Economic and Social Benefits of Aquavoltaics: A Case Study from Jiangsu, China

Abstract

Aquavoltaics is an innovative and beneficial solution that makes dual use of water area for photovoltaic (PV) power generation and aquaculture. Currently, China has made remarkable developments in aquavoltaics. This paper first analyzes the current development status of aquavoltaics in China, then takes the TW “fishery–PV integration” base project in Nanjing, Jiangsu Province, as a case study to analyze its economic and social benefits, and finally puts forward countermeasure suggestions for the development of aquavoltaics in China. It is found that Jiangsu Province is one of the clustering areas for the development of aquavoltaics in China, and the development of aquavoltaics in this province has a high level of specialization. The payback period (PP) of the TW “fishery–PV integration” base project is 10.44 years, the net present value (NPV) is USD 18.5334 million (the discount rate is 5%), and the internal rate of return (IRR) is 8.06%. The social benefits of this project are mainly reflected in the promotion of energy conservation and emission reduction, the alleviation of energy shortages, the optimization of land use, and the development of culture, tourism, science, and education. The development of aquavoltaics should be promoted by strengthening scientific research, paying attention to the impact of PV panel erection on the ecological environment of the waters, emphasizing the fishery farming part of the aquavoltaic project, and improving the commercial operation mode of the aquavoltaic project.