Economic feasibility studies of simple and discounted payback periods for 1 MWp ground mounted solar PV plant at tirupati airport

Abstract

Impending exhaustion of fossil fuels and concerns related to environmental pollution and climate changes have led to extensive usage of renewable energy sources in the utility grid. Among the renewable energy sources, solar photovoltaics (PVs) are gaining popularity and are considered a potential solution for future electrical energy crises. Despite the technical benefits of solar PV, an economic feasibility analysis is critical in assessing the viability of a long-term solar PV project. In this chapter, the economic feasibility of a ground-mounted solar PV system at Tirupati Airport, India, is carried out considering two leading economic indices-simple payback period (SPP) and discounted payback period (DPP). The performance analysis between the two payback periods and a comparison table is presented. Finally, better energy-efficient measures like replacing the existing CFLs with LEDs are highlighted in this chapter to reduce operational costs and energy consumption, resulting in direct monetary benefits. © 2022 Scrivener Publishing LLC. All rights reserved.