Techno-Economic Analysis of Renewable Energy Trends Based on Historical Data
Article Sidebar
Main Article Content
Abstract
The desire to lessen reliance on fossil fuels and combat climate change has been cited as the reason for the recent global increase in the usage of renewable technologies. This research aims to give a comprehensive techno-economic evaluation of solar and wind energy for the years 2009–2021, using four key datasets: average prices, installed capacity, and generating numbers. Python was used for data processing and visualization, and trends in energy output, capacity expansion by source, and expenses over time were analyzed. Solar and wind capacity increased dramatically between 2014 and 2020, rising from 44.56 GW to 462.44 GW and from 95.88 GW to 209.14 GW, respectively. The cost of generating has also dropped significantly: wind power now costs $29.28/MWh instead of $74.33/MWh, while solar energy now costs $23.13/MWh instead of $167.67/MWh. Also noted were seasonal changes in energy output and an uptick in demand for storage. The results strongly support the central position of solar and wind resources for a sustainable energy system and refine policy and investment guidance rationale. Addressing the remaining data gaps and the particular difficulties in growing these energy sources should be the top priorities of future initiatives.
Manuscript received: 16 Jun 2025 | Revised: 22 Aug 2025 | Accepted: 2 Mar 2026 | Published: 31 Mar 2026
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
S.K. Madavan, A.K.J. Low, C. Zheng and K.L. Lew, "Design and Development of Electrical Go Kart," International Journal on Robotics, Automation and Sciences, vol. 6, no. 2, pp. 69-75, 2024.
DOI: https://doi.org/10.33093/ijoras.2024.6.2.10
A.A.K. Alhijazi, R.A. Almasri and A.F. Alloush, "A Hybrid Renewable Energy (Solar/Wind/Biomass) and Multi-Use System Principles, Types, and Applications: A Review," Sustainability, vol. 15, no. 24, p. 16803, 2023.
DOI: https://doi.org/10.3390/su152416803
C. Ammari, D. Belatrache, B. Touhami and S. Makhloufi, "Sizing, optimization, control and energy management of hybrid renewable energy system - A review," Energy and Built Environment, vol. 3, no. 4, pp. 399-411, 2022.
DOI: https://doi.org/10.1016/j.enbenv.2021.04.002
T.J. Ayua and M.E. Emetere, "Technical and economic simulation of a hybrid renewable energy power system design for industrial application," Scientific Reports, vol. 14, no. 1, 2024.
DOI: https://doi.org/10.1038/s41598-024-77946-x
M.P. Bakht, Z. Salam, M. Gul, W. Anjum, M.A. Kamaruddin, N. Khan and A.L. Bukar, "The Potential Role of Hybrid Renewable Energy System for Grid Intermittency Problem: A Techno-Economic Optimisation and Comparative Analysis," Sustainability, vol. 14, no. 21, p. 14045, 2022.
DOI: https://doi.org/10.3390/su142114045
A.M. Eltamaly, M.A. Alotaibi, A.I. Alolah and M.A. Ahmed, "IoT-Based Hybrid Renewable Energy System for Smart Campus," Sustainability, vol. 13, no. 15, p. 8555, 2021.
DOI: https://doi.org/10.3390/su13158555
V.H.U. Eze, J.S. Mwenyi, K.J. Ukagwu, M.C. Eze, C.E. Eze and W.O. Okafor, "Design analysis of a sustainable techno-economic hybrid renewable energy system: Application of solar and wind in Sigulu Island, Uganda," Scientific African, vol. 26, p. e02454, 2024.
DOI: https://doi.org/10.1016/j.sciaf.2024.e02454
P. Gajewski and K. Pienkowski, "Control of the Hybrid Renewable Energy System with Wind Turbine, Photovoltaic Panels and Battery Energy Storage," Energies, vol. 14, no. 6, p. 1595, 2021.
DOI: https://doi.org/10.3390/en14061595
M.R. Gomaa, A.K. Al-Bawwat, M. Al-Dhaifallah, H. Rezk and M. Ahmed, "Optimal design and economic analysis of a hybrid renewable energy system for powering and desalinating seawater," Energy Reports, vol. 9, pp. 2473-2493, 2023.
DOI: https://doi.org/10.1016/j.egyr.2023.01.087
M.D. Hossen, M.F. Islam, M.F. Ishraque, S.A. Shezan and S.M. Arifuzzaman, "Design and Implementation of a Hybrid Solar-Wind-Biomass Renewable Energy System considering Meteorological Conditions with the Power System Performances," International Journal of Photoenergy, vol. 2022, p. 1-17, 2022.
DOI: https://doi.org/10.1155/2022/8792732
Q. Hassan, M. Jaszczur, I. S. Abdulrahman and H. S. Salman, "An economic and technological analysis of hybrid photovoltaic/wind turbine/battery renewable energy system with the highest self-sustainability," Energy Harvesting and Systems, vol. 10, no. 2, pp. 247-257, 2023.
DOI: https://doi.org/10.1016/j.rineng.2023.101621
R. Figaj, "Energy and Economic Sustainability of a Small-Scale Hybrid Renewable Energy System Powered by Biogas, Solar Energy, and Wind," Energies, vol. 17, no. 3, p. 706, 2024.
DOI: https://doi.org/10.3390/en17030706
A. Maliat, S. Kotian and D. Ghahremanlou, "Assessment of a Hybrid Renewable Energy System Incorporating Wind, Solar, and Storage Technologies in Makkovik, Newfoundland and Labrador," Journal of Sustainability for Energy, vol. 3, no. 2, pp. 87-104, 2024.
DOI: https://doi.org/10.56578/jse030203
Y. Sawle, S. Jain, S. Babu, A.R. Nair and B. Khan, "Prefeasibility Economic and Sensitivity Assessment of Hybrid Renewable Energy System," IEEE Access, vol. 9, pp. 28260-28271, 2021.
DOI: https://doi.org/10.1109/ACCESS.2021.3058517
M.A. Moussa, A. Derrouazin, M. Latroch and M. Aillerie, "A hybrid renewable energy production system using a smart controller based on fuzzy logic," Power Stations, Grids and Systems, vol. 3, pp. 46-50, 2022.
DOI: https://doi.org/10.20998/2074-272X.2022.3.07
Y.F. Nassar, S.Y. Alsadi, H. J. El Khozondar, M.S. Ismail, M. Al Maghalseh, T. Khatib, J.A. Saed, M.H. Mushtaha and T. Djerai, "Design of an isolated renewable hybrid energy system: a case study," Materials for Renewable and Sustainable Energy, vol. 11, no. 3, pp. 225-240, 2022.
DOI: https://doi.org/10.1007/s40243-022-00216-1
S. Angela, "Could 'wind trees' with micro turbines be a solution to green energy in tight urban spaces?" EuroNews, 2023, https://www.euronews.com/green/2023/11/12/could-wind-trees-with-micro-turbines-be-a-solution-to-green-energy-in-tight-urban-spaces.
T.M.I. Riayatsyah, T.A. Geumpana, I.M.R. Fattah, S. Rizal and T.M.I. Mahlia, "Techno-Economic Analysis and Optimisation of Campus Grid-Connected Hybrid Renewable Energy System Using HOMER Grid," Sustainability, vol. 14, no. 13, p. 7735, 2022.
DOI: https://doi.org/10.3390/su14137735
M.A. Mossa , O. Gam and N. Bianchi , "Performance Enhancement of a Hybrid Renewable Energy System Accompanied with Energy Storage Unit Using Effective Control System," International Journal of Robotics and Control Systems, vol. 2, no. 1, pp. 140-171, 2022.
DOI: https://doi.org/10.31763/ijrcs.v2i1.599
F.M. Savio, S.V. Joshua, K. Usha, M. Faheem, R. Kannadasan and A.A. Khan, "Design of a Solar-Wind Hybrid Renewable Energy System for Power Quality Enhancement: A Case Study of 2.5 MW Real Time Domestic Grid," Engineering Reports, vol. 7, no. 1, 2025.