Analytical research demonstrates benefits of photovoltaic systems for homes, highlighting cost and savings in Trinidad and Tobago.
Abstract This analytical research project pursued three primary objectives: determining the optimal number of solar panels needed for a single-family residential home, identifying the life cycle cost of a photovoltaic system installation, and assessing potential savings and advantages of the use of photovoltaic systems for residential homes in Trinidad and Tobago. To achieve these objectives, both primary and secondary data were utilized. Primary data included interviews conducted with RESSCOTT Ltd., a photovoltaic equipment retailer and installation company, while secondary data encompassed information gathered from websites and articles regarding the cost, performance, and environmental impacts of solar panels. The methodology involved evaluating the economic viability of solar panel installation over its projected lifecycle by collecting data on initial costs, maintenance and replacement expenses, and energy savings. The total lifetime cost of the solar panels was calculated by summing the initial, maintenance, and replacement costs, and then subtracting the energy savings. The lifetime cost per kW was determined by dividing the total lifetime cost by the system size for each of the three systems studied. The findings revealed that the 6kW solar panel system had the lowest lifetime cost of $38,566 per kW and the shortest payback period of 29.05 years among the three systems analysed. Consequently, the 6kW solar panel system emerged as the optimal investment, demonstrating significant potential for producing sustainable environmental benefits by reducing climate change and pollution.
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Mohamed et al. (2025) studied this question.
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