Simulation and Economic Modelling of a Floating Solar Photovoltaic (FSPV) System using PVSyst

This paper examines the economic feasibility of implementing a Floating Solar Photovoltaic (FSPV) system in a Philippine Lake using the PVsyst simulation tool. The study involved a detailed simulation of the FSPV system's performance, considering various environmental and technical parameters. Key aspects such as system configuration, energy yield, and financial metrics including payback period and net present value were analyzed. Results indicate that the FSPV system could significantly contribute to local energy needs while proving to be a financially viable investment due to substantial reductions in CO2 emissions and lower energy costs compared to traditional power sources. According to assessments and simulations performed using PVSyst software, the FSPV system would possess a capacity of 10 kWp, with an expected available energy output of 13,599 kWh per year and an expected energy consumption of 12,940 kWh per year. The economic modeling of the FSPV system revealed a relatively short payback period of 4.8 years, with a net present value of Php 741,732.00 and a substantial return on investment of 227.5%. The Levelized Cost of Energy (LCOE) was estimated at Php 6.18 per kWh. The study underscores the potential of FSPV systems to meet the renewable energy needs of isolated communities by leveraging local water bodies for solar installations

Current Trends, Advancements, and Challenges in Floating Solar Photovoltaic (FSPV) Systems for Off-Grid Applications: A Review

Increasing energy demands and the pursuit of sustainable and clean energy sources have intensified interest in Floating Solar Photovoltaic (FSPV) systems, particularly for off-grid applications. FSPV technology presents a strategic alternative for countries with limited land but ample water bodies, contributing to energy diversification and conservation of arable land. This paper provides a comprehensive technological trends, advancements, and challenges in the deployment of FSPV systems, drawing from an array of highly regarded publications and extensive patent searches via the Derwent Innovation database and various publications. While large-scale FSPV deployments have been successfully integrated with existing hydroelectric power plants and grid systems, the application of FSPV technology for local community use remains underexplored. The paper identifies the lack of comprehensive literature on stand-alone FSPV systems that include battery charging capabilities and integrated monitoring and control systems to mitigate environmental risks. Moreover, the paper discusses the economic, regulatory, technical, cultural, and environmental barriers to FSPV deployment. It suggests that continuous research and development, backed by supportive policy frameworks, are crucial for overcoming these challenges. The aim is to pave the way for resilient, community-centric FSPV installations that can withstand extreme weather and cater to localized energy needs