A feasibility study of using photovoltaic systems as a complementary source of electrical power : a case study : the Tigne Point development project

Abstract

Depending solely on fossil fuels to meet our energy needs, is not a viable long-term option for Malta, both for economic and for environmental reasons. For the local energy sector to be truly sustainable, greater use of solar energy should be made. The objective of the study undertaken is to evaluate the integration of solar photovoltaic grid-connected systems as a power-generating option in new buildings. For this purpose, certain buildings included in the Tigne Point Development Project being undertaken by MIDI p.l.c., have been selected to serve as a pilot study. Since the investment decision at hand entails the commitment of :financial resources to a particular course of action, it is important to determine whether the proposed project is worthwhile undertaking or not, by comparing the benefits with the costs. For the purpose of this project, a number of appraisal techniques have been applied to determine the financial feasibility of the project. Photovoltaic systems require a substantial initial capital outlay. This is partly compensated by the low operating costs of the system thereafter and the annual savings in the electricity bill. It is suggested that photovoltaic systems are regarded as an innovative service for new buildings much the same as lifts, escalators and air-conditioning equipment were years ago.