Harnessing Solar Power on Water

The global energy landscape is undergoing a transformative shift, with an increasing emphasis on sustainable and renewable sources. Among these, solar energy stands out as a frontrunner, and within the solar sector, a fascinating innovation is making waves – both literally and figuratively. Floating photovoltaics, a cutting-edge technology that involves installing solar panels on water bodies, is gaining traction for its potential to revolutionise the way we harvest solar power.

The solar energy sector has witnessed remarkable growth in recent years, driven by a confluence of factors such as environmental concerns, decreasing costs of solar panels, and advancements in technology. The global renewable energy market size is expected to hit over USD 2182.99 billion by 2032 with a registered CAGR of 8.50 percent from 2023 to 2032. 

At the heart of the solar energy revolution lies photovoltaics – the technology that converts sunlight into electricity. Photovoltaic cells, commonly known as solar cells, capture sunlight and convert it into direct current (DC) electricity. The efficiency and affordability of photovoltaics have improved significantly over the years, making solar power an increasingly viable and competitive energy source.

In the pursuit of optimising solar energy generation, the concept of floating photovoltaics has emerged as a promising solution. Aiding in making installations versatile not just on land but also on waterbodies, these solar installations are deployed on water bodies, such as lakes, reservoirs, and even the open sea. According to a market research report by Grand View Research, the global floating solar panels market size was valued at USD 30.16 million in 2021 and it is expected to grow at a CAGR of 22.5 percent from 2022 to 2030.

The first floating solar installation was in Aichi, Japan, in 2007, built by the National Institute of Advanced Industrial Science and Technology.

Since then, several notable projects have been established worldwide. Some of the pioneering installations are in the USA, China, and South Korea who have embraced this technology, deploying large-scale floating solar farms on reservoirs and water bodies.

Floating photovoltaic (FPV) systems offer distinct advantages over land-based photovoltaics (PV). The cost of water surfaces is often lower than land, and regulatory constraints are fewer, especially in non-recreational water bodies. Life cycle analysis reveals that foam-based FPV exhibits a remarkable energy payback time of 1.3 years and the lowest greenhouse gas emissions to energy ratio (11 kg CO₂ eq/MWh) among reported crystalline silicon solar photovoltaic technologies.

Enhanced efficiencies are achieved through water cooling and the use of special coatings to prevent rust or corrosion on panels. The market for FPV has surged since 2016, with installed power escalating from 3 GW in 2020 to 13 GW in 2022, surpassing the projected 10 GW by 2025. The World Bank estimates that 6,600 large water bodies are suitable for floating solar, boasting a technical capacity exceeding 4,000 GW if 10 percent of their surfaces are covered. Despite costs being 10-20 percent higher than ground-mounted systems, the rapid growth underscores the increasing global recognition of the potential benefits of floating photovoltaics.

Over the years, floating photovoltaic technology has witnessed continuous advancements. Innovations include improved floating platforms, anchoring systems, and materials designed to withstand the challenging aquatic environment. Some installations incorporate tracking systems that allow solar panels to follow the sun's path, maximising energy capture throughout the day. These developments contribute to increased efficiency and the overall economic viability of floating solar projects.

India, with its vast water resources and ambitious renewable energy targets, has also embraced floating photovoltaics. The first floating solar photovoltaic power plant in India was of 10 kW capacity in Rajarhat, Kolkata. It was set up in 2015 by the Ministry of New and Renewable Energy (MNRE). Currently, India has more than seven major floating solar projects.

As India strives to increase its share of renewable energy in the total energy mix, floating solar projects are gaining momentum across various states.

Recent years have seen a surge in the deployment of floating solar projects in India. The government's initiatives, coupled with the declining costs of solar panels, have contributed to the growth of the sector. However, challenges such as environmental concerns, maintenance issues, and the need for appropriate regulatory frameworks persist. Addressing these challenges is crucial to unlocking the full potential of floating photovoltaics in India and globally.

Floating photovoltaics represent a compelling synergy of innovation and sustainability in the solar energy sector. As technology continues to evolve and countries worldwide invest in renewable energy, the future of floating solar appears promising. From its early beginnings to the large-scale projects emerging in India and beyond, floating photovoltaics will play a pivotal role in meeting the world's growing energy needs while minimising environmental impact. As the sun sets on traditional energy sources, floating photovoltaics are ushering in a new era of harnessing clean energy from the vast expanses of water that cover our planet.
 

- Aditya Singh Poonia, Founder, Etrica Power