Photovoltaic System Design for Financial Analysis and Comparison of Viable Solutions

Abstract

on a global scale, with persistent technological advancements and industrialization, energy demand is predicted to rise 41% per annum between 2012 and 2035. In Asia alone, a 2.6% annual rise was forecast for the decade 2005-2015.On the other hand, Pakistan has been predicted to outrun its domestic oil and gas by years 2025 and 2030 respectively. This stimulates the dire need for us to pursue alternate energy sources more aggressively. Among green energy solutions, Pakistan has immense potential to harness solar energy. It can generate more than 100,000 MW of possible solar capacity.In order to implement any system, financial repercussions are needed to be taken into account. This paper explores the costs involved to implement a test Photovoltaic system for 6kW load in Lahore, Pakistan to generate power from solar energy. Two different solutions are formulated to run 6kW load for the sake of budgetary comparison and analysis. It is deduced from the study that by employing equipment available in local markets, cost of a photovoltaic system can be reduced by more than half in comparison to high end components offered by turnkey solution providers.