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Floating Solar Panels, a New Power Trend
Among all different types of renewable energy, solar energy is relatively more familiar to most of us than others. Solar panels are now set up on water surfaces instead of land. They are floating solar panels. Let’s find out more about floating solar panels, which are more environmentally friendly and energy-efficient.
Text by Editorial Team
Sources: Climate Change & Carbon-Neutral Business Department of K-water
Eco-Friendly Water Energy Generated on Water Surfaces
You can often see solar panels installed on the roofs of houses or parking lots. Referring to converting the energy from the sun into electricity, photovoltaic (PV) power generation is one of the most widely used renewable energy sources. According to data published in January by the Ministry of Trade, Industry, and Energy, Korea’s PV power generation capacity was 4.7GW per 10,000 km2 as of 2022, much higher than major countries including Japan, Germany, and China. Renewable energy is becoming increasingly important as a key tool for achieving carbon neutrality and energy security. However, Korea’s PV power generation has virtually reached a saturation point.
But did you know that solar panels can be set up not only on land but also on water surfaces of dams, reservoirs, and sea? Solar panels installed on water surfaces are called floating solar panels. Solar panels are a convergence facility that combines the existing PV technology and offshore technology including shipbuilding and mooring. Since floating solar panels are set up on idle water surfaces, they neither require civil engineering nor cause damage to forests; thus making them ideal for Korea with a relatively small area of land. The amount of global floating solar PV installed globally in 2022 was 5.7GW. China installed the largest amount, accounting for 70% of the total, followed by Japan, Korea, and Europe. Since floating solar panels do not require a large area for installation, countries that have many cities with high population density are highly interested in developing and installing them.
According to “The Global Trend on Installed Floating Solar Panels and Its Implications (2021)” released by the Korea Energy Economics Institute, the area of artificial reservoirs available for the installation of floating solar panels is estimated to be over 400,000 km2 globally. If 1% of the area is developed for floating solar panels, 400GW can be produced. This amount of electricity is enough for 530 million people to use, and it can reduce carbon emissions by 241 million tons a year.
▲ Floating Solar PV System Installed on Chungju Dam
Floating Solar PV: the Future of Eco-Friendly Renewable Energy
According to the Framework Plan for National Carbon Neutrality and Green Growth released in March 2023, Korea plans to increase the portion of new renewable energy to 21.6% of the total amount of power generation by 2030. The 2022 New Renewable Energy Report published by the Korea Energy Agency shows that Korea generated only 9.2% of energy from new renewable energy sources, and that solar PV power generation makes up 53%. Although various new renewable energy sources including wind, fuel cell, and bio energy are being developed, solar energy is most widely used in Korea because it is economical, eco-friendly, easily acceptable to local communities, and easy to transport. For this reason, solar energy is expected to remain a key new renewable energy source in Korea for a while. However, Korea lacks land where solar panels can be installed.
Korea’s development of floating solar PV power generation technology focuses on public idle water surfaces managed by the government and public organizations. The lower the temperature is, the more efficient the modules of a floating solar PV power generation system. As a result, it is approximately 5% more efficient on a water surface than on land due to the shading effect generated by the water surface.
Floating solar PV power generation reduces fine dust, creates a cleaner atmosphere, contributes to meeting the national greenhouse gas emission targets, and has less impact on the environment. In addition, the modules have a shading effect that curbs the growth of green algae and also serve as a habitat for fry and juvenile fish.
Carbon Neutrality Made Possible Together with the Local Community
As a leading operator of floating solar PV power generation systems, K-water has been operating floating solar PV power generation systems with a combined capacity of 58.4MW using the water surfaces of multi-purpose dams across the country including Hapcheon Dam, Boryeong Dam, Chungju Dam, and Soyang Dam since 2011. The world’s first commercial floating solar PV power generation started at Hapcheon Dam with an installed capacity of 41.5MW. The dam’s floating solar PV power system produces electricity that can be used by around 20,000 households each year.
Instead of simply installing the systems, K-water has developed a new business model wherein local residents participate in the floating solar PV power generation. They invest in the facility in the form of a loan and share the profit from the power generation in proportion to their investment. The facility is designed in such a way that can highlight the regional identity, which can also be used as tourism resources to promote the local economy. In 2022, K-water built the first floating solar PV power system in Chungpoongho Lake of Chungju Dam, based largely on ideas suggested by local residents. The system generates electricity in an amount that 1,200 households can use per year. Building on the model of Hapcheon Dam, K-water launched a new project to create an upgraded floating solar PV power plant at Imha Dam, which has been designated as the first new renewable energy integrated complex in the country. K-water has been working closely together with local residents and municipalities from the planning stage of the project.
K-water plans to develop an additional 1.1GW installed capacity and complete the construction of 0.5GW capacity by 2030; thus securing annual power generation of 656GWh and cutting carbon emissions by 300,000 tons, with a view to contributing to achieving carbon neutrality by 2050. Furthermore, K-water is committed to supporting exporters ahead of the introduction of the Carbon Border Adjustment Tax (CBAT) in Europe as a means of achieving RE100 and creating a new ESG model that promotes the participation of local communities.
