Economic assessment of bifacial solar modules under incentive policies in rich-solar potential regions: A multiscale practical approach

Abstract

The installation of grid-connected photovoltaic systems (GCPVS) has been steadily increasing due to techno-socio-economic-environmental advantages. The bifacial module is one of the latest evolutions in improving the GCPVS efficiency, which captures rear sun radiation. Despite the higher energy generated, the installation of bifacial modules needs additional investment for the structure and the site’s ground cover. Therefore, the economic viability of bifacial modules cannot be ensured. In most current studies, the economic viability of bifacial modules excluded the incentive policy. In addition, the literature mainly focuses on the economic analysis rather than precise modeling for GCPVS energy estimation (e.g., neglecting the efficiency of PV modules and inverters). Last but not least, existing works focus on specific applications and sizes (e.g., floating systems and agrivoltaics). To fill these gaps, this paper proposes a multiscale practical approach to assess the economic viability of bifacial GCPVS, with the focus on high solar potential regions with more than 4.5 kWh/m2 daily global radiation on a horizontal surface. Simulations are conducted on the PVsyst platform for various cities in Iran, and the economic indices are computed under the existing feed-in tariff (FiT) action. The results demonstrate the high viability of the bifacial modules in different cities and under various albedos. For Shiraz with the highest solar potential, the net present value (NPV), payback period time (PBT), and internal rate of return (IRR) are 102,809 €, 4.09 years, and 62.2% under albedo = 0.9, respectively. These values are 38,668 €, 6.22 years, and 32.5%, respectively, for Rasht with the lowest solar potential, confirming the high feasibility of the bifacial solar module. The outcomes motivate individuals to construct a GCPVS with bifacial modules in high solar potential regions and provide valuable insights for policymakers to exploit a well-modified incentive, considering solar potential and economic conditions.