Performance evaluation and the returns of investment of different solar PV panel types in the utility-scale: Cases of the installation in multi-region in Thailand

Abstract

          This research aimed to investigate the performance analysis and the returns of investment of solar PV installation of the selected power plants in the utility-scale of different Solar PV panel types in each region of Thailand. The performance results of the plant were also compared with the simulation values obtained from Solar-GIS software. The performance analysis included the final yield of each plant installation, an annual performance ratio (PR), and an annual electricity generation (MWh/annum). The economic viability of investment in solar PV installation was in comparison by using the usage of the net present value (NPV), internal rate of return (IRR), and payback period (PB). The PV system performance in this study varied from 71.1% to 84.50% and their energy yields per annum varied from 1,361 kWh/kW_p to 1,467 kWh/kW_p (poly c-Si); 1,492 kWh/kW_p to 1,635 kWh/kW_p (a-Si); 1,381 kWh/kW_p to 1,495 kWh/kW_p (CIS). The returns of investment namely: Equity %IRR is in the range of 9-11%, and the payback period is less than 10-11 years. The results from this research concluded that in the northern regions such as in Lampang province, polycrystalline technology of solar PV is preferable and recommended. While in other regions amorphous and polycrystalline solar PV technologies can be used. The solar PV installations can reduce emissions at a maximum rate of 773 tons of CO₂ per year of 1 MW installation in amorphous solar PV installation in Lop Buri province.