An Economically Comparative Study of 12 MWp PV Floating and PV on-Ground Solar Farms in an Industrial Estate in Thailand

This study focuses on the economic comparison between 12 MWp PV floating and PV on-ground solar farms in an industrial estate in Thailand. The objective is to evaluate the economic feasibility and electricity-produced efficiency of both systems. This study uses models for both power generation systems and collects data on investment and operational costs over a 20-year project lifespan, using a discount rate of 10% and a Time of Use (TOU) electricity rate for medium-sized businesses with a voltage of 22–33 kV, where the peak period rate is 0.113 USD/kWh and the off-peak period rate is 0.07 USD/kWh [1]. The evaluation uses indicators such as NPV, IRR, Payback Period, B/C Ratio, and sensitivity analysis under two scenarios: 1) the investment cost changes by ±5%, while 2) the electricity selling price changes by ±5% every 5 years during peak periods. The study found that the initial investment for PV floating power plants is 8.77 million USD, while PV on-ground power plants require an initial investment of 9.36 million USD. Economic evaluation reveals that PV floating has an NPV of 1.25 million USD > 0, an IRR of 12% > 10%, a payback period of 7.07 years, and a B/C ratio of 1.14 > 1, whereas PV on-ground has an NPV of 0.36 million USD > 0, an IRR of 11%, a payback period of 7.83 years, and a B/C ratio of 1.04> 1. When conducting sensitivity analysis under both scenarios, PV floating meets all criteria, whereas PV on-ground fails to meet the criteria when variables causing a decrease in net profit are applied. As a result, the study concludes that PV floating solar farms are more economically viable than PV on-ground solar farms in Thailand's industrial estates.