Open AccessReview on Economic analysis of Photovoltaic Thermal Systems
Author(s) -
B. Kalidasan,
R. Divyabharathi,
Adarsh Pandey,
R. Saidur
Publication year - 2021
Publication title -
iop conference series. materials science and engineering
Language(s) - English
Resource type - Journals
eISSN - 1757-899X
pISSN - 1757-8981
DOI - 10.1088/1757-899x/1127/1/012008
Subject(s) - photovoltaic system , renewable energy , environmental economics , profit (economics) , solar energy , environmental science , engineering , process engineering , economics , electrical engineering , microeconomics
Sun is the most promising renewable resource available to mankind for extracting maximum useful energy. One of the best ways to trap solar energy is to install photovoltaic thermal (PVT) systems whose main novelty is to produce power by photovoltaic conversion and also dissipate the heat evolved to recover thermal energy thereby enhancing the overall efficiency of the system. Implementing this approach in practical application system lags mainly due to the requirement of economic investment. This paper reviews on the economics involved in the installation, operation and maintenance of solar PVT systems. The economic viability of solar PVT systems is evaluated by considering five criteria (energy costs, life cycle costs, profit ratio, cost savings and pay-back period). Furthermore the performances of many PVT systems were compared and the economic evaluation has proved that the PVT system is economically feasible and has greater potential for incorporating in residential/commercial buildings especially for tropical countries like India.