An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest
This paper presents an economic analysis of stationary and dual-axis tracking photovoltaic (PV) systems installed in the US Upper Midwest in terms of life-cycle costs, payback period, internal rate of return, and the incremental cost of solar energy. The first-year performance and energy savings wer...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2018-05-01
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| Series: | International Journal of Sustainable Energy |
| Subjects: | |
| Online Access: | http://dx.doi.org/10.1080/14786451.2017.1294178 |
| _version_ | 1797680358227968000 |
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| author | Wongyu Choi Michael B. Pate Ryan D. Warren Ron M. Nelson |
| author_facet | Wongyu Choi Michael B. Pate Ryan D. Warren Ron M. Nelson |
| author_sort | Wongyu Choi |
| collection | DOAJ |
| description | This paper presents an economic analysis of stationary and dual-axis tracking photovoltaic (PV) systems installed in the US Upper Midwest in terms of life-cycle costs, payback period, internal rate of return, and the incremental cost of solar energy. The first-year performance and energy savings were experimentally found along with documented initial cost. Future PV performance, savings, and operating and maintenance costs were estimated over 25-year assumed life. Under the given assumptions and discount rates, the life-cycle savings were found to be negative. Neither system was found to have payback periods less than the assumed system life. The lifetime average incremental costs of energy generated by the stationary and dual-axis tracking systems were estimated to be $0.31 and $0.37 per kWh generated, respectively. Economic analyses of different scenarios, each having a unique set of assumptions for costs and metering, showed a potential for economic feasibility under certain conditions when compared to alternative investments with assumed yields. |
| first_indexed | 2024-03-11T23:28:50Z |
| format | Article |
| id | doaj.art-5ea833e27a8f461fb6ae9f5d6df6f6e3 |
| institution | Directory Open Access Journal |
| issn | 1478-6451 1478-646X |
| language | English |
| last_indexed | 2024-03-11T23:28:50Z |
| publishDate | 2018-05-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | International Journal of Sustainable Energy |
| spelling | doaj.art-5ea833e27a8f461fb6ae9f5d6df6f6e32023-09-20T10:33:45ZengTaylor & Francis GroupInternational Journal of Sustainable Energy1478-64511478-646X2018-05-0137545547810.1080/14786451.2017.12941781294178An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper MidwestWongyu Choi0Michael B. Pate1Ryan D. Warren2Ron M. Nelson3Texas A&M UniversityTexas A&M UniversityNexant Inc.Iowa State UniversityThis paper presents an economic analysis of stationary and dual-axis tracking photovoltaic (PV) systems installed in the US Upper Midwest in terms of life-cycle costs, payback period, internal rate of return, and the incremental cost of solar energy. The first-year performance and energy savings were experimentally found along with documented initial cost. Future PV performance, savings, and operating and maintenance costs were estimated over 25-year assumed life. Under the given assumptions and discount rates, the life-cycle savings were found to be negative. Neither system was found to have payback periods less than the assumed system life. The lifetime average incremental costs of energy generated by the stationary and dual-axis tracking systems were estimated to be $0.31 and $0.37 per kWh generated, respectively. Economic analyses of different scenarios, each having a unique set of assumptions for costs and metering, showed a potential for economic feasibility under certain conditions when compared to alternative investments with assumed yields.http://dx.doi.org/10.1080/14786451.2017.1294178photovoltaiceconomic analysisus upper midwest |
| spellingShingle | Wongyu Choi Michael B. Pate Ryan D. Warren Ron M. Nelson An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest International Journal of Sustainable Energy photovoltaic economic analysis us upper midwest |
| title | An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest |
| title_full | An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest |
| title_fullStr | An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest |
| title_full_unstemmed | An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest |
| title_short | An economic analysis comparison of stationary and dual-axis tracking grid-connected photovoltaic systems in the US Upper Midwest |
| title_sort | economic analysis comparison of stationary and dual axis tracking grid connected photovoltaic systems in the us upper midwest |
| topic | photovoltaic economic analysis us upper midwest |
| url | http://dx.doi.org/10.1080/14786451.2017.1294178 |
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