Comparative Economic Analysis of Bifacial Roof-top PV Systems

Abstract

This study addresses the existing literature’s incomplete coverage of detailed LCOE (Levelised Cost of Electricity) and economic evaluation for bifacial photovoltaic (PV) systems. LCOE is a crucial metric in assessing the economic viability of energy generation. This paper introduces a novel model that captures the relationship between LCOE and the innovative technology of bifacial PV. It also analyzes the LCOE and energy payback period for an 8 kW bifacial PV plant, which is installed on the rooftop of the IIT Kharagpur campus. The LCOE derived from the real-time PV plant stands at 3.46 INR/kWh, while PVSyst predicts it as 3.37 INR/kWh. The corresponding payback period for the actual bifacial plant is approximately five years and five months, compared to five years and three months projected by PVSyst. It explicitly compares the economic feasibility of two rooftop PV systems: traditional monofacial panels and bifacial panels for scaled-up systems (1 MW). The analysis encompasses both systems’ initial costs, energy output, and payback periods. The findings reveal that the bifacial PV system outperforms the monofacial system in electricity generation and offers a shorter payback period. Consequently, the study demonstrates that the bifacial PV system represents a more economically advantageous choice for rooftop solar installations.