Evaluating the economic feasibility of photovoltaic electricity generation : central Minnesota

Abstract

Global economies are transitioning to renewable energy sources and it is important to understand the strengths and weaknesses of current renewable energy technologies. The focus of this project is to determine if solar technology, specifically photovoltaic, is an economically viable means of electricity generation at northern latitudes. This project will also conduct a side by side comparison of stationary panels versus horizontal north-south axis with east-west tracking panels, to determine if the tracking panels generate enough additional electricity to offset their greater installation and maintenance costs. St John’s Solar Farm, located in Central Minnesota and owned by St John’s Abbey, was identified as the facility to evaluate. This solar farm consists of a 340 kWp horizontal north-south axis with east-west tracking panel array and a 143 kWp stationary panel array with the panels set at a 35o incline. The two technologies sit next to each other within the farm. The farm has a 20-year life cycle. A multifaceted methodology was developed to complete this project. The solar farm site was assessed for its suitability. Then, the electricity generation of the fixed panel and tracking panel arrays were compared using final yield for a 12-month period, final yield per month, energy yield per m2 of flat land occupied by each technology, and performance ratio. Finally, the economic aspects of the solar farm were assessed. The data showed that Minnesota has a higher solar potential than many parts of the United States. The data also showed that the tracking panels did generate more electricity than the fixed panels; however, it was not enough to justify their extra cost, maintenance, and land requirements. It is recommended that new photovoltaic installations consist of fixed panels. This will ensure the most economically viable solar farms are developed.