Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222967
Title: ECONOMIC STUDY ON THE APPLICATION OF PHOTOVOLTAIC (PV) IN SINGAPORE
Authors: LIM SIN YI ANGELA
Keywords: Building
Project and Facilities Management
Lee Siew Eang
2011/2012 PFM
Life cycle cost
Payback period
Photovoltaic (PV) system
Renewable energy
Solar grid parity
Issue Date: 4-Jan-2012
Citation: LIM SIN YI ANGELA (2012-01-04). ECONOMIC STUDY ON THE APPLICATION OF PHOTOVOLTAIC (PV) IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: The economic aspect of the solar Photovoltaic (PV) system has been a crucial aspect which is being analyzed before the decision to harness solar PV is made. As the site location of the PV system affects the performance output of the PV system. This paper is interested in analyzing the economic aspects of the solar PV system installed in Singapore’s tropical climatic condition. In this paper, literature reviews and four case studies which include PV system installed at ZEB@ BCA Academy and Khoo Teck Puat Hospital have been conducted to gain better insight to the costing of the PV system installation in Singapore. In the case study analysis, the life cycle costs (LCC) of the PV system are calculated based on the assumptions that the PV system will work well for 20 years and 25 years with the replacement of the inverters at every 5 or 10 years respectively. With the LCC computed, the payback period for the PV systems is also calculated with considerations that there is a 4% annual increment to the tariff rate and an annual 1% reduction in the energy output by the PV system. Depending on the lifespan and inverter replacement frequency, the payback period of the PV systems calculated for the four case studies ranges between 21 to 32 years. Currently, the estimated average PV generated electricity is at approximately $0.4643/kWh, which is still 1.70 times higher than the July 2011 low tension tariff rate in Singapore. Based on the trend of the electricity tariff rate in Singapore and the costs movement of the PV system, the solar grid parity is predicted with various scenarios. Under the scenarios, the grid parity may occur as early as 2012 to as late as 2025. Currently, with the long payback period, adopting PV energy may not be viable to many in economical senses. However, adopting solar renewable energy is not just about financial returns and the cost of installation should not be the only decision factor.
URI: https://scholarbank.nus.edu.sg/handle/10635/222967
Appears in Collections:Bachelor's Theses

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