Feasibility Assessment Of A 100kw Solar Photovoltaic Array In The Cayman Islands Business

Abstract

The Purpose of this research was to determine if the use of a 100KW solar photovoltaic system compliant with the Consumer Owner Renewable Program (C.O.R.E.) suspended over Citrus Grove’s parking lot was economically feasible. Additionally, what environmental sustainability benefits would be achieved and could these help the operator achieve a competitive advantage. To determine this, economic, engineering and environmental feasibility studies were conducted. It was determined from an engineering standpoint that the system was feasible at Citrus Grove. The cost of the system would be 343,050 US dollars and an annual generation credit of 53,088 US dollars could be expected achieving payback period of seven years. Further, 1,058 tonnes of CO2E could be offset and 8,300 litres of water saved annually by employing a 100KW Photovoltaic system. Businesses also gain advantages through reduced energy expenditures, passive income streams, increased opportunities to develop ties with the community and marketability.