An Economic Based Analysis of Fossil Fuel Powered Generator and Solar Photovoltaic System as Complementary Electricity Source for a University Student’s Room

Document Type : Research Article

Authors
Victor Mmerichukwu Mbachu 1
Abumchukwu Gerald Muogbo 2
Okechukwu Sylvester Ezeanaka 3
Emmanuella Obiageli Ejichukwu 1
ThankGod Dozie Ekwunife 4
1 Department of Industrial and Production Engineering, Faculty of Engineering, Nnamdi Azikiwe University, Awka, Nigeria
2 Department of Industrial and Production Engineering, Faculty of Engineering, Nnamdi Azikiwe University, Awka
3 Department of Industrial & Production Engineering, Faculty of Engineering, Nnamdi Azikiwe University, Awka.
4 Department of Electronics and Computer Engineering, Faculty of Engineering, Nnamdi Azikiwe University, Awka, Nigeria
10.22059/jser.2021.332724.1225
Abstract
Notwithstanding the reported hazardous effect of combustion of fossil fuel on humans and the environment, and the established viability of renewable energy source (in this case solar) as alternative sources of electricity in Nigeria; there seems to be increasing subscription to fossil fuel powered generators amongst regular university students living off campus. Beyond functionality and safety, the economic implication of acquiring and running an energy generating source seems to contribute significantly in the decision to adopt same. Similarly, student’s propensity to choose an alternative electricity supply source is supposedly affected by this factor. There is therefore need for economic based analysis of the alternative sources. The results of an online based survey among the students and a mini experiment served as basis for and input data in the analysis. The cost implications as at the time of this research were obtained from local vendors, classified and used in the analysis. Net present worth, net annual worth, benefit-cost ratio and return on investment were measures employed in the analysis, and decision making was based on the set criteria. The result of the analysis shows that the challenger (solar photovoltaic system) could be more economical than the defender (fossil fuel powered generators) for the 5 years’ study period, if the current electricity load of the selected student’s room is optimized.
Keywords
Solar energy
Renewable Energy
Economic analysis
Fossil fuel
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Journal of Solar Energy Research
Volume 7, Issue 4
Autumn 2022
Pages 1159-1173