Sendy, David (2025) Evaluating Payback Period Calculation Methods for Photovoltaic Systems: A Practical and Parametric Comparison. Honours thesis, University of Southern Queensland. (Unpublished)
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Abstract
Photovoltaic (PV) systems are one of the most common types of renewable energy. A key incentive for PV use is its’s ability to generate passive income/savings. The payback period is the number of years a system takes to offset its own cost. The accuracy and ease of estimating this value varies depending on the method used. This study investigates a range of payback models, including software and manual algebraic methods, to evaluate their practicality and accuracy, including their use of PV-related parameters. Methods are compared using a qualitative scale. Predicted energy output will be compared to data collected from a real PV system to determine accuracy. Accessibility is assessed based on ease of use and user requirements, including required skills. PV parameters tested include weather conditions, system degradation and panel angle. While software evaluation focuses on usability, parameters will be presented through the manual calculations. This is because the primary concern for the software is its ease of use; meanwhile, the manual method offers greater transparency and improved testing conditions for these calculations. Results showed that incorporating real weather data (solar irradiance), inflation and physical PV specifications produced outcomes that aligned with the observed data. Simpler models that ignored these factors tended to overpredict long-term energy output and savings, though they were easier to use and more practical for many users. Some users may still benefit from complex, more accurate models. This demonstrates the need for transparent, user-appropriate tools for PV system calculations and supports more informed decision-making for solar investments. It also highlights opportunities to improve current modelling practices across the renewable energy field.
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| Item Type: | Thesis (Non-Research) (Honours) |
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| Item Status: | Live Archive |
| Additional Information: | File reproduced in accordance with the copyright policy of the publisher/author. |
| Faculty/School / Institute/Centre: | Current – Faculty of Health, Engineering and Sciences - School of Mathematics, Physics and Computing (1 Jan 2022 -) |
| Supervisors: | Turner, Joanna; Spence, Jenny |
| Qualification: | Bachelor of Science (Honours) |
| Date Deposited: | 24 Jun 2025 04:00 |
| Last Modified: | 24 Jun 2025 04:01 |
| URI: | https://sear.unisq.edu.au/id/eprint/52911 |
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