Risk Assessment and Policy Recommendations for a Floating Solar Photovoltaic (FSPV) System

Abstract

This study provides a comprehensive overview of the risks and challenges associated with floating solar photovoltaic (FSPV) systems while identifying the best ways to promote the growth and success of this promising technology. Using a hazard identification and risk assessment methodology, this study categorizes risks into environmental, technical, regulatory, economic, and social risks. A risk assessment was conducted to determine the potential risks of a small-scale FSPV system in Philippine Lakes. Risks with high probability of occurrence and severity include health and safety, stability, installation and maintenance costs, and corrosion. This study proposes recommendations for mitigating these risks. This study also examines policies and programs from various countries that have successfully promoted the adoption of FSPV technology. Currently, countries such as China, Japan, and South Korea account for over 90% of the FSPV deployments. This study highlights the programs and incentives that accelerated FSPV deployments in these countries, such as the standard Feed-In-Tariff (FIT) "Build Plan," "Top Runner Program, and poverty alleviation program in China, significant FITs in Japan, and revised Renewable Portfolio Standards (RPS) and research and development (R&D) support in South Korea. Overall, this study provides valuable insights for policymakers, industry stakeholders, and other interested parties in the ongoing discussions of FSPV systems. Despite the risks and challenges associated with FSPV, the potential of this technology to play a significant role in the transition to a low-carbon, sustainable future cannot be ignored.INDEX TERMS Floating solar photovoltaic system, risk assessment, policy formulation, risks, and challenges in floating solar.