A Hybrid Approach to On-Grid and Off-Grid Solar Energy with Optimum Investment: A Case Study in Vietnam

Vietnam’s demand for energy has grown significantly due to the country’s economy’s fast development and expansion over the last ten years. The majority of energy in the future will have to come from renewable sources due to the issue of greenhouse gas emissions, which will force a significant transition away from fossil fuels as the primary energy source. In the Power Development Plan VIII with a vision to 2050, Vietnam’s power sector has labored to develop new resources such as solar and wind energies in an effort to build and enhance the nation’s power system. A technical and financial model for the construction of a hybrid grid-connected photovoltaic plant with a battery energy storage system under practical optimization problems is presented in this work. Certain business models link the analysis to hourly irradiation by taking into account the hourly energy demand profile for planned working activities. The suggested hybrid system’s investment, needed power, and capacity are evaluated and optimized using a variety of scenarios. These findings demonstrate the system’s economic viability and technological viability in our suggested approaches.