Multiple Criteria Decision Making (MCDM) Based Economic Analysis of Solar PV System with Respect to Performance Investigation for Indian Market

Padmanathan K., Uma Govindarajan, Vigna K. Ramachandaramurthy and Sudar Oli Selvi T.
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Padmanathan K.: Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India
Uma Govindarajan: Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India
Vigna K. Ramachandaramurthy: Power Quality Research Group, Institute of Power Engineering, Universiti Tenaga Nasional, Kajang 43000, Malaysia
Sudar Oli Selvi T.: Department of Electrical and Electronics Engineering, College of Engineering, Guindy, Anna University, Chennai, Tamilnadu 600025, India

Sustainability, 2017, vol. 9, issue 5, 1-19

Abstract: Energy market is subject to changing energy demands on a daily basis. The increasing demand for energy necessitates the use of renewable sources and promotes decentralized generation. Specifically, solar PV is preferred in the energy market to meet the increasing energy demand. New approaches are preferred in the economic analysis to simulate multiple actor interplays and intermittent behavior in order to predict the increasing complexity in solar PV. In the Indian society, there are various myths and perceptions regarding economics of electricity generated through solar PV system. Therefore, this paper will address the various Life Cycle Cost Analysis (LCCA) and economic analysis for all types of consumers in the Indian electricity market. A detailed economic and performance study is made by considering ten categories and seven sub categories of investment plan for 1 MW solar projects using Multi Criteria Decision Making (MCDM). Analytic Hierarchy Process (AHP) is applied to support the decision.

Keywords: solar PV system; levelized cost of energy (LCOE); internal rate of return (IRR); net present value (NPV); accelerated depreciation (AD); multiple criteria decision making (MCDM); analytic hierarchy process (AHP) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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