Economic Analysis of Biofuel Production in Agrophotovoltaic Systems Using Building-Integrated Photovoltaics in South Korea

Agrophotovoltaic (APV) systems represent innovative agricultural farms and solar power plants, capable of producing electricity and crops simultaneously. Since the solar radiation required to optimize harvests varies by crop type, traditional PV panels face challenges in efficiently adjusting the shading ratio of APV systems. This study evaluates the economic viability of APV systems integrated with building-integrated photovoltaic (BIPV) systems for biofuel production. Specifically, it assesses the production forecast for corn-based biofuel—demand for which is rising due to the mixed-fuel use policy of the Korean government—and the economic feasibility of production in the APV system enhanced by BIPV integration (i.e., the APV–BIPV system). To this end, LCOE (levelized cost of energy) and NPV (net present value) are employed as performance indicators. Additionally, yield data from corn and corn stover harvested in actual APV facilities are utilized to predict bioenergy production. Consequently, the study will analyze the impact of renewable energy production from the proposed APV–BIPV system on achieving the Korean government’s renewable energy production goals and will provide guidelines on the potential benefits for farmers involved in renewable energy production and energy crop harvesting.