Bifacial Solar Panels Offer Lowest Levelized Cost of Energy for Solar
Bifacial PV is currently a hot trend in solar. While bifacial panels are still more expensive than traditional monofacial panels, they offer a significant increase to energy production in the right circumstances. This means a quicker payback and a lower Levelized Cost of Energy (LCOE) for the solar project. In fact, a recent study conducted by Joule shows that bifacial-1T installations (meaning a bifacial solar array mounted on a single-axis tracker) increase energy yield by 35% and reach the lowest levelized cost of electricity (LCOE) for the majority of the world (93.1% of the land area).[1] These numbers are likely to improve as production costs continue trending downward and new efficiencies in the technology are discovered.
Solar PV Today: Increased Lifetime & Decreased Operating Expenses
The Lawrence Berkeley National Laboratory recently published a paper on Solar PV project life and Operating Expense trends (you can read the paper here) drawing on the findings from a 2019 survey of U.S. solar project developers, sponsors, financiers, and consultants. There were two major takeaways of the study: over the last decade the average Solar PV assumed useful life has increased to 30+ years, and operating expenses have decreased by 50%.
This will obviously have a significant positive impact on the economics of solar going forward. This new landmark will bring down the Levelized Cost of Energy (LCOE) for Solar and is exciting for those who have already, or are looking to adopt solar into their energy plan. Read More