Techno-economic analysis of PV/wind turbine stand-alone energy system

Techno-economic analysis of various stand-alone photovoltaic wind turbine energy systems is made. Three different energy storage options were compared namely (i) battery, (ii) hydrogen system and (iii) combined battery and hydrogen system. Each of the three energy storage options was simulated with five different system configurations. Overall, 15 different hour by hour simulation were performed using Matlab. The hourly wind speed and solar insolation input data, location Split Croatia, were acquired from the national meteorological service. The techno-economic analysis consists of annual life cycle analysis, levelized cost of energy analysis and overall system efficiency. The results show that using both solar and wind for energy production and using both battery and hydrogen for energy storage is the economically more viable solution than using only one energy source and one form of energy storage. Solar/wind/battery/hydrogen system configuration resulted in 0.509 €/kWh, while solar/battery and wind/battery resulted in 0.945 €/kWh and 2.496 €/kWh levelized cost of energy, respectively.