Life Cycle Cost Analysis of a Grid-Connected Photovoltaic Thermal System

Abstract

Hybrid collector or photovoltaic thermal solar collector, PVT, produces electricity and thermal energy simultaneously. The electricity generated can be connected to grid or be used to operate the fan or pump. The purpose of this study was to evaluate the life cycle cost of photovoltaic thermal, PVT, system and compare with photovoltaic, PV, and solar thermal, ST, system. The performance of the PVT collector is analyzed under the tropical climate conditions. The purpose of life cycle cost is to provide an effective cost estimation of a designed system. It takes into account of initial cost, operation and maintenance costs, investment, inflation rates. The percentages of the life cycle cost of different components that make up the PV+ST and PVT systems have been determined and compared. The high electricity energy productivity lead to high cost saving. The highest cumulative net present value for each year indicates the best system to invest in. Over a period of 25 years, GCPVT system is the optimal for 11 years payback period then the GCPV+ST payback period over 15 years.