Abstract:
Growing energy demand has exacerbated the issue of energy security and causes us to necessitate the utilization of renewable resources. The best alternative for promoting electricity generation in Bangladesh with renewable energy is solar photovoltaic technology and grid-connected solar photovoltaic (PV) systems are increasingly being popular considering solar potential and the recent cost of PV modules. This study proposes a grid-connected system using solar PV with a net metering strategy using Hybrid Optimization of Multiple Electric Renewables model. Outcomes reveal combining 420 kW PV with a 405-kW converter and connecting to the utility grid is the least cost and ecologically healthy configuration of the system. Electricity generation cost is estimated to be 0.0725 dollars per kilowatt-hour with a payback period of 6.4 years based on the system’s 20-year lifespan. Also, compared to the existing grid and the electricity generation of diesel, the optimized system with a renewable fraction of 31.10%, provides a reduction in carbon dioxide emissions respectively of 191 tons and 1,028 tons each year.
