Design and Feasibility Analysis of 1 MWp Floating Solar Park in Bhatiari Lake Using PVsyst Software

The study aimed to offer insights into developing efficient solar Floating Solar Photovoltaic (FSPV) systems, improving renewable energy production, and grid connectivity as a next-generation technology with significant growth in renewable energy worldwide. Compared to land-based solar installations, floating solar installations offer various benefits, including increased panel efficiency, reduced land costs, water conservation, and the containment of algae growth in reservoirs. This research presents a comprehensive analysis of a 1 MWp FSPV solar power plant located at Bhatiari Lake, Chattogram, Bangladesh. The project utilizes detailed meteorological data and simulation results from PVsyst to optimize energy generation. With an annual average horizontal irradiation of 1662 kWh/m² and optimal panel orientation, the FSPV system generates 1577.1 MWh annually, contributing significantly to the grid. The average quantity of usable energy for the FSPV plant is 85.1% yearly for the average performance ratio. Economic viability is underscored by a levelized cost of energy (LCOE) of $0.040 USD/kWh. The project requires an initial investment of $1.0153 million USD and is expected to generate $2.843 million USD in revenue by producing 31,060,000 units of electricity. Considering a 2% annual inflation rate, the projected profit after 20 years is calculated to be $1.6092 million USD. Throughout its lifespan, the solar power plant saves 14,718.6 tons of CO2, resulting in a net positive effect when considering a 1% yearly deterioration rate. The FSPV plant offers better returns compared to traditional bank investments. This is largely due to its potential to generate substantial long-term income from solar power, despite the high installation costs. This research highlights the strategic advantages of FSPV systems in harnessing solar energy efficiently and utilizing underutilized water bodies to maximize space usage while contributing positively to economic and environmental sustainability in Bangladesh's energy landscape.