Design and Analysis of an On-Grid Solar System House in Lahore, Pakistan

Waseem Ijaz and Muhammad Tariq Iqbal

European Journal of Electrical Engineering and Computer Science, 2024, vol. 8, issue 6, 1-13

Abstract: This paper investigates the economic and environmental benefits of installing a photovoltaic (PV) system in DHA Lahore using two distinct modeling tools: the System Advisor Model (SAM) and HOMER Pro. The study provides a comprehensive financial analysis by comparing the performance metrics of the PV system under both models. SAM analysis reveals a levelized cost of energy of 6.22 c/kWh nominal and 2.95 c/kWh real, with significant annual electricity bill savings of $1269 and a payback period of 2.7 years. Conversely, HOMER Pro highlights a high internal rate of return of 32.5% and a discounted payback period of 3.07 years, with a net present cost of $71,782.26, indicating considerable cost savings over the system’s lifetime. Although HOMER’s levelized cost of energy is reported at $0.125 per kWh, it reflects the system’s overall cost-effectiveness when combined with reduced operating expenditures. Both models underscore the PV system’s capacity to offer rapid financial returns, significant long-term savings, and substantial reductions in electricity costs. The study confirms that investing in solar technology in DHA Lahore is economically advantageous and environmentally beneficial, providing a sustainable solution for energy needs.

Keywords: HOMER Pro; Hybrid power systems; on-grid solar system; PV system design (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:epw:ejece0:v:8:y:2024:i:6:id:19652

DOI: 10.24018/ejece.2024.8.6.652

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