Feasibility And Economic Analysis of Solar Energy Systems for Rural Area Applications

Abstract

Finding innovative ways of exploiting renewable energy sources to their fullest potential is already being considered as one of the utmost important research activities around the globe. This paper mainly focuses on the feasibility and economic analysis of solar water pumping systems in a remote village in India. Also, comparison of the same with conventional diesel-powered systems is carried out to study the pros and cons of both the systems. It is found from the analysis that the deployment of solar water pumping systems in an agriculture dependent nation like India has an upper hand in many aspects such as minimal environmental impacts, reduction of fossil fuel consumption, better profit margin etc. However, solar water pumping systems are still not treated as a viable option mainly because of the high upfront cost needed for the solar panels and pump. However, this can be easily negated via enhanced financial support schemes and incentives from the government. Considering all these factors, it is pertinent to deploy more of such projects on a larger scale all over the nation.