Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building
This study evaluates the economic feasibility of implementing renewable energy-based microgrids at the University of Córdoba, Montería, Colombia. Simulations and optimizations were conducted using the HOMER Energy software, considering local renewable resources with significant potential. The...
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| Format: | Article |
| Language: | English |
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EconJournals
2024-12-01
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| Series: | International Journal of Energy Economics and Policy |
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| Online Access: | https://econjournals.com./index.php/ijeep/article/view/17423 |
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| author | Jesús D. Rhenals-Julio Héctor Armando Martínez Miguel Doria Oviedo Juan Fernando Arango Jorge Mario Mendoza Fandiño |
| author_facet | Jesús D. Rhenals-Julio Héctor Armando Martínez Miguel Doria Oviedo Juan Fernando Arango Jorge Mario Mendoza Fandiño |
| author_sort | Jesús D. Rhenals-Julio |
| collection | DOAJ |
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This study evaluates the economic feasibility of implementing renewable energy-based microgrids at the University of Córdoba, Montería, Colombia. Simulations and optimizations were conducted using the HOMER Energy software, considering local renewable resources with significant potential. The analysis identified the combination of grid energy, photovoltaic systems, and a hydrokinetic turbine as the optimal solution, yielding a levelized cost of energy (LCOE) of 0.137 USD/kWh, an internal rate of return (IRR) of 11.9%, and a payback period of approximately 10 years. These results demonstrate the economic viability of microgrid implementation under these specific conditions. In contrast, the use of biomass gasification proved to be financially unviable due to its high initial investment costs, indicating the need for local technological development to reduce these barriers. Overall, the proposed system presents a sustainable and cost-effective alternative for energy generation in university facilities, contributing to energy diversification and long-term environmental benefits.
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| format | Article |
| id | doaj-art-8e979b783b7a451cbe95c93b236ee5f7 |
| institution | Kabale University |
| issn | 2146-4553 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Energy Economics and Policy |
| spelling | doaj-art-8e979b783b7a451cbe95c93b236ee5f72024-12-23T01:04:04ZengEconJournalsInternational Journal of Energy Economics and Policy2146-45532024-12-0115110.32479/ijeep.17423Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University BuildingJesús D. Rhenals-Julio0Héctor Armando Martínez1Miguel Doria Oviedo2Juan Fernando Arango3Jorge Mario Mendoza Fandiño4Department of Mechanical Engineering, University of Córdoba, Cra 6 No. 77-305 Montería, ColombiaDepartment of Mechanical Engineering, University of Córdoba, Cra 6 No. 77-305 Montería, ColombiaFaculty of Science and Engineering, Electromechanical Engineering Program, University of Sinú-Elías Bechara Zainúm, Cra. 1w No. 38-153, Barrio Juan XXIII, Monteria, ColombiaDepartment of Mechanical Engineering, University of Córdoba, Cra 6 No. 77-305 Montería, ColombiaDepartment of Mechanical Engineering, University of Córdoba, Cra 6 No. 77-305 Montería, Colombia This study evaluates the economic feasibility of implementing renewable energy-based microgrids at the University of Córdoba, Montería, Colombia. Simulations and optimizations were conducted using the HOMER Energy software, considering local renewable resources with significant potential. The analysis identified the combination of grid energy, photovoltaic systems, and a hydrokinetic turbine as the optimal solution, yielding a levelized cost of energy (LCOE) of 0.137 USD/kWh, an internal rate of return (IRR) of 11.9%, and a payback period of approximately 10 years. These results demonstrate the economic viability of microgrid implementation under these specific conditions. In contrast, the use of biomass gasification proved to be financially unviable due to its high initial investment costs, indicating the need for local technological development to reduce these barriers. Overall, the proposed system presents a sustainable and cost-effective alternative for energy generation in university facilities, contributing to energy diversification and long-term environmental benefits. https://econjournals.com./index.php/ijeep/article/view/17423Homer Energy, IRR, Microgrids, Renewable Sources |
| spellingShingle | Jesús D. Rhenals-Julio Héctor Armando Martínez Miguel Doria Oviedo Juan Fernando Arango Jorge Mario Mendoza Fandiño Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building International Journal of Energy Economics and Policy Homer Energy, IRR, Microgrids, Renewable Sources |
| title | Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building |
| title_full | Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building |
| title_fullStr | Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building |
| title_full_unstemmed | Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building |
| title_short | Economic Assessment of the Potential for Renewable Based Microgrids Generation Systems: An Application in a University Building |
| title_sort | economic assessment of the potential for renewable based microgrids generation systems an application in a university building |
| topic | Homer Energy, IRR, Microgrids, Renewable Sources |
| url | https://econjournals.com./index.php/ijeep/article/view/17423 |
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