Cost Calculation Algorithm for Photovoltaic Systems

Development of photovoltaic power plant for remote residential applications: The socio-technical and economic perspectives

“…The days of autonomy can also be approximated by Eq. (11) as presented in [59], where P sh is the peak sun hour of Kutunku. The highest and the lowest values of P sh can be obtained from Fig.…”

“…(17) and (18) respectively, where r, i, P life and n are interest rate (%), inflation rate(%), project lifetime (years), and lifespan of component (years), respectively. In this analysis, r, i, P life , installation cost, and O and M cost are assumed to be 6%, 5%, 25 years, 5% of the components cost, and 2% of the installation cost, respectively [8,59,62]. While the expected length of life of the PV plant components are specified in the manufacturers' specifications, it is also to be noted however, that the total O and M, replacement and diesel fuel costs are analyzed by calculating their present worth.…”

Simulation and Analysis Approaches to Microgrid Systems Design: Emerging Trends and Sustainability Framework Application

“…where C, C c , C o , C m and C r stand for energy system cost, the capital cost of project, operational cost of the energy system, the maintenance cost of system component incurred or to be incurred, and the components replacement cost, respectively, all in year j. The total life-cycle cost (TLCC) is the entire system cost, and it can be calculated by Equation (20) [139,140]. This is achieved by adding the expected annual energy systems costs, returned to the present value cost.…”

“…where C, N and d represent the cost in year j, years in the project, and the annual discount rate. The capital recovery factor and the annualized cost are presented in Equations ( 21) and ( 22) [131,140,141]:…”

“…(LCC) (22) where P ls represents the project lifespan. The cost of electricity is given by Equation ( 23) [139,140,142,143]:…”