Economic feasiblity of floating solar pv and land-based solar pv in Northern Cyprus

Ünlükuş, Utku Asena
While the world faces rising energy demands and seeks sustainable solutions, renewable energy sources have begun to play a crucial role in the production of energy. In terms of climatic conditions, Northern Cyprus is viewed as a suitable location for solar-powered electricity generation. The purpose of this thesis study is to conduct an economic feasibility analysis for the installation of a floating solar panel plant on the island, which has never been installed before, and the replacement of the panels in the island's current land-based solar panel plant. Both facilities have an installed capacity of 1 MW. Also, the same panel type and inverter were preferred. METU NCC was selected as the location for land-based solar panel testing, while Geçitköy Dam was selected for floating solar panel testing. In the economic feasibility study, multiple different parameters were used. Calculations of Net Present Value (NPV) and Leveled Cost of Energy (LCOE) were performed using the System Advisor Model (SAM) developed by the National Renewable Energy Laboratory of the US Department of Energy. The temperature values required for the system for the T.R.N.C are provided by the Meteorology Department. According to the obtained results, the NPV for both power plants was positive, and the projects were considered feasible. Similarly, in the LCOE calculations derived from both installations, results were nearly half of the Cyprus Turkish Electricity Authority (KIB-TEK) tariffs. Although the results are comparable, the implementation of the floating solar panel plant, which is more expensive than the land-based solar panel plant, has a greater number of advantages and is therefore better suited for Northern Cyprus.
Citation Formats
U. A. Ünlükuş, “Economic feasiblity of floating solar pv and land-based solar pv in Northern Cyprus,” M.S. - Master of Science, Middle East Technical University, 2023.