ABSTRACT
The installation and running costs of the proposed systems are compared with the cost of power received by the conventional grid. The cost to install a Photovoltaic (PV) system is extremely capital-intensive. Apart from the capital costs there are various parameters that affect the cost of electricity generated by PV systems. The general rural area household is considered, which can fulfill the requirements of lighting and electrical appliances. This chapter discusses life cycle cost (LCC) estimation of the standalone PV system. The LCC of the PV system includes the sum of all the present worth of the costs of the PV modules, storage batteries, battery charger, inverter, the cost of the installation, and the maintenance and operation cost of the system. Life span is also an important parameter, as the payback period has to be considered to find the cost per unit of energy generated.
