TY - GEN
T1 - Economic Assessment of Residential Hybrid Photovoltaic-Battery Energy Storage System in Iran
AU - Bakhshi-Jafarabadi, Reza
AU - Keramatpour, Ahmad
PY - 2022
Y1 - 2022
N2 - Due to a 15% electricity shortage in Iran, the scheduled shutdown occurs frequently in summer noon in 2021. These power cuts lead to serious social and economic effects on both private and government sectors. As a solution, Mashhad Electric Energy Distribution Company extended the current FiT11Feed-in-tariff (FiT) framework in a way that any individual can upgrade its existing GCPVS22Grid-connected photovoltaic system (GCPVS) to the hybrid one through exploiting BESS33Battery energy storage system (BESS) and substituting the grid-tie inverter with a hybrid one. When the grid is present, the investor sells the whole generated energy at a guaranteed price. Further, he/she benefits continuous supply of energy for domestic loads during the grid power cut. This paper presents the economic evaluation of the residential hybrid PV-BESS under FiT policy in Mashhad as a case study. The BESS is initially designed for a traditional residential demand taking the frequency and duration of the power cuts into account. Afterwards, the hybrid system is assessed under the current FiT policy from the economic perspective. The presented analyzes endorse that although the initial cost of the hybrid system raises with respect to the grid-connected type, this project with 463,425,280 Iranian Rials NPV44Net present value (NPV), 12.68 PBT55Payback period time (PBT), and 28.3% IRR 66Internal rate of return (IRR) is economically viable under the current FiT policy.
AB - Due to a 15% electricity shortage in Iran, the scheduled shutdown occurs frequently in summer noon in 2021. These power cuts lead to serious social and economic effects on both private and government sectors. As a solution, Mashhad Electric Energy Distribution Company extended the current FiT11Feed-in-tariff (FiT) framework in a way that any individual can upgrade its existing GCPVS22Grid-connected photovoltaic system (GCPVS) to the hybrid one through exploiting BESS33Battery energy storage system (BESS) and substituting the grid-tie inverter with a hybrid one. When the grid is present, the investor sells the whole generated energy at a guaranteed price. Further, he/she benefits continuous supply of energy for domestic loads during the grid power cut. This paper presents the economic evaluation of the residential hybrid PV-BESS under FiT policy in Mashhad as a case study. The BESS is initially designed for a traditional residential demand taking the frequency and duration of the power cuts into account. Afterwards, the hybrid system is assessed under the current FiT policy from the economic perspective. The presented analyzes endorse that although the initial cost of the hybrid system raises with respect to the grid-connected type, this project with 463,425,280 Iranian Rials NPV44Net present value (NPV), 12.68 PBT55Payback period time (PBT), and 28.3% IRR 66Internal rate of return (IRR) is economically viable under the current FiT policy.
KW - Economic assessment
KW - FiT
KW - Hybrid photovoltaic-BESS
KW - IRR
KW - NPV
UR - http://www.scopus.com/inward/record.url?scp=85134229337&partnerID=8YFLogxK
U2 - 10.1109/ICREDG54199.2022.9804520
DO - 10.1109/ICREDG54199.2022.9804520
M3 - Conference contribution
AN - SCOPUS:85134229337
T3 - 2022 9th Iranian Conference on Renewable Energy and Distributed Generation, ICREDG 2022
BT - 2022 9th Iranian Conference on Renewable Energy and Distributed Generation, ICREDG 2022
PB - Institute of Electrical and Electronics Engineers (IEEE)
T2 - 9th Iranian Conference on Renewable Energy and Distributed Generation, ICREDG 2022
Y2 - 23 February 2022 through 24 February 2022
ER -
