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June 4, 2026SolarOpen Access

From Optimization to Investment: A Techno-Economic Assessment of NSGA-II Optimized Grid-Connected Photovoltaic–Energy Storage Systems in Developing Economies

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Authors

RARaphael I. AreolaDurban University of TechnologyAAAbayomi A. AdebiyiDurban University of TechnologyDRDwayne J. ReddyDurban University of Technology

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Implication

Techno-economic analysis of PV-energy storage systems reveals viability in emerging markets, highlighting key economic factors.

Key Points

  • This assessment aims to quantify the commercial viability of optimized grid-connected photovoltaic-energy storage systems in developing economies.
  • Techno-economic analysis using NSGA-II for optimization across Nigeria, South Africa, and India.
  • Evaluated unsubsidized levelized energy costs, net present values, internal rates of return, and payback periods in the analysis.
  • Conducted Monte Carlo simulations and sensitivity analysis to assess financial impacts and key influences.
  • Unsubsidized levelized energy costs ranged from USD 0.061 to USD 0.064/kWh, achieving 27–35% savings compared to grid tariffs.
  • Net present values reached USD 238,000 to USD 522,000 with internal rates of return of 13.7% to 15.8%.
  • Monte Carlo simulations showed an 83.4–100% probability of a positive net present value.

Cite This Study

Areola et al. (2026) studied this question.

synapsesocial.com/papers/6a211763d499ed480b17032dhttps://doi.org/10.3390/solar6030031
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