Cost Optimization in Hybrid microgrid in Standalone and Gridconnected modes

Initiatives taken by multiple sectors to replace conventional energy resources by renenwable has seen a major development in the past few years. Economical and environmental benefits analysed were the major reason for the growth. Benefits in the form of incentives and profits encourages consumers to replace these conventional resources by eco-friendly options. Optimization of Distributed Generation (DG) resources and electricity import helps in minimizing the consumer electricity bill and operation cost of microgrid. Overall cost is minimized by reducing the electricity import from the grid and also by minimizing the operation cost of microgrid by identifying optimal combination by Particle Swarm Optimization technique. Overall cost and profit comparison for the considered systems under two seasons are inspected and the results obtained are propitious.