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Connecticut (CT) stands among the top five states for its high electric rates due to limitation in transmission facilities and storage of natural gas. Photovoltaic systems are a growing alternative energy source that reduces the electricity demand and hence higher education institutions should start implementing these technologies to reduce the burden of paying more for electricity bills. The primary objective of the study was to analyze the economic feasibility of solar photovoltaic systems (PV) in higher education institutions in CT. To perform the objective, several economic parameters were calculated and the annual electricity revenue for the University of New Haven was determined and applied to the entire state of Connecticut. The study was expanded to other states in the U.S. by normalizing the available roof area, electricity rate, and solar index by each state. The total electricity generation for various regions by normalization was estimated to be about $651.2 Million annually. With the normalization ratio obtained, one can identify the total power generation in other regions of the U.S. beforehand while considering installation of PV systems. Results from the study regarding the total revenue reveal that the Southwestern and Western regions of the U.S have more solar power generation capacity due to high solar radiation. A life cycle analysis for solar panel was performed at the end to determine how beneficial it is to adopt solar PV in the long run. Considering the recycling of solar PV at the end of its life, additional 4.33% of the total revenue will be expected as benefit, which is quite significant for sustainable option to invest. This reveals that the solar PV is one of significant energy sources and cost saving factors.

A feasibility study for PV installations in higher education institutions – a case study