Optimal Solution for a Renewable-Energy-Generation System at a Private Educational Institute in South Korea

Sangjib Kwon, Hyungbae Gil, Seoin Baek () and Heetae Kim ()
Additional contact information
Sangjib Kwon: Department of Business Management, College of Social Science, Hansung University, Seoul 02876, Republic of Korea
Hyungbae Gil: Korea Institute of Machinery and Materials, Daejeon 34103, Republic of Korea
Seoin Baek: Science and Technology Policy Institute, Sejong 30147, Republic of Korea
Heetae Kim: Korea Institute of Machinery and Materials, Daejeon 34103, Republic of Korea

Energies, 2022, vol. 15, issue 24, 1-11

Abstract: Climate change has been turning into a climate crisis. Thus, we live in an era in which it is important to carry out the promise of 2050 carbon neutrality worldwide. South Korea is a country with a very large private education market. As the online education market has also recently expanded rapidly, interest in the electricity consumed by educational institutions is growing. One way to reduce the power consumption of private educational institutions, which is expected to gradually increase, is to replace the existing power system with a hybrid energy system based on renewable energy. This study aims to investigate an optimized renewable-energy-based hybrid system to supply adequate power to private educational institutions in Korea. We propose an optimal system using the HOMER (Hybrid Optimization Model for Electric Renewables) program. The result is that when private educational institutions adopt a hybrid renewable energy system, the renewable fraction is negligible in the grid-connected type, but it is analyzed that the NPC (Net Present Cost) will greatly increase because it exceeds 70% in the stand-alone type. The difference between on-grid and off-grid is significant, so it must be taken into account when devising renewable energy policies.

Keywords: private education institution; hybrid renewable energy system; energy mix; HOMER; photovoltaic; net present cost (NPC); cost of electricity (COE); South Korea (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.mdpi.com/1996-1073/15/24/9430/pdf (application/pdf)
https://www.mdpi.com/1996-1073/15/24/9430/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:15:y:2022:i:24:p:9430-:d:1001979

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().