Recent technical advancements, economics and environmental impacts of floating photovoltaic solar energy conversion systems

Floating Photovoltaic (FPV) is an emerging technology that has experienced significant growth in the renewable energy market since 2016. It is estimated that technical improvements along with governmental initiatives will promote the growth rate of this technology over 31% in 2024. This study comprehensively reviews the floating photovoltaic (FPV) solar energy conversion technology by deep investigating the technical advancements and presenting a deliberate discussion on the comparison between floating and ground-mounted photovoltaic (PV) systems. Also, the economics and environmental impacts of FPV plants are presented by introducing the main challenges and prospects. The FPV plants can be conventionally installed on water bodies/dam reservoirs or be implemented as multipurpose systems to produce simultaneous food and power. Installing FPV modules over water reservoirs can prevent evaporation but penetration of solar radiation still remains an issue that can be eliminated by employing bifacial PV modules. The salt deposition in off-shore plants and algae-bloom growth are other important issues that can degrade modules over time and adversely affect the aquatic ecosystem. The capital expenditure (CAPEX) for FPV systems is about 25% higher than ground-mounted plants, mainly due to the existence of floats, moorings, and anchors. It has been stated that the capacity increase of FPV plants (ranges from 52 kW to 2 MW) can intensely decrease the levelized cost of energy (LCOE) up to 85%. It is estimated that FPV technology can become more affordable in the future by further research, developments, and progress in both technology and materials.