ECONOMIC ASSESSMENT OF SOLAR PHOTOVOLTAIC SYSTEMS TO SET FORTH NET ZERO ENERGY FOR SDE BUILDING CLUSTER

Abstract

Combinations of energy efficient building technology & design, and renewable energy sources have been the main strategies in tackling matters of building energy efficiency. An energy audit report, including a precedent PV system proposal, on SDE1, SDE2 and SDE3, referred to as SDE building cluster, have reported the feasibility of implementing strategies to improve building energy efficiency. Hence, the energy audit report will be used as a case study to provide economic assessment on the achievement of Net Zero Energy (NZE) with the implementation of a PV system optimized from the precedent PV system proposal. The research methodology proposes an analysis on energy performances of PV systems through 3 simulation studies. Each study’s energy model will have distinct active rooftop PV areas, with simulation study 1(SS1) proposing a PV area based on the precedent PV proposal, simulation study 2 (SS2) proposing a 50% increase in PV area, and simulation study 3 (SS3) proposing a 100% increase in PV area. The models in each simulation study will be calibrated with specifications from 78 different PV modules to produce various PV systems. Energy output from the simulation studies consisting of Annual Energy Generated, Total Rated Capacity of PV systems and Performance Ratios (PR) will generate the Life Cycle Costs (LCC) and Levelised Cost of Energy (LCOE) for each simulated PV system to conduct a Life Cycle Cost Assessment (LCCA) through economical payback period and optimal investment financing. The results in this study finds that NZE for SDE building cluster is highly feasible with favorable economic payback periods for PV systems when compared in cost savings from electrical tariffs. Findings on investment financing of PV systems also finds PV systems in SS1 and SS2 are relatively less risky. In contrast, SS3 PV systems are considered oversized and are less economical, while also carrying higher investment risks.