| Summary: | This paper proposes a systematic decision-making approach for the assessment of hybrid renewable energy
applications with techno-economic optimization, with application to the Rajamangala University of Technology Srivijaya (Trang
Campus) in southern Thailand. Using the hybrid optimization model for electric renewable (HOMER) Pro simulation tool, the
techno-economic aspects of a grid-connected combined solar photovoltaics, wind turbine generator, and energy storage (Li-Ion
battery), are optimized in order to minimize the net present cost (NPC) and the levelized cost of energy (LCOE). The model
inputs are NASA-Surface Meteorology and Solar Energy and Modern-Era Retrospective analysis for Research and Applications
databases, and monthly power loads of the campus analyzed. The results are compared and optimized amongst four
combinations. It is found that the optimal hybrid renewable energy power system offers the lowest NPC and the lowest LCOE to
satisfy the full load of the campus.
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