Track: Engineering Economy
Abstract
Based on its 2030 vision Saudi Arabia seeks future renewable clean energy as an essential input into most industrial sector production processes. As a model, Neom city is targeted 100 % dependent on renewable energy, limiting climate change caused by CO2 emissions. On the other hand, hydrogen as a clean energy source has gained much attention in recent years. Moreover, hydrogen storage is considered a promising energy carrier that can be merged in the renewable energy system to store a large amount of energy. This work presents a techno-economic study of adding hydrogen storage to a photovoltaic (PV) plant in Neom city. Utilizing the System Advisor Model (SAM) software to calculate the payback period (PP) and the intern rate of return (IRR), and other economic parameters of the project with and without adding the hydrogen storage.