Techno-economic optimization of standalone photovoltaic-wind turbine-battery energy storage system hybrid energy system considering the degradation of the components

The increasing demand for renewable energy sources has led to the development of HRES that combine multiple sources of renewable energy to provide a reliable and efficient energy supply. However, renewable energy sources typically come with higher costs than conventional energy production methods. Hence, the optimal sizing of HRES is essential to prevent the oversizing of the system while ensuring a reliable supply of load demand, accommodating variations in meteorological conditions and changes in power demand. Numerous research papers addressing the optimal sizing problem are available in the literature. However, none of the mentioned studies take into account the power degradation of all renewable sources. The degradation of renewable sources, such as PV and WT, can have a significant impact on the performance of HRES. The degradation of PV panels can result in reduced efficiency and output, leading to a decrease in the overall energy production of the HRES. Similarly, WT may experience wear and tear over time, leading to reduced performance and output. The reduction in the output of renewables in the standalone system causes an increase in the loss of power supply probability (LPSP). This paper analyzes the optimal sizing of the HRES, considering the degradation of the sources. Further, analysis has also been carried out based on the number of BESS to be added to HRES to meet the derived constraints and their impact on the cost of energy as well