Optimal sizing of solar-wind based hybrid energy system using modified dragonfly algorithm for an institution

•Optimal solution to harness the unexploited potential renewable energy sources.•Heuristic optimization with dragonfly algorithm for renewable system sizing.•Economic assessment to achieve low net present value with higher reliability. Globally, most solar and wind power systems can produce power cheaper than fossil fuel-powered systems under certain circumstances according to the international renewable energy agency (IRENA). Despite that, the penetration rate of renewable energy has slowed down recently due to its non-availability and reliability in providing an uninterruptible power supply. A hybrid renewable energy system (HRES) with the conventional grid to counter the intermittency challenges without battery storage is a way forward for a greener solution. In this paper, unutilized rooftop space and underutilized potential locations of an educational institution are customized for renewable Solar-Wind power generation together with the conventional grid for effective and cost-optimal power solutions. A modified dragonfly algorithm (MDA) was adopted for mathematical modeling to reduce the power systems' net present value (NPV) over its lifespan. The model reckons various scenarios and found that the HRES with grid interaction is the best case to significantly improve the reliability economically. The result is encouraging to promote HRES in potential institutions to boost the growth of renewable energy, economically to achieve the net zero emission goal of IRENA by 2050.