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Comparison of Small-Scale Wind Energy Conversion Systems: Economic Indexes

Author

Listed:
  • Muhammad Shahzad Nazir

    (Faculty of Automation, Huaiyin Institute of Technology, Huai’an 223003, China)

  • Yeqin Wang

    (Faculty of Automation, Huaiyin Institute of Technology, Huai’an 223003, China)

  • Muhammad Bilal

    (School of Life Science and Food Engineering, Huaiyin Institute of Technology, Huai’an 223003, China)

  • Hafiz M. Sohail

    (School of Economics and Management, South China Normal University, Guangzhou 510631, China)

  • Athraa Ali Kadhem

    (Center for Advanced Power and Energy Research, Faculty of Engineering, University Putra Malaysia, Selangor 43400, Malaysia)

  • H. M. Rashid Nazir

    (School of Economics and Management, Yanshan University, Qinhuangdao 066004, Hebei, China)

  • Ahmed N. Abdalla

    (Faculty of Electronics and Information Engineering, Huaiyin Institute of Technology, Huai’an 223003, China)

  • Yongheng Ma

    (Faculty of Automation, Huaiyin Institute of Technology, Huai’an 223003, China)

Abstract

Wind energy is considered as one of the most prominent sources of energy for sustainable development. This technology is of interest owing to its capability to produce clean, eco-friendly, and cost-effective energy for small-scale users and rural areas where grid power availability is insufficient. Wind power generation has developed rapidly in the past decade and is expected to play a vital role in the economic development of countries. Therefore, studying dominant economic factors is crucial to properly approach public and private financing for this emerging technology, as industrial growth and energy demands may outpace further economic studies earlier than expected. In this study, a strategy-focused method for performing economic analysis on wind energy based on financial net present value, levelized cost of energy, internal rate of return, and investment recovery period is presented. Numerical and simulation results depict the most optimal and economical system from a 3 and a 10 kW wind energy conversion system (WECS). Moreover, the aforementioned criteria are used to determine which WECS range is the most suitable investment with the shortest payback period. Finally, an economically viable and profitable wind energy system is recommended.

Suggested Citation

  • Muhammad Shahzad Nazir & Yeqin Wang & Muhammad Bilal & Hafiz M. Sohail & Athraa Ali Kadhem & H. M. Rashid Nazir & Ahmed N. Abdalla & Yongheng Ma, 2020. "Comparison of Small-Scale Wind Energy Conversion Systems: Economic Indexes," Clean Technol., MDPI, vol. 2(2), pages 1-12, April.
    • Handle: RePEc:gam:jcltec:v:2:y:2020:i:2:p:10-155:d:340855
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    References listed on IDEAS

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    Cited by:

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    2. Dongfang Ren & Xiaopeng Guo, 2023. "Simulation modeling and analysis of carbon emission reduction potential of multi-energy generation," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 11823-11845, October.

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