Techno-Economic Evaluation of Solar Photovoltaic Systems in Residential Applications: Case Study of India
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Abstract
This paper presents a techno-economic evaluation of solar photovoltaic (PV) systems in residential applications within the context of India. The study aims to assess the feasibility and economic viability of adopting solar PV technology in Indian residential settings, considering factors such as system costs, energy generation potential, and financial returns. Utilizing a case study approach, empirical data from selected residential installations are analyzed to calculate key metrics including the levelized cost of electricity (LCOE), payback periods, and return on investment (ROI). Results indicate significant variations in economic outcomes based on installation size, location, and prevailing economic conditions. Findings suggest that while solar PV systems offer substantial long-term savings and environmental benefits, challenges such as upfront costs and policy inconsistencies remain barriers to widespread adoption. The study concludes with policy recommendations aimed at fostering a conducive environment for scaling up residential solar PV installations in India, thereby contributing to sustainable energy transitions and achieving renewable energy targets.
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