A critical review on techno-economic analysis of hybrid renewable energy resources-based microgrids

Now that the population is growing, the expenditure on basic needs of life is also increasing due to a lack of or less availability of resources. The economy consumed electricity is reaching peaks as its main fuel, coal, is decreasing day by day. Due to this, 90% of the population who are in the middle class, lower middle class, or rural areas are economically poor and are unable to bear the prices. To overcome the financial problems, many researchers have prepared various types of microgrids that generate electricity from various types of flow resources, like hydro, solar, biogas, and air current power stations, whose system is called a compound flow power system. This paper gives a combined review of various research papers that discuss some case studies and some research on various models designed on software like HOMER Pro, how microgrids become economic barriers, optimal power supply solutions with CFPS, distributed and centralized microgrid components, the technical and economic feasibility of EV charging stations, and the analysis of various combinations of power systems at various locations like Bangladesh, Canada, the Republic of Djibouti, China, Indonesia, Sierra Leone, some rural sites in India, and some developing countries. This overview provides a glimpse into the various aspects of CFPS, including fusion approaches, techno-economic analysis, simulation platforms, storage technologies, design specifications, unit sizing methodologies, and control techniques. Further research and analysis in these areas are needed to explore their applications and advancements in CFPS development. The main reason for the study is to analyze and bring various ideas and models of various researchers together on a common platform and make a combined conceptual framework for further proceedings. © 2023, The Author(s).