Document Type

Article

Publication Date

12-2016

Subject: LCSH

Renewable energy, Economic impact analysis, Photovoltaic power systems

Disciplines

Civil and Environmental Engineering | Civil Engineering

Abstract

Compared to the national average residential retail electricity price, Connecticut (CT) had the 4th 26 highest electricity price in the country with 19.23 cents/kWh in September 2015, nearly 50% 27 higher than the national average for price of electricity. This study aims to assess the economic 28 feasibility of the solar PV systems at the campus under realistic constraints, by analyzing actual 29 data from the solar array on campus. The project focused on the economic feasibility of solar PV 30 systems on campus with physical, spatial, and practical constraints that result in a project to 31 deviate from theoretical (estimated) values. To achieve that, the prediction of the PV power 32 generation from the building was developed and compared with the actual (measured) data. 33 The average payback period of a campus-wide PV system was calculated as primarily 11 34 years, within a range of 8-12 years, and was estimated to reduce overall building operating 35 expenses by $250,000, or 8%. The economic parameters such as NPV and IRR also validated the 36 investment worthiness. The results of the study could be used to analyze or further develop 37 feasibility studies of PV systems at other universities in Connecticut and neighboring states that 38 share similar climatic characteristics and economic factors.

Comments

This is the authors' accepted version of the article published in Renewable Energy. The version of record is available at http://dx.doi.org/10.1016/j.renene.2016.07.009

DOI

10.1016/j.renene.2016.07.009

Publisher Citation

Lee, J., Chang, B., Aktas, C., & Gorthala, R. (2016). Economic feasibility of campus-wide photovoltaic systems in New England. Renewable Energy, 99, 452-464.

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