Minimum cost solution of wind–photovoltaic based stand‐alone power systems for remote consumers

Renewable energy sources (RES) based stand‐alone systems employing either wind or solar power and energy storage comprise a reliable energy alternative, on top of conventional diesel‐electric generator sets, commonly used by remote consumers. However, such systems usually imply the need for oversizing and considerable energy storage requirements leading to relatively high costs. On the other hand, hybrid configurations that may exploit both wind and solar potential of a given area may considerably reduce energy storage capacity and improve the economic performance of the system. In this context, an integrated techno‐economic methodology for the evaluation of hybrid wind–photovoltaic stand‐alone power systems is currently developed, aiming at the designation of optimum configurations for a typical remote consumer, using economic performance criteria. For the problem investigation, the developed evaluation model is applied to four representative areas of the Greek territory with different wind potential characteristics in order to obtain optimum configurations on the basis of minimum initial investment, 10‐year and 20‐year total cost. According to the results obtained, the proposed solution is favorably compared with all other stand‐alone energy alternatives, reflecting the ability of hybrid systems to adjust even in areas where the local RES potential is not necessarily of high quality.