Techno-Economic Analysis of Power Electronics-Based Renewable Energy Systems
Keywords:
Power Electronics, Renewable Energy Systems, Solar Photovoltaic (PV), Maximum Power Point Tracking (MPPT)Abstract
The integration of power electronics in renewable energy systems has significantly improved their efficiency, reliability, and grid compatibility. With the rising global demand for clean energy, power electronics play a crucial role in optimizing energy conversion, grid interfacing, and economic feasibility. Modern renewable energy systems, including solar photovoltaic (PV), wind, and hybrid energy systems, rely heavily on advanced power electronic devices such as inverters, converters, and maximum power point tracking (MPPT) controllers to enhance performance and ensure stable operation.
This review explores the latest technological advancements in power electronics, focusing on wide-bandgap semiconductor materials, high-efficiency DC-DC converters, and multilevel inverters for seamless grid integration. Additionally, emerging AI-driven energy management systems, bidirectional converters, and hybrid energy storage solutions are discussed in the context of their potential to improve overall system efficiency. The review further presents a comprehensive techno-economic analysis, assessing capital costs, operational efficiency, levelized cost of energy (LCOE), and return on investment (ROI) in power electronics-based renewable energy systems.
Despite the significant benefits, several challenges hinder widespread adoption, including high initial investment costs, thermal management issues, power quality disturbances, and reliability concerns associated with electronic components. The integration of smart grid technologies and demand-side management strategies is essential to overcoming these barriers and improving system scalability. The findings suggest that continuous research and development in power electronics can drive cost reductions, enhance energy sustainability, and facilitate the global transition towards a low-carbon future.
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