Economic Optimization of Micro-Grid

Renewable energy based micro grids; that are considered distributed electricity generation sources, are currently attracting great attention. The huge number of small-scale micro-grid parts with their own characteristics is a large challenge for micro-grid modeling and setting up. Furthermore, in case of renewable energy, the power output might be irregular and non-dispatchable. To evaluate the performance of renewable energy system it is simulated using HOMER software package that was developed by National Renewable Energy Laboratory (NREL). HOMER models both physical behavior of the power systems and its lifecycle cost.