A Comprehensive Review on Techno-Economic Analysis and Optimal Sizing of Hybrid Renewable Energy Sources with Energy Storage Systems

Renewable energy solutions are appropriate for on-grid and off-grid applications, acting as a supporter for the utility network or rural locations without the need to develop or extend costly and difficult grid infrastructure. As a result, hybrid renewable energy sources have become a popular option for grid-connected or standalone systems. This paper examines hybrid renewable energy power production systems with a focus on energy sustainability, reliability due to irregularities, techno-economic feasibility, and being environmentally friendly. In attaining a reliable, clean, and cost-effective system, sizing optimal hybrid renewable energy sources (HRES) is a crucial challenge. The presenters went further to outline the best sizing approach that can be used in HRES, taking into consideration the key components, parameters, methods, and data. Moreover, the goal functions, constraints from design, system components, optimization software tools, and meta-heuristic algorithm methodologies were highlighted for the available studies in this timely synopsis of the state of the art. Additionally, current issues resulting from scaling HRES were also identified and discussed. The latest trends and advances in planning problems were thoroughly addressed. Finally, this paper provides suggestions for further research into the appropriate component sizing in HRES.