Solar (Apr 2024)
A Multi-Stage Approach to Assessing the Echo-Tech Feasibility of a Hybrid SAM-CREST Model for Solar PV Power Plants in Maryland, USA
Abstract
Maryland is actively working towards doubling its Renewable Portfolio Standard (RPS) target, aiming to increase the share of renewable energy from 25% by 2020 to 50% by 2030. Furthermore, Maryland stands out as a state that strongly supports solar initiatives, offering incentives and specialized programs to assist residents in adopting solar energy solutions. The paper presents a multi-stage approach: Stage 1—Location Selection Process, Stage 2—Technical Feasibility Study, and Stage 3—Economical Feasibility Study. In Stage 1, the study focuses on three potential solar farm locations in Maryland: Westover, Princess Anne, and Eden. Stages 2 and 3 involve a feasibility assessment with detailed technical analysis using the NREL System Advisor Model (SAM) and PVWatts to determine monthly power to the grid and Energy Yield. Subsequently, economic feasibility is assessed using the NREL Clean Renewable Energy Estimation Simulation Tool (CREST), focusing on competitive levelized costs of energy (LCOE), payback time, and cumulative cash flows. Results indicate that all three locations exhibit promising solar irradiance levels, system outputs, and potential energy yields. Due to high solar irradiation, the Westover area has the highest energy yield at 1583.13 kWh/kW, while Princess Anne boasts the highest system output at 333.59 GWh. The economic evaluation suggests that all three locations become profitable within a two-year payback time, with competitive levelized costs of energy (LCOE). Westover emerges as the most cost-effective option at 5.99 cents/kWh, attributed to its higher solar irradiation values and energy yield compared to Princess Anne and Eden. Cumulative cash flows provide insights into long-term profitability, with Princess Anne, MD, having the highest Cumulative Cash Flow over 25 years at $183,383,304. By evaluating technical and economic aspects, this feasibility study offers quantitative insights to guide decision-making for the installation of Solar PV, considering both technological and economic feasibility.
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