IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v125y2018icp907-914.html
   My bibliography  Save this article

Parametric analysis for cost-optimal renewable energy integration into residential buildings: Techno-economic model

Author

Listed:
  • Jo, Jin Ho
  • Aldeman, Matt
  • Lee, Han-Seung
  • Ahn, Yong Han

Abstract

Determining the optimum penetration of renewable energy systems and their associated aggregated technical and economic benefits is a growing concern for both researchers and policy makers. The purpose of this paper is to evaluate the cost-optimal pathways for a university campus in Illinois, USA to install solar PV systems by performing parametric analyses. Here we suggest cost-optimal solutions to deploy solar photovoltaic systems under two different finance scenarios: the Single Party economic model and the Two Party economic model. In addition, critical economic factors are highlighted by incorporating them into an energy performance model. This case study can be a replicable model for other academic institutions to actively implement renewable technologies and greatly support their decision-making processes.

Suggested Citation

  • Jo, Jin Ho & Aldeman, Matt & Lee, Han-Seung & Ahn, Yong Han, 2018. "Parametric analysis for cost-optimal renewable energy integration into residential buildings: Techno-economic model," Renewable Energy, Elsevier, vol. 125(C), pages 907-914.
    • Handle: RePEc:eee:renene:v:125:y:2018:i:c:p:907-914
    DOI: 10.1016/j.renene.2018.03.025
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148118303306
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.renene.2018.03.025?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Park, Eunil & Kwon, Sang Jib, 2016. "Solutions for optimizing renewable power generation systems at Kyung-Hee University׳s Global Campus, South Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 58(C), pages 439-449.
    2. Baek, Seoin & Park, Eunil & Kim, Min-Gil & Kwon, Sang Jib & Kim, Ki Joon & Ohm, Jay Y. & del Pobil, Angel P., 2016. "Optimal renewable power generation systems for Busan metropolitan city in South Korea," Renewable Energy, Elsevier, vol. 88(C), pages 517-525.
    3. Richardson, David B. & Harvey, L.D. Danny, 2015. "Optimizing renewable energy, demand response and energy storage to replace conventional fuels in Ontario, Canada," Energy, Elsevier, vol. 93(P2), pages 1447-1455.
    4. Vidal-Amaro, Juan José & Østergaard, Poul Alberg & Sheinbaum-Pardo, Claudia, 2015. "Optimal energy mix for transitioning from fossil fuels to renewable energy sources – The case of the Mexican electricity system," Applied Energy, Elsevier, vol. 150(C), pages 80-96.
    5. Nikolakakis, Thomas & Fthenakis, Vasilis, 2011. "The optimum mix of electricity from wind- and solar-sources in conventional power systems: Evaluating the case for New York State," Energy Policy, Elsevier, vol. 39(11), pages 6972-6980.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Figaj, Rafał & Żołądek, Maciej, 2021. "Experimental and numerical analysis of hybrid solar heating and cooling system for a residential user," Renewable Energy, Elsevier, vol. 172(C), pages 955-967.
    2. De Luca, Giovanna & Ballarini, Ilaria & Lorenzati, Alice & Corrado, Vincenzo, 2020. "Renovation of a social house into a NZEB: Use of renewable energy sources and economic implications," Renewable Energy, Elsevier, vol. 159(C), pages 356-370.
    3. Wang, Richard & Hsu, Shu-Chien & Zheng, Saina & Chen, Jieh-Haur & Li, Xuran Ivan, 2020. "Renewable energy microgrids: Economic evaluation and decision making for government policies to contribute to affordable and clean energy," Applied Energy, Elsevier, vol. 274(C).
    4. Seung Hyo Baek & Byung Hee Lee, 2019. "Optimal Decision-Making of Renewable Energy Systems in Buildings in the Early Design Stage," Sustainability, MDPI, vol. 11(5), pages 1-19, March.
    5. Hwang, Haejin & Kim, Sunghoon & García, Álvaro González & Kim, Jiyong, 2021. "Global sensitivity analysis for assessing the economic feasibility of renewable energy systems for an off-grid electrified city," Energy, Elsevier, vol. 216(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jo, J.H. & Aldeman, M.R. & Loomis, D.G., 2018. "Optimum penetration of regional utility-scale renewable energy systems," Renewable Energy, Elsevier, vol. 118(C), pages 328-334.
    2. Ifaei, Pouya & Tayerani Charmchi, Amir Saman & Loy-Benitez, Jorge & Yang, Rebecca Jing & Yoo, ChangKyoo, 2022. "A data-driven analytical roadmap to a sustainable 2030 in South Korea based on optimal renewable microgrids," Renewable and Sustainable Energy Reviews, Elsevier, vol. 167(C).
    3. Eunil Park & Taeil Han & Taehyeong Kim & Sang Jib Kwon & Angel P. Del Pobil, 2016. "Economic and Environmental Benefits of Optimized Hybrid Renewable Energy Generation Systems at Jeju National University, South Korea," Sustainability, MDPI, vol. 8(9), pages 1-12, September.
    4. Seoin Baek & Heetae Kim & Hyun Joon Chang, 2016. "Optimal Hybrid Renewable Airport Power System: Empirical Study on Incheon International Airport, South Korea," Sustainability, MDPI, vol. 8(6), pages 1-13, June.
    5. Park, Eunil, 2017. "Potentiality of renewable resources: Economic feasibility perspectives in South Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 79(C), pages 61-70.
    6. Heetae Kim & Jinwoo Bae & Seoin Baek & Donggyun Nam & Hyunsung Cho & Hyun Joon Chang, 2017. "Comparative Analysis between the Government Micro-Grid Plan and Computer Simulation Results Based on Real Data: The Practical Case for a South Korean Island," Sustainability, MDPI, vol. 9(2), pages 1-18, January.
    7. Seung Hyo Baek & Byung Hee Lee, 2019. "Optimal Decision-Making of Renewable Energy Systems in Buildings in the Early Design Stage," Sustainability, MDPI, vol. 11(5), pages 1-19, March.
    8. Min-Kyu Lee & Ju-Hee Kim & Seung-Hoon Yoo, 2018. "Public Willingness to Pay for Increasing Photovoltaic Power Generation: The Case of Korea," Sustainability, MDPI, vol. 10(4), pages 1-11, April.
    9. Heo, SungKu & Byun, Jaewon & Ifaei, Pouya & Ko, Jaerak & Ha, Byeongmin & Hwangbo, Soonho & Yoo, ChangKyoo, 2024. "Towards mega-scale decarbonized industrial park (Mega-DIP): Generative AI-driven techno-economic and environmental assessment of renewable and sustainable energy utilization in petrochemical industry," Renewable and Sustainable Energy Reviews, Elsevier, vol. 189(PA).
    10. Miguel-Angel Perea-Moreno & Quetzalcoatl Hernandez-Escobedo & Fernando Rueda-Martinez & Alberto-Jesus Perea-Moreno, 2020. "Zapote Seed ( Pouteria mammosa L. ) Valorization for Thermal Energy Generation in Tropical Climates," Sustainability, MDPI, vol. 12(10), pages 1-21, May.
    11. Meyabadi, A. Fattahi & Deihimi, M.H., 2017. "A review of demand-side management: Reconsidering theoretical framework," Renewable and Sustainable Energy Reviews, Elsevier, vol. 80(C), pages 367-379.
    12. Sener, Can & Fthenakis, Vasilis, 2014. "Energy policy and financing options to achieve solar energy grid penetration targets: Accounting for external costs," Renewable and Sustainable Energy Reviews, Elsevier, vol. 32(C), pages 854-868.
    13. Zhang, M.M. & Wang, Qunwei & Zhou, Dequn & Ding, H., 2019. "Evaluating uncertain investment decisions in low-carbon transition toward renewable energy," Applied Energy, Elsevier, vol. 240(C), pages 1049-1060.
    14. Laslett, Dean & Carter, Craig & Creagh, Chris & Jennings, Philip, 2017. "A large-scale renewable electricity supply system by 2030: Solar, wind, energy efficiency, storage and inertia for the South West Interconnected System (SWIS) in Western Australia," Renewable Energy, Elsevier, vol. 113(C), pages 713-731.
    15. Ye Yang & Ying Xu, 2022. "Does wind and solar power substitute thermal power? Evidence from China," Letters in Spatial and Resource Sciences, Springer, vol. 15(3), pages 435-449, December.
    16. Squalli, Jay, 2017. "Renewable energy, coal as a baseload power source, and greenhouse gas emissions: Evidence from U.S. state-level data," Energy, Elsevier, vol. 127(C), pages 479-488.
    17. Harrison-Atlas, Dylan & Murphy, Caitlin & Schleifer, Anna & Grue, Nicholas, 2022. "Temporal complementarity and value of wind-PV hybrid systems across the United States," Renewable Energy, Elsevier, vol. 201(P1), pages 111-123.
    18. Liu, Liuchen & Zhu, Tong & Pan, Yu & Wang, Hai, 2017. "Multiple energy complementation based on distributed energy systems – Case study of Chongming county, China," Applied Energy, Elsevier, vol. 192(C), pages 329-336.
    19. Sergio Ignacio Serna-Garcés & Daniel Gonzalez Montoya & Carlos Andres Ramos-Paja, 2016. "Sliding-Mode Control of a Charger/Discharger DC/DC Converter for DC-Bus Regulation in Renewable Power Systems," Energies, MDPI, vol. 9(4), pages 1-27, March.
    20. Sward, Jeffrey A. & Siff, Jackson & Gu, Jiajun & Zhang, K. Max, 2019. "Strategic planning for utility-scale solar photovoltaic development – Historical peak events revisited," Applied Energy, Elsevier, vol. 250(C), pages 1292-1301.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:renene:v:125:y:2018:i:c:p:907-914. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/renewable-energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.