Economic Assessment of Solar Energy Use in Residential Area during Work from Home (WFH)

Abstract

This paper presents the economic assessment of solar powered in residential area during the Work From Home (WFH) period. The study and analysis approach is divided into three parts: cost and benefit analyses; and analyze the economic value of the energy which is produced by using solar panels and the amount of electricity that can be saved during work from home using the net present value (NPV) analysis, internal rate of return (IRR), and payback period (PB). From the simulation with the discount rate of 5.69% in 2020, it was found that the NPV of the project can be calculated equal to 32,971 baht, the IRR is 7.12% and has a PB period in the 12th year in the case of the government did not accept the purchase with the excess electricity. In the case of the government purchasing excess electricity, the NPV of the project can be calculated equal to 83,015 baht, IRR is 9.18% and it has a 10-year PB period. In terms of economics and financial viability. it can be concluded that the studied project is worth to invest during the WFH period.