Document Type

Project

Publication Date

Spring 2022

Instructor

Liliya Hogaboam

Course Title

Advanced Engineering Economics

Course Number

ETM 535

Abstract

Solar energy has been demonstrated to be the most productive and compelling among sustainable power hotspots for home and business use. California has made a concerted effort to boost the integration of renewables into the grid. In 2020, a "solar mandate" went into effect, and in 2022, the California Energy Commission released the draft language for the 2022 building standards. The use of photovoltaic (PV) systems supports the achievement of Sustainable Development Goals (SDGs) – particularly SDG 13 in direct impact – through preserving the environment, reducing the levels of greenhouse gasses (GHGs), and accordingly reducing global warming. Therefore, the PV solar system is considered a resilient energy economy, however, there is still debate around its profitability for customers. This study aims to analyze the economic impact on homeowners in CA when they use solar panels compared to traditional power bills. To conclude with recommendations, the team has performed cost analysis to determine the profitability of solar power from the homeowner's perspective. The results of calculations – including incremental analysis, cost benefit or break-even analysis – solar system as source of electricity for homeowners proves to be a valuable investment on a mid to long term basis.

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