Solar electricity from photovoltaic (PV) panel is the important source of renewable energy and it is being popular all over the world due to enhancement of solar PV technology. There are sorts of PV panels having individually different solar performance features manufactured by different manufactures in different countries. Per watt cost, efficiency, life time etc are different for different types of PV panels. Due to difference in efficiencies, different panels require different amount of land usage for generation of same amount of electricity. Per unit electricity (kWh) generation cost is also different for different types of panels. It is an important concern to reduce land usage and per unit electricity cost. This paper deals with optimal selection of PV panel for grid tie PV power plant using multicriteria decision analysis (MCDA) algorithm. The Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is adopted as MCDA tool for optimal selection of PV panel considering land usage and per kWh generation cost criteria. Several investigations are performed for different weighing of the criteria. This study could be assumed as a powerful road map for decision makers, analysts and policy makers in context of Bangladesh.

Grid-tie PV electricity and cost for per kWh generation are affected by solar irradiances, atmospheric conditions, PV panel and inverter's specifications etc. In this paper, Kutubdia Island, Bangladesh is selected as a site location of PV plant and solar irradiance and atmospheric conditions are considered for this island. Daily total irradiances (kWh m 2 − day) are converted to hourly solar irradiances (W m 2 ) and these hourly irradiances are used to calculate daily generation of electricity. Specifications of PV panel model no. "Panasonic 325 watt Module 96 Cell HIT -Black Solar Panel" and grid tie inverter model no. "SolarMax 3×330TS-SV Multi MPPT-990kW" are chosen for this research investigation. This battery less PV system exports electricity to the grid during the sun shine hours in the day time only. Energy conversion efficiency reduces significantly due to aging of PV panel over its life time. Linear derated efficiency of PV panel due to aging effect on generation of electricity is considered in this paper. Life time average annual electricity generation is calculated for determination of cost of per kWh electricity.