Economic assessment of small-scale electricity generation from wind
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Date
2007-09-17
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Texas A&M University
Abstract
Analysis was done to determine if small-scale wind energy could be
economically feasible on a cotton farm with 1,200 irrigated acres, a house, and a barn.
Lubbock and Midland were locations chosen for this model farm and the twenty-year
analysis. A 10 kW wind turbine on a 30m tower was installed and five different
scenarios were calculated for both locations.
Wind speeds for both locations were collected and analyzed to find the closest
fitting distribution to incorporate the appropriate risk. This distribution was the
empirical distribution at both locations every month except December in Lubbock,
which closely matched the Gamma distribution. Electricity production, usage and costs
were analyzed to find the net present value of the investment.
The economic analysis of this system showed that the wind turbine under all
situations was much less economical than purchasing electricity solely from the electric
company. Small-scale wind energy produced under thesis assumptions was over
$10,000 more expensive than traditional electricity in Lubbock and Midland over the
twenty year planning horizon.
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Keywords
wind, energy