Application of renewable energy tec

Application of renewable energy technologies (RETs) for rural electrification is
increasing in recent years, but is not very widespread. As an option for providing power,
solar photovoltaic (PV) is gaining popularity, though its high initial cost is a major barrier
for its widespread use. A photovoltaic system costs about 4000$/kW, while the cost of
conventional power system such as oil, gas and coal is approximately four times lower
[7,8]. Thus, though PV is little far from being economic in comparison with conventional
fossil fuel to provide electricity [9,10], they are used in remote areas where it is
uneconomical to extend the electric grid [7,11]. However, the market for PV is also
expanding rapidly due to reduced cost of PV systems during the last decade. At the same
time, a PV system alone may not easily satisfy loads on 24-h basis as the variation of solar
electricity generation does not always match with the time distribution of load demand