Energy Management
M.K. Guerreros; Y.L. Huamán-Romaní; D.L. Pérez; E.N. Carbajal; M.F. Quispe-Aguilar; M.A.A. Bedrinana; L.K. Carrillo-De la Cruz
Abstract
This paper introduces a novel model for optimizing renewable energy systems, specifically focusing on the integration of wind turbines and photovoltaic panels to minimize net present value (NPV) costs. Addressing a significant gap in current literature, our model considers both economic and energy factors ...
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This paper introduces a novel model for optimizing renewable energy systems, specifically focusing on the integration of wind turbines and photovoltaic panels to minimize net present value (NPV) costs. Addressing a significant gap in current literature, our model considers both economic and energy factors to design an efficient hybrid system. The key contributions of this study lie in investigating the impact of incentives on cost reduction across various scenarios and proposing an optimization approach utilizing the harmonic search algorithm. In contrast to existing approaches, which often overlook economic considerations, our model accounts for the dynamic nature of electricity prices. Through simulation results, we demonstrate that the cost-effectiveness of renewable energy systems varies with electricity prices. Our findings reveal that in our study area, current electricity prices do not render renewable resources economically viable, highlighting the need for optimization strategies. By employing the proposed method, we determine the optimal configuration of solar panel and wind turbine surfaces to achieve cost-effective energy production. This research not only advances the understanding of renewable energy integration but also provides practical insights for policymakers and industry stakeholders. Overall, our study underscores the importance of considering economic factors alongside technical aspects in designing renewable energy systems.
