Optimizing solar PV investments: A comprehensive decision-making index using CRITIC and TOPSIS

• Published in: Renewable Energy Focus
• Main Author: Ilham N.I.; Dahlan N.Y.; Hussin M.Z.
• Format: Article
• Language: English
• Published: Elsevier Ltd 2024
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85185394314&doi=10.1016%2fj.ref.2024.100551&partnerID=40&md5=121b29f6f1be0ae261421b3602e5f42d

In response to Malaysia's commitment to sustainable energy, a decisive decision for renewable energy planning investment remains crucial. Currently, a dedicated tool for assessing the benefits of renewable energy deployment in Malaysia is absent, posing challenges for stakeholders, especially prosumers, in making project investment decisions. This study introduces the development of Multi-Benefits Decision-Making (MBDM) index for solar photovoltaic (PV) investment planning. The aim is to select the most optimal renewable energy compensation schemes under multiple tariff structures and solar PV capacities. The proposed CRITIC weight, integrated with the Technique-for-Order-of-Preference-by-Similarity-to-the-Ideal-Solution (TOPSIS), or to be named as CW-TOPSIS framework, is practically demonstrated through a case study involving a commercial building with a solar PV rooftop. The Hybrid Optimization of Multiple Energy Resources (HOMER) grid software is used to develop a grid-connected solar PV model. Subsequently, a decision matrix is created using HOMER grid optimization results, incorporating indicators like environmental factors, energy usage, tariffs and policies, and economic aspects. A comparative study with Entropy-TOPSIS (EW-TOPSIS), CRITIC-Elimination and Choice Expressing Reality (CW-ELECTRE), and Entropy-ELECTRE (EW-ELECTRE) is conducted to validate the proposed technique's performance. The consistent findings from the comparative study validate the outstanding performance of Net-Energy-Metering 2.0 with Enhanced-Time-of-Use (N2ET). N2ET excels due to its efficient integration of solar PV NEM and dynamic ETOU pricing, amplifying surplus energy trading and benefiting users with improved financial metrics and bill savings. This research envisions guiding stakeholders in solar PV investments and enhancing project feasibility assessments in Malaysia's commercial sector. © 2024 Elsevier Ltd