Economic Evaluation of Standalone Hybrid PV–H2 with Storage System
- 1 Department of Electrical Engineering, University of Johannesburg, South Africa
- 2 Department of Electrical Engineering, University of Strathclyde Glasgow, Nigeria
- 3 Department of Electrical Engineering, Lead City University Ibadan, Oyo State, Nigeria
- 4 Department of Electrical Engineering, the Polytechnic Ibadan, Oyo State, Nigeria
Abstract
This study evaluates the economic performance of a standalone hybrid PV-H2 system with battery storage for small-scale electricity demand. The methodology involves comparing various configurations of standalone PV, storage, and hybrid PV-H2 systems under different discount rates and evaluation periods. Economic indicators such as Net Present Value (NPV), Payback Period, and Discounted Annualized Return (AAR) determine financial viability. Results indicate that the PV-H2 system with two days of storage offers the most favorable economic performance despite not being the best technical solution. Sensitivity analysis further supports the robustness of the proposed model. This study highlights the potential of hybrid PV-H2 systems to provide sustainable and cost-effective energy solutions, especially in remote and off-grid locations.
DOI: https://doi.org/10.3844/ajeassp.2025.28.38
Copyright: © 2025 Adeyinka Victor Adebayo, Samuel Oladeji, Hussein Kehinde Adebayo and Ismaheel Oyeyemi Oladejo. This is an open access article distributed under the terms of the
Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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Keywords
- Hybrid
- Standalone
- Storage
- Electrolyser
- PV-H2