Feasibility and techno-economic analysis of hybrid renewable energy-based microgrid system for Kutubdia island in Bangladesh

Abstract

In order to meet the restricted electrical demands of rural regions without depleting traditional resources, renewable energy technologies have emerged as a more dependable source of power supply. To evaluate the technological compatibility, performance, and financial sustainability of integrating diverse renewable energy sources, a techno-economic feasibility study is crucial in the hybrid renewable energy system (HRES). This study examines the technological and economic viability of a microgrid system in Kutubdia Island, Bangladesh, with a daily load requirement of 885.06 kWh at a peak load consumption of 103.98 kW through optimization and sensitivity analysis using HOMER Pro software. With 82% renewable energy penetration, the net present cost (NPC) of the optimized system was found to be $1.29 million, along with a cost of energy (COE) of $0.273 per kWh. According to this analysis, the hybrid PV/Battery/Wind/Diesel Generator system is found to be the most economically viable microgrid component setup compared to the base case system.