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Parametric cost-benefit analysis for the installation of photovoltaic parks in the island of Cyprus

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  • Poullikkas, Andreas

Abstract

In this work a feasibility study is carried out in order to investigate whether the installation of large photovoltaic (PV) parks in Cyprus, in the absence of relevant feed-in tariff or other measures, is economically feasible. The study takes into account the available solar potential of the island of Cyprus as well as all available data concerning current renewable energy sources (RES) policy of the Cyprus Government and the current RES electricity purchasing tariff from Electricity Authority of Cyprus. In order to identify the least-cost feasible option for the installation of 1Â MW PV park a parametric cost-benefit analysis is carried out by varying parameters such as PV park orientation, PV park capital investment, carbon dioxide emission trading system price, etc. For all above cases the electricity unit cost or benefit before tax, as well as after-tax cash flow, net present value, internal rate of return and payback period are calculated. The results indicate that capital expenditure of the PV park is a critical parameter for the viability of the project when no feed-in tariff is available.

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  • Poullikkas, Andreas, 2009. "Parametric cost-benefit analysis for the installation of photovoltaic parks in the island of Cyprus," Energy Policy, Elsevier, vol. 37(9), pages 3673-3680, September.
    • Handle: RePEc:eee:enepol:v:37:y:2009:i:9:p:3673-3680
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    1. Theodoros, Zachariadis, 2011. "Medium-term energy outlook for Cyprus and its policy implications," Energy Policy, Elsevier, vol. 39(10), pages 6631-6635, October.
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    3. Gilani, Hooman Azad & Hoseinzadeh, Siamak & Karimi, Hirou & Karimi, Ako & Hassanzadeh, Amir & Garcia, Davide Astiaso, 2021. "Performance analysis of integrated solar heat pump VRF system for the low energy building in Mediterranean island," Renewable Energy, Elsevier, vol. 174(C), pages 1006-1019.
    4. Orioli, Aldo & Di Gangi, Alessandra, 2013. "Effects of the Italian financial crisis on the photovoltaic dissemination in a southern city," Energy, Elsevier, vol. 62(C), pages 173-184.
    5. Oliver O. Apeh & Edson L. Meyer & Ochuko K. Overen, 2022. "Contributions of Solar Photovoltaic Systems to Environmental and Socioeconomic Aspects of National Development—A Review," Energies, MDPI, vol. 15(16), pages 1-28, August.
    6. Orioli, Aldo & Di Gangi, Alessandra, 2014. "Review of the energy and economic parameters involved in the effectiveness of grid-connected PV systems installed in multi-storey buildings," Applied Energy, Elsevier, vol. 113(C), pages 955-969.
    7. Aldo Orioli & Vincenzo Franzitta & Alessandra Di Gangi & Ferdinando Foresta, 2016. "The Recent Change in the Italian Policies for Photovoltaics: Effects on the Energy Demand Coverage of Grid-Connected PV Systems Installed in Urban Contexts," Energies, MDPI, vol. 9(11), pages 1-31, November.
    8. Poullikkas, Andreas & Kourtis, George & Hadjipaschalis, Ioannis, 2011. "A hybrid model for the optimum integration of renewable technologies in power generation systems," Energy Policy, Elsevier, vol. 39(2), pages 926-935, February.
    9. Orioli, Aldo & Di Gangi, Alessandra, 2015. "The recent change in the Italian policies for photovoltaics: Effects on the payback period and levelized cost of electricity of grid-connected photovoltaic systems installed in urban contexts," Energy, Elsevier, vol. 93(P2), pages 1989-2005.
    10. Ding, Ming & Xu, Zhicheng & Wang, Weisheng & Wang, Xiuli & Song, Yunting & Chen, Dezhi, 2016. "A review on China׳s large-scale PV integration: Progress, challenges and recommendations," Renewable and Sustainable Energy Reviews, Elsevier, vol. 53(C), pages 639-652.
    11. Chiemeka Onyeka Okoye & Serkan Abbasoglu, 2013. "Empirical Investigation of Fixed and Dual Axis Sun Tracking Photovoltaic System Installations in Turkish Republic of Northern Cyprus," Journal of Asian Scientific Research, Asian Economic and Social Society, vol. 3(5), pages 440-453, May.
    12. Dusonchet, L. & Telaretti, E., 2015. "Comparative economic analysis of support policies for solar PV in the most representative EU countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 42(C), pages 986-998.
    13. Castagneto Gissey, Giorgio & Zakeri, Behnam & Dodds, Paul E. & Subkhankulova, Dina, 2021. "Evaluating consumer investments in distributed energy technologies," Energy Policy, Elsevier, vol. 149(C).
    14. Namrata Bista & Fangzheng Yuan & Yao Yu & Rui Miao & Xiaoou Hu & Mijia Yang, 2023. "Parameter Study of Financial Analysis for Implementing Solar Photovoltaics Structural Snow Fences," Sustainability, MDPI, vol. 15(2), pages 1-19, January.
    15. Dusonchet, Luigi & Telaretti, Enrico, 2010. "Economic analysis of different supporting policies for the production of electrical energy by solar photovoltaics in western European Union countries," Energy Policy, Elsevier, vol. 38(7), pages 3297-3308, July.

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