Renewable Energy System: Financial and Technical Analysis

Running head: RENEWABLE ENERGY SYSTEM
Renewable Energy System
Name of the Student:
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Author’s Note:

1RENEWABLE ENERGY SYSTEM
Executive Summary
The aim for the project is to determine the financial and the technical role of the grid
connection or the installation of the new 5MW grid which will be connected to a solar system
which is a photovoltaic system which will be located in Richmond Queensland. The weather
station reported nearest to the site was the Richmond weather station and the weather data is
applicable to the conditions and the proposed site for the project. The solar model is
evaluated with the help of the RETScreen@ the software has been used to evaluate the
electricity generation, costs and the environmental factors associated. The solar plant
proposed for the installation will have an annual capacity to produce 8592 mwh which will
also result in a reduction of around 5288t of CO2 of the annual GHG emissions which will be
a good factor. The cost for doing the project was determined to be around $17,150,594.

2RENEWABLE ENERGY SYSTEM
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Analysis of the Energy Generation........................................................................................3
Equipment’s utilized..............................................................................................................4
Inverters..................................................................................................................................5
Cost Analysis.............................................................................................................................5
Emission Analysis Review.........................................................................................................6
Financial Analysis......................................................................................................................7
Reference..................................................................................................................................10

3RENEWABLE ENERGY SYSTEM
Introduction
The project taken for the analysis is located in the Richmond, Australia. The Town or the area
is located near the banks of the river. The project location is having a dry climate and the
location has a sunny weather too in the period April till September. There are other time
period like the month of October when the location receives a very dry and sunny climate.
The coordinate for the project is around 20.7 N latitude and the longitude of the location is
143.1E. The sunny weather and the favourable dry and sunny weather location are some of
the favourable location of the project. The use of RETScreen and software which is used for
forecasting and getting the viability for the efficiency in the energy and generation for the
same analysis was done. The RET screen software is a more than a technology analysis
platform which just forecasts the energy producing level but also takes into account certain
investment cash flows arising from the same after net of taxes. The financial viability and the
output is generated from the same is via the output of financial tools such as Net Present
Value, Internal Rate of Return and the Payback Period (Cardona, Chica, and Barragán, 2018).
Discussion
Analysis of the Energy Generation.
The main important feature of the project is the type of machinery or the technology used.
The location of the project is such which should provide the project which considers many
important aspects of the weather. The equipment’s should be set at fixed tilt where the array
of the panel should be adjusted accordingly to maximize the annual solar power from the
same (Colclough and Griffiths 2016).