Hence, if this step is taken, then the growth of the nation and high living standards of those areas can be guaranteed. One step towards the blueprint for energy security, decarbonization, decentralization of energy sector, fulfilment of the Paris Agreement emissions targets, and sustainable energy production is to electrify remote island regions using autonomous renewable-based power generation plants. This colossal amount of required energy implies and urges that the exploitation of renewables is of utmost prominence and priority. Apart from the aforementioned benefits of utilizing renewables, all nations should consider that the global energy demand is projected to touch the value of 38,700 TWh by the year 2050. Among several methods available to generate clean, sustainable, and renewable energy, wind turbine (WT) and photovoltaic (PV) systems have been the most appealing ones and have been applied worldwide in suitable regions, mostly owing to the merits of cost-effectiveness, zero-or low-carbon emissions, and mature industry. As such, viable alternative means and environmentally benign solutions of energy production, by which the detrimental impacts can be alleviated to a very low level, have been introduced and implemented over the past few decades. This is due to the fact that conventional methods of electricity generation have long caused major damages to the environment, accordingly leading to the deteriorating issue of climate change. In spite of this crucial role of energy in the communities, there have been controversial views, discussions, and debates surrounding the way that energy is yielded. Eventually, several practical policies are introduced to cope with economic uncertainty.Įnergy acts as the foremost ingredient of thriving macro- and micro-economies in the world. The corresponding figures for wind turbine (WT) are, respectively, 21% and 29%. Furthermore, photovoltaic (PV) optimal size starts from a value 23% less than the benchmark case and rises up to 55% more. Levelized energy cost varies from an amount 69% less than the benchmark value up to two-fold of that. The findings of economic uncertainty analysis imply that total net present cost (TNPC) fluctuates around the benchmark value symmetrically between $478,704 and $814,905.
Moreover, to ascertain the impact of economic uncertainty on optimal unit sizing of the nominated model, the fluctuations of the nominal discount rate and inflation, respectively, constitute within the range of 15–20% and 10–26%.
The techno-economic-environmental and reliability results suggest a standalone solar/wind/electrolyzer/hydrogen-based fuel cell integrated with a hydrogen-based boiler system is the best alternative. Here, a 20-year average value of discount and inflation rates is deemed a benchmark case.
#Electrolyzer alchemistry pro#
Accordingly, the under-study systems are simulated and optimized with the aid of HOMER Pro software. As such, this study scrutinizes economics of three grid-independent hybrid renewable-based systems proposed to co-generate electricity and heat for a small-scale load. One of the many barriers to decarbonization and decentralization of the energy sector in developing countries is the economic uncertainty.
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