Floating Solar Energy Systems: A Review of Economic Feasibility and Cross-Sector Integration with Marine Renewable Energy, Aquaculture and Hydrogen

Excessive reliance on traditional energy sources such as coal, petroleum, and gas leads to a decrease in natural resources and contributes to global warming. Consequently, the adoption of renewable energy sources in power systems is experiencing swift expansion worldwide, especially in offshore areas. Floating solar photovoltaic (FPV) technology is gaining recognition as an innovative renewable energy option, presenting benefits like minimized land requirements, improved cooling effects, and possible collaborations with hydropower. This study aims to assess the levelized cost of electricity (LCOE) associated with floating solar initiatives in offshore and onshore environments. Furthermore, the LCOE is assessed for initiatives that utilize floating solar PV modules within aquaculture farms, as well as for the integration of various renewable energy sources, including wind, wave, and hydropower. The LCOE for FPV technology exhibits considerable variation, ranging from 28.47 EUR/MWh to 1737 EUR/MWh, depending on the technologies utilized within the farm as well as its geographical setting. The implementation of FPV technology in aquaculture farms revealed a notable increase in the LCOE, ranging from 138.74 EUR/MWh to 2306 EUR/MWh. Implementation involving additional renewable energy sources results in a reduction in the LCOE, ranging from 3.6 EUR/MWh to 315.33 EUR/MWh. The integration of floating photovoltaic (FPV) systems into green hydrogen production represents an emerging direction that is relatively little explored but has high potential in reducing costs. The conversion of this energy into hydrogen involves high final costs, with the LCOH ranging from 1.06 EUR/kg to over 26.79 EUR/kg depending on the complexity of the system.