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Economic Evaluation of Renewable Energy Applications for Eastern Shore Communities of Maryland

Jeffrey M Molavi, Drew L Barrall

With growing concerns about the future and security of the world’s energy supply, various renewable energy technologies have been used thorough the millennium. Renewable energyproduction for the generation of electricity is very appropriate and rather practical for development particularly in rural areas.Finding alternative sources of electrical energy that are both economical and environmentally sustainable is pivotal for improving the quality of life in communities. Photovoltaic—the direct conversion of solar energy into electricity—has a history of about 50 years. This field of study and the resulting industry have been rapidly growing and improving and are expected to become a significant part of the world’s energy future. Additionally, the use of solar energy over the recent years has increased dramatically especially in rural areas. This paper will focus on providinga guideline to help utility companies in area who may consider investing in an appropriate renewable electricity generation project and for the responsible agencies to support such investment.Evaluationof renewable energy in general and photovoltaic in particular to produce electricity in the Eastern Shore of Maryland is undertaken in this study.