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This research presents the daily load demand characterization of residential homes, as well as the optimization of a hybrid wind/Photovoltaic (PV) renewable energy system for electric power generation. The chosen households have better financial conditions than the majority of local residents. These families desire a high-quality lifestyle, which demands a consistent supply of energy all year. However, power outages occur on a regular basis due to a lack of energy-producing capability. As a result, they are completely reliant on a backup diesel generator to supply their energy requirements. The load demand in a typical residential dwelling was evaluated as part of the research; the largest load demand occurs between 6:00 and 10:00 p.m. Homer software is utilized in the research to look into the use of a hybrid PV/wind system. The household in this study is grid-connected. After multiple series of simulations, four optimum outputs with variable renewable energy fractions and energy costs are displayed in ascending order in the study. From a variety of designs, a category with a solar array (10kW), a wind turbine (10kW), a diesel generator (5 kW), and four batteries was picked. When compared to the other categories, it has a maximum renewable proportion of 0.46, a COE (Cost of Energy) of 0.558 $/kWh, a Net Present Cost of $284,078, and a minimum operational cost of 19.665$/year. The sensitivity analysis is performed by setting the fuel price at $0.9 and varying the wind speed and solar radiation parameters.
Keywords: Energy economics, Homer, Hybrid system, Optimization, Renewable Energy fraction