A Study on Cost Optimisation Hybrid Renewable Energy System

Abstract

The increasing demand for electricity, rising fuel prices, and growing environmental concerns have accelerated the adoption of hybrid renewable energy systems (HRES) as a sustainable alternative to conventional power generation. This study investigates cost optimization in a hybrid renewable energy system by integrating multiple renewable energy sources, such as solar photovoltaic (PV), wind turbines, and battery energy storage, with conventional backup systems when required. The primary objective is to identify the most economical system configuration that satisfies energy demand while minimizing the total life cycle cost, operational expenses, and greenhouse gas emissions. The study evaluates different combinations of renewable energy resources using optimization techniques and simulationbased performance analysis under varying load and weather conditions. Key economic indicators, including Net Present Cost (NPC), Levelized Cost of Energy (LCOE), and payback period, are analyzed to determine the financial feasibility of the proposed system. The optimized hybrid configuration is expected to improve energy reliability, enhance renewable energy utilization, and reduce dependence on fossil fuels. The findings demonstrate that an effectively optimized hybrid renewable energy system can significantly lower electricity generation costs while supporting environmental sustainability and long-term energy security. This research provides valuable insights for policymakers, researchers, and energy planners in designing cost-effective and sustainable renewable energy solutions.