According to the recent report by The Energy and Resources Institute, “The results of recent bids have indicated an acute decline in the investment cost for Floating Solar Photovoltaic systems. As an outcome of the latest tender, in the case of the first 70 MW capacity FSPV plant, the solar developers all over the nation have quoted that the price of electricity generated is INR 35/Watt.” This is said to be the lowest price of solar-powered energy in the world.
The recent study of TERI which is titled ‘Floating Solar Photovoltaic (FSPV): The Third Pillar to Solar PV Sector?’ has given an insights to the investment cost that has a significant decrease in the past two years. The highest drop was seen in the midst of 2018 to early 2019, as the reduction amounted to 45 percent.
Major reasons which have implemented cost reductions were a decline in the cost of floaters, as significant improvements were made in the manufacturing processes. In addition to it, the reduction in thickness of floaters and material cost has impacted the floating solar energy. Also, aggressive bidding by the developers has increased the competition in getting the tender, which has somehow impacted the FSPV sector.
Some panelists who have helped create the report have said, “ Though the cost reduction is quite good for the solar industry as a whole, we have to maintain the quality of the solar panels as well, as a degrading “Floating Solar Photovoltaic” can easily affect the local biodiversity when compared to ground-based solar power panels.”
Though the costs of FSPV have decreased considerably, coming to a generalistic report could prove to be harmful, as FSPV, as a technology is still in its nascent stages of market penetration. With a staggering capacity of 1700 MW of FSPV, under various stages of development, India is slowly and steadily advancing in becoming a global solar power giant in the modern future.
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Great content! Super high-quality! Keep it up! 🙂