Economic analysis of hybrid Photovoltaic Thermal Configurations: A comparative study

Abstract

Abstract The research focus immersed on the renewable\xa0power\xa0generation\xa0is moving\xa0more expeditiously than the conventional\xa0power\xa0generation\xa0schemes.\xa0Additionally, apart from all other hybrid systems, Photovoltaic Thermal Systems\xa0(PTS)\xa0possesses\xa0the unique advantage of\xa0utilizing\xa0the maximum incident solar energy emanating from the\xa0radiant sun.\xa0Ordinarily, various PTS configurations implement different thermal extraction and heat utilization methods.\xa0This exhaustive work majorly concentrates on the flat plate PTS configuration\xa0commercialization concepts.\xa0Nevertheless, the current research scenario for each specific\xa0configuration, such as liquid\xa0type\xa0PTS, air\xa0type\xa0PTS, Phase Change Materials\xa0(PCM)\xa0based\xa0PTS, Thermoelectric Generator\xa0(TEG)\xa0integrated\xa0PTS, and other hybrid\xa0configurations\xa0are withal discussed.\xa0In the commercialization aspect, the specific major\xa0constrain\xa0is\xa0economic considerations.\xa0However, there\xa0is\xa0a\xa0lack\xa0of literature studies on the financial issues of various\xa0PTS\xa0configurations.\xa0The main objective of the proposed work is to develop a theoretical economic model for the hybrid PTS configurations with a single reference frame. Therefore, this notable work considers the\xa0Levelized\xa0Cost of Energy\xa0(LCOE)\xa0for calculation of\xa0economics\xa0involved in the different\xa0PTS\xa0configurations and it compares with the standard PV model.\xa0Furthermore, theoretical results show that the LCOE of TEG based PTS configuration\xa0has exceptionally 8.71% higher LCOE than the standalone PV system, similarly for liquid, air, PCM and Nanofluid based arrangements is 43.5%, 24.24%, 28.40%, and 28.40% higher than the standalone PV systems.