Renewable energy, Economic impact analysis, Photovoltaic power systems
Civil and Environmental Engineering | Civil Engineering
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.
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Lee, Jongsung; Chang, Byungik; Aktas, Can B.; and Gorthala, Ravi, "Economic Feasibility of Campus-Wide Photovoltaic Systems in New England" (2016). Civil Engineering Faculty Publications. 28.
Lee, J., Chang, B., Aktas, C., & Gorthala, R. (2016). Economic feasibility of campus-wide photovoltaic systems in New England. Renewable Energy, 99, 452-464.