Financial Analysis of a Grid-connected Photovoltaic System in South Florida

Abstract

In this paper the performance and financial analysis of a grid-connected photovoltaic system installed at Florida Atlantic University (FAU) is evaluated. The power plant has the capacity of 14.8 kW and has been under operation since August 2014. This solar PV system is composed of two 7.4 kW sub-arrays, one fixed and one with single axis tracking. First, an overview of the system followed by local weather characteristics in Boca Raton, Florida is presented. In addition, monthly averaged daily solar radiation in Boca Raton as well as system AC are calculated utilizing the PVwatts simulation calculator. Inputs such as module and inverter specifications are applied to the System Advisor Model (SAM) to design and optimize the system. Finally, the estimated local load demand as well as simulation results are extracted and analyzed.