Techno Economic Analysis of Grid Connected Photovoltaic Systems With Battery Energy Storage: A Comprehensive Review

Abstract

The usage of solar photovoltaic (PV) systems for power generation has significantly increased due to the global demand for sustainable and clean energy sources. When combined with Battery Energy Storage Systems (BESS) and grid loads, photovoltaic (PV) systems offer an efficient way of optimizing energy use, lowering electricity expenses, and improving grid resilience. The study highlights the environmental and economic advantages, such as reduced carbon emissions, lower energy expenses, and job creation, while facilitating grid modernization through bi-directional power flow and enhanced energy management. The findings demonstrate the evolution towards a sustainable energy future by analyzing the incorporation of photovoltaic systems and battery energy storage systems, investigating standards for the secure and efficient integration of grid-connected solar photovoltaic systems, and evaluating the environmental and techno-economic implications of these systems. The techno-economic analysis, encompassing estimates of payback period, return on investment, and net present value, is utilized to evaluate the economic feasibility of the integrated system. The findings from this research aim to aid consumers, businesses, utilities, and legislators in making informed decisions that optimize solar energy advantages, diminish grid reliance, and alleviate environmental consequences.