Techno-economic assessment of a stand-alone PV/hybrid installation for low-cost electrification of a tourist resort in Greece

This paper reports on the techno-economic assessment of an autonomous hybrid PV/diesel system installed in a bungalow complex in Elounda, Crete. Technical and economic factors are examined using a computerized renewable-energy technologies assessment tool. Several different economic and financial feasibility indices are calculated, such as the Internal Rate-of-Return (IRR), Year-to-positive cash flow, Net Present Value (NPV) and the simple Pay-Back Period (PBP) for different financing scenarios, in order to assess the gross return on the investment.