Optimizing Floating Photovoltaic System Design: A Multi-objective Approach for Environmental and Economic Sustainability

Floating Photovoltaic (FPV) systems offer a sustainable solution by utilizing water surfaces for solar power generation, reducing land use, and conserving water. However, existing standards for ground-mounted solar projects do not account for FPV's unique benefits, making legal and scientific assessments challenging. This study develops a simulation model to predict annual energy generation and a mathematical model to evaluate FPV's environmental and economic impacts. A multi-objective optimization approach is applied using Particle Swarm Optimization (PSO) and Flood Optimization Algorithm (FLA) to maximize Net Present Value (NPV), Internal Rate of Return (IRR), and reductions in CO<inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</inf> emissions and water evaporation. Results indicate that FLA achieves a maximum reduction of 741 tons CO<inf xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</inf> and 15.85m water evaporation, while PSO optimizes economic returns better with $85,031 NPV and 17.23% IRR. The findings highlight the model's potential for balancing environmental and financial benefits, with FLA offering faster convergence in optimization.