Cooling Effect on the Floating Solar PV: Performance and Economic Analysis on the Case of West Java Province in Indonesia

Abstract

Solar photovoltaic technology is one of the most well established new and renewable energy technologies. Many researchers have undertaken wide research and development in this sector, including material and system design. To protect the exhaustion of global terrestrial land and to avoid the occupation of extensive farmlands, solar photovoltaic (PV) developers, as well as policymakers, have pursued various solutions, including the development of floating solar PV (FPV). This study consists of a technological and economic perspective to analyze the floating solar PV system. The authors utilize remote sensing results to predict FPV efficiency and measure energy yield from the system while also developing an economics analysis on an FPV project by comparison with ground-based solar PV (GPV). The results from the remote sensing method found that the lake has a cooler temperature than the ground, with an annual difference of around 8 °C. FPV efficiency was also shown to be around 0.61% higher than GPV in terms of the prediction. FPV economic parameter comparison also resulted in 3.37 cents/kWh lower levelized cost of electricity (LCOE), and 6.08% higher internal rate of return (IRR) compared to GPV in the base scenario.

Risk Management Based on NPV-at-Risk: A Case Study in Floating Solar Power Plant Project

“…This value became the return value margin allowable in the project. The cost of equity (𝐾𝐸) was calculated based on equation (1). Based on the equation, the risk-free rate is denoted by Rf, the sensitivity value of the return on the loan investment to the market return is 𝛽, and the market rate of return is 𝑅𝑚.…”

“…Some unpredictable factors need to be considered in operating a floating solar power plant [1,2]. Such unpredictability can manifest into risks for the developer and investors and require investigations [3,4].…”

Energy Storage Applications to Address the Challenges of Solar PV and Wind Penetration in Indonesia: A Preliminary Study

“…Third, the difference in irradiation for each potential area so that not all sites can be placed for solar power plants (Dwipayana et al, 2021). Fourth, developing solar energy requires a considerable initial investment, high transportation costs, long delivery times (Sukarso & Kim, 2020), high equipment costs (Soonmin et al, 2019;Syanalia & Winata, 2018;World Bank, 2007). It also has considerable grid installation costs, repair costs and maintenance costs are also high, making solar energy expensive (Al Matin et al, 2019).…”

Hybrid Floating Solar Plant Designs: A Review

“…Greenhouse gas (GHG) mitigation potential is used as an indicator to evaluate the CO 2 emissions reduction with the proposed technology compared to the conventional energy generation. In terms of social benefits, solar systems are expected to increase the standard of living and create job opportunities for locals [88,89]. It is worth noting that the aforementioned indicators do not account for the influence of combined parameters in arriving at a common value.…”