Essay
NB Power wants to assess the opportunity to install and use a photovoltaic system to produce electricity from solar energy. The unit cost of electricity currently produced by the thermal power plant is $0.06 per kilowatt-hour. The photovoltaic system is characterized by the following:
Batteries must be replaced every 5 years while power control is replaced every 10 years.
Assuming a service life of 20 years, annual interest rate of 10%, capacity of the photovoltaic system of 30 kilowatt-hours per day and ignoring the installation cost, should NB Power implement the system?
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