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Modeling and Economic Assessment of a Hybrid Renewable Energy System for Grid-Connected Applications
Subject area: Science,Engineering and Technology · Area of research: Hybrid Renewable Energy Systems
DOI: https://doi.org/10.64388/IREV10I2-1722191
Abstract
The increasing demand for reliable, affordable, and environmentally sustainable electricity has intensified the need for alternative energy solutions that can complement or replace conventional fossil fuel=based power generation. Hybrid renewable energy systems (HRES) have emerged as a viable solution by integrating multiple energy sources to improve system reliability. This study presents the modeling and economic assessment of a grid-connected hybrid renewable energy system comprising photovoltaic (PV) panels, battery energy storage, generator, power converters and the utility grid. The objective is to determine the optimal system configuration capable of meeting the electrical load demand with minimum life-cycle cost while maximizing renewable energy utilization and ensuring high system reliability. The proposed hybrid system is modeled using HOMER pro and MATLAB/Simulink. The system performance is evaluated using key techno-economic indicators, including Net Present Cost (NPC), Levelized Cost of Energy (LCOE), operating cost, renewable energy fraction. The results demonstrate that the optimized hybrid configuration significantly reduces dependence on grid electricity, lowers annual operating costs, increases renewable energy penetration and minimizes greenhouse gas emissions compared with a conventional grid-only supply system. The system gave a least Net Present Cost of ₦8,435,340,000.00, Least Operating cost of ₦13,445,300.00 and Levelized Cost of Energy of ₦10,674.56/KWh the CO2 gas emission was also reduced from 58,040.77Kg/yr to 33,561.00Kg/yr of CO2 emitted representing a 42.18% reduction. The findings highlight the technical feasibility and economic viability of grid-connected hybrid renewable energy systems as a sustainable solution for modern electricity supply. The proposed modeling framework provides valuable guidance for engineers, researchers, policymakers, and energy planners involved in the design, optimization and deployment of renewable energy systems for residential, commercial, industrial, and institutional applications.
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How to cite this paper
@article{1722191,
author = {D. C. Oyiogu, S. C. Nwokporo},
title = {Modeling and Economic Assessment of a Hybrid Renewable Energy System for Grid-Connected Applications},
journal = {Iconic Research And Engineering Journals},
year = {2026},
volume = {10},
number = {2},
pages = {1277-1290},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1722191.pdf},
abstract = {The increasing demand for reliable, affordable, and environmentally sustainable electricity has intensified the need for alternative energy solutions that can complement or replace conventional fossil fuel=based power generation. Hybrid renewable energy systems (HRES) have emerged as a viable solution by integrating multiple energy sources to improve system reliability. This study presents the modeling and economic assessment of a grid-connected hybrid renewable energy system comprising photovoltaic (PV) panels, battery energy storage, generator, power converters and the utility grid. The objective is to determine the optimal system configuration capable of meeting the electrical load demand with minimum life-cycle cost while maximizing renewable energy utilization and ensuring high system reliability. The proposed hybrid system is modeled using HOMER pro and MATLAB/Simulink. The system performance is evaluated using key techno-economic indicators, including Net Present Cost (NPC), Levelized Cost of Energy (LCOE), operating cost, renewable energy fraction. The results demonstrate that the optimized hybrid configuration significantly reduces dependence on grid electricity, lowers annual operating costs, increases renewable energy penetration and minimizes greenhouse gas emissions compared with a conventional grid-only supply system. The system gave a least Net Present Cost of ₦8,435,340,000.00, Least Operating cost of ₦13,445,300.00 and Levelized Cost of Energy of ₦10,674.56/KWh the CO2 gas emission was also reduced from 58,040.77Kg/yr to 33,561.00Kg/yr of CO2 emitted representing a 42.18% reduction. The findings highlight the technical feasibility and economic viability of grid-connected hybrid renewable energy systems as a sustainable solution for modern electricity supply. The proposed modeling framework provides valuable guidance for engineers, researchers, policymakers, and energy planners involved in the design, optimization and deployment of renewable energy systems for residential, commercial, industrial, and institutional applications.},
month = {August},
doi = {https://doi.org/10.64388/IREV10I2-1722191}
}