty on Optimal Sizing of Grid-Independent Hybrid Renewable Energy Systems. Processes 2021, 9, 1468. https://doi.org/10.3390/pr9081468

AMA Style

Rezaei M, Dampage U, Das BK, Nasif O, Borowski PF, Mohamed MA. Investigating the Impact of Economic Uncertainty on Optimal Sizing of Grid-Independent Hybrid Renewable Energy Systems. Processes. 2021; 9(8):1468. https://doi.org/10.3390/pr9081468

Chicago/Turabian Style

Rezaei, Mostafa, Udaya Dampage, Barun K. Das, Omaima Nasif, Piotr F. Borowski, and Mohamed A. Mohamed 2021. "Investigating the Impact of Economic Uncertainty on Optimal Sizing of Grid-Independent Hybrid Renewable Energy Systems" Processes 9, no. 8: 1468. https://doi.org/10.3390/pr9081468

Find Other Styles
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Access Map by Country/Region

1
Back to TopTop