In a groundbreaking study published in the RMUTL Engineering Journal (Rajamangala University of Technology Lanna Engineering Journal), lead author Jirakorn Riyathar has unveiled a compelling economic analysis that could reshape the way residential complexes approach renewable energy adoption. The research, which focuses on the economic feasibility of installing solar photovoltaic (PV) modules and energy storage systems in a residential complex, offers valuable insights for developers, policymakers, and energy sector professionals.
Riyathar’s study employs a sophisticated mathematical model and the Generalized Reduced Gradient (GRG) method to tackle nonlinear optimization problems, ultimately identifying the most cost-effective solutions for renewable energy integration. The analysis reveals that installing a standalone 10 kW solar PV module results in the lowest total project cost and the optimal production capacity. This finding is particularly significant given the current high costs associated with energy storage systems.
“Our analysis demonstrates that, under current market conditions, standalone solar PV modules are the most economically viable option for residential complexes,” Riyathar explains. “However, as the cost of energy storage systems decreases, their integration with solar PV modules could become more feasible.”
The study’s findings are substantial. The installation of solar PV modules alone has a payback period of just over two years, reducing grid electricity consumption by 23,158 kWh per year and decreasing electricity costs by approximately 99,579 Baht annually. Additionally, this setup diminishes CO₂ emissions by 27,790 kilograms per year. While the combination of solar PV modules with energy storage systems shows a longer payback period of four years, it offers even greater reductions in grid electricity consumption and CO₂ emissions.
These results are crucial for decision-making and policy formulation, particularly as the world seeks to transition away from fossil fuels. The study’s methodology, which uses an objective function derived from relevant variables, provides a robust framework for optimizing renewable energy investments.
As the energy sector continues to evolve, Riyathar’s research offers a timely and valuable contribution. By highlighting the economic benefits of solar PV modules and the potential future viability of energy storage systems, the study paves the way for more informed and strategic renewable energy investments. For professionals in the energy sector, these findings underscore the importance of staying abreast of technological advancements and market trends to make the most cost-effective and environmentally friendly decisions.
In the words of Riyathar, “This research is not just about numbers; it’s about creating a sustainable future. By optimizing our energy solutions, we can make significant strides toward reducing our carbon footprint and fostering a cleaner, greener world.”
As the energy sector grapples with the challenges of decarbonization and cost-efficiency, Riyathar’s work serves as a beacon of innovation and practical insight. The study’s publication in the RMUTL Engineering Journal further underscores its relevance and potential impact on the global stage.