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

Dellosa, Jeffrey T.; Mendoza, Ronieto; Billones, Robert Kerwin C.; Sheng, Yong

Abstract

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.

Citation

Dellosa, J. T., Mendoza, R., Billones, R. K. C., & Sheng, Y. (2024). Simulation and Economic Modelling of a Floating Solar Photovoltaic (FSPV) System using PVSyst. Journal of Electrical Systems, 20(5s), 758-777. https://doi.org/10.52783/jes.2299

• Journal Article Type: Article
• Acceptance Date: Mar 30, 2024
• Online Publication Date: Apr 13, 2024
• Publication Date: Apr 30, 2024
• Deposit Date: May 11, 2024
• Publicly Available Date: May 14, 2024
• Journal: Journal of Electrical Systems
• Peer Reviewed: Peer Reviewed
• Volume: 20
• Issue: 5s
• Pages: 758-777
• DOI: https://doi.org/10.52783/jes.2299
• Public URL: https://hull-repository.worktribe.com/output/4664306
• Additional Information: This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.