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Optimal economic analysis of hybrid renewable energy system

Renewable energy sources, like solar and wind are never-ending, freely available, environment friendly and publicly acceptable compared to traditional fossil fuels. The combined implementation of solar and wind energy sources are in demand for power generation, as they also overcome the problems such as nonavailability either of solar or wind power throughout the year due to their unforeseeable nature. In this paper, the simulation and economic analysis of hybrid renewable energy system (HRES) consisting of photovoltaic arrays, along with wind turbines and battery systems has been performed using Hybrid Optimization Model for Electric Renewable (HOMER) software. The sensitivity variables such as global solar, wind speed and price of fuel are implemented for the optimization of HRES. Moreover, the comparison of hybrid renewable energy system with traditional diesel generator system has also been carried out.