Comparative Economic Assessment of On-Grid Solar Power System Applications Having Limited Areas: A Case Study on a Shore Facility

Abstract

The objective of this study is to assess the economic feasibility of installing high-efficiency solar panels in a yacht marina in the cesme district of Izmir, Turkiye. In this aim, the facility's energy demand from the grid is reduced. The study compares ten different PV panel modules with various installation configurations, including fixed, horizontal, vertical, and two-axis. The most cost-effective option is determined with novel comparative economic indicators involving the costs associated with purchasing electricity from the grid. The PVGIS online tool is used to simulate energy production from solar panel systems and determine the ideal quantity of solar panels that can be deployed within the designated regions. New economic indicators, Relative Levelized Energy Cost (RLEC), and Relative Payback Period (RPBP) are proposed in the study to compare the economic performance of the different solar panel sets. The results indicate that the facility can compensate for 14.44% of its energy demand with the two-axis configuration. Module 5 yielded the best relative economic performance with an RLEC of 0.090 $/kWh. The best Payback Period (PBP) is obtained from fixed module 7, while the best RPBP is achieved with fixed module 5 at 7.113 years, which shows the importance of using comparative economic indicators for suitable energy systems.