An Analysis of Renewable Energy Technology Integration Investments in Malaysia Using HOMER Pro

Muhammad Aqil Afham Rahmat, Ag Sufiyan Abd Hamid (), Yuanshen Lu, Muhammad Amir Aziat Ishak, Shaikh Zishan Suheel, Ahmad Fazlizan and Adnan Ibrahim ()
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Muhammad Aqil Afham Rahmat: Solar Energy Research Institute, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Ag Sufiyan Abd Hamid: Faculty of Science and Natural Resources, Universiti Malaysia Sabah, Kota Kinabalu 88400, Sabah, Malaysia
Yuanshen Lu: Faculty of Engineering, Architecture and Information Technology, The University of Queensland, St Lucia, QLD 4072, Australia
Muhammad Amir Aziat Ishak: Solar Energy Research Institute, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Shaikh Zishan Suheel: Solar Energy Research Institute, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Ahmad Fazlizan: Solar Energy Research Institute, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Adnan Ibrahim: Solar Energy Research Institute, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia

Sustainability, 2022, vol. 14, issue 20, 1-24

Abstract: Renewable energy systems are technologies that can generate electricity from solar, wind, hydroelectric, biomass, and other renewable energy resources. This research project aims to find the best renewable energy technology combinations for several scenarios in Malaysia. The strategies are analysed by evaluating the investments in the renewable energy systems in each of the decided scenarios in Malaysia, Pekan, Pahang and Mersing, Johor, using HOMER Pro software. The finding shows that the PV–wind hybrid system has a better net present cost (NPC) than the other systems for both scenarios, which are USD −299,762.16 for Scenario 1 and USD −642,247.46 for Scenario 2. The PV–wind hybrid system has 4.86-year and 2.98-year payback periods in Scenarios 1 and 2. A combination of RE technologies yielded fewer emissions than one kind alone. The PV–wind hybrid system provides a quicker payback period, higher money savings, and reduced pollutants. The sensitivity results show that resource availability and capital cost impact NPC and system emissions. This finding reveals that integrated solar and wind technologies can improve the economic performance (e.g., NPC, payback period, present worth) and environmental performance (e.g., carbon dioxide emissions) of a renewable energy system.

Keywords: renewable energy; HOMER Pro; solar PV and wind; investment analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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