Near-term economic benefits from grid-connected residential PV (photovoltaic) systems

One of the main reasons attributed to the slow uptake of grid-connected residential PV (photovoltaic) systems, is the lack of information about the near-term economic benefits which are as important as long-term viability for residential customers. This paper presents a comparative assessment of the...

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Bibliographic Details
Published in:Energy (Oxford) 2014-04, Vol.68, p.832-843
Main Authors: Pillai, Gobind G., Putrus, Ghanim A., Georgitsioti, Tatiani, Pearsall, Nicola M.
Format: Article
Language:English
Subjects:
Applied sciences
Assessments
Cost of energy
Customers
Economics
Electricity pricing
Energy
Equipments, installations and applications
Exact sciences and technology
Grid connected PV
India
Microgeneration
Natural energy
Near-term economic
Photovoltaic cells
Photovoltaic conversion
Photovoltaic systems
Renewable energy
Residential
Solar cells
Solar energy
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Summary:One of the main reasons attributed to the slow uptake of grid-connected residential PV (photovoltaic) systems, is the lack of information about the near-term economic benefits which are as important as long-term viability for residential customers. This paper presents a comparative assessment of the near-term economic benefits of grid-connected residential PV systems. Case studies from the UK and India are taken as examples, as they vary significantly in solar resource, customer demands, electricity prices and financial support mechanisms. A metric termed PEUC (prosumer electricity unit cost) is proposed to develop an economic evaluation methodology to assess the near-term benefits from PV systems. The results obtained showed that, under the present financial support mechanisms, domestic PV systems provide near-term economic benefits in most locations in India. For most locations in the UK, cost reduction is needed to achieve near-term financial benefits and this varies depending on the location of installation. The results presented demonstrate the importance of location specific system planning and demand-generation matching through optimal sizing of the PV system and demand side management. •Economic assessment based on a proposed “Prosumer Electricity Unit Cost”.•Analysis of the potential of residential GCPV (grid-connected PV) systems.•Techno-economic comparison of residential GCPV systems between the UK and India.•Analysis of the near-term economic benefits of residential GCPV systems.
ISSN:0360-5442
DOI:10.1016/j.energy.2014.02.085