Floating solar and ground mounted solar both involve some level of risk, but the nature of the risks associated with each can be different. Most importantly, insurance company will price both risks differently and affect the profiability and ROI of the project.
Project Risks: Floating solar VS ground mounted solar project
One major difference is the risk of damage or destruction caused by natural disasters. Ground-mounted solar systems are more vulnerable to damage from extreme weather events such as high winds, heavy snow loads, and flooding. On the other hand, floating solar systems are less susceptible to these risks as they can withstand flooding and high winds to a certain extent. However, floating solar systems may be at higher risk of damage from storms or waves, which can cause damage to the floating platform or anchoring system.
Another risk associated with floating solar is the potential for water contamination in the event of a spill. In contrast, ground-mounted solar systems are not typically associated with this risk.
Finally, both types of solar installations may be at risk of theft or vandalism. Ground-mounted systems are easier to access and may be more susceptible to theft or damage from trespassers, while floating solar systems may be more difficult to access and therefore less vulnerable to this type of risk.
Overall, the specific risks associated with floating solar versus ground-mounted solar will depend on a variety of factors, including location, environmental conditions, and the design and construction of the solar system.
In general, what locations are the best for floating solar to be installed?
Floating solar can be installed in a variety of locations, but there are several factors that make certain locations more ideal than others.
First, floating solar is best suited for bodies of water that are relatively calm, with minimal waves or turbulence. This is because excessive wave action can cause damage to the solar panels or the floating platform, as I mentioned earlier. Therefore, calm lakes, reservoirs, and ponds are good options for floating solar installations.
Second, the water body should have a large surface area and be relatively shallow. This is because floating solar panels require a certain amount of space to be installed, and deeper water bodies may require more complex anchoring systems to keep the panels in place. Additionally, shallow water bodies may allow for easier installation and maintenance of the floating solar system.
Third, floating solar systems should be located near areas with a high demand for electricity. This can include locations near industrial or residential areas, where there is a high concentration of energy users. Additionally, floating solar can be installed near existing power infrastructure to make it easier to connect the solar system to the grid.
Finally, floating solar can be installed in locations where land-based solar systems are not practical or feasible. This can include areas with limited available land, or areas with sensitive ecosystems that could be impacted by ground-mounted solar systems.
Overall, the best locations for floating solar installations will depend on a variety of factors, including local climate and environmental conditions, energy demand, available water bodies, and local regulations and permitting requirements.
Will floating solar installed far away from onshore?
Yes, floating solar can be installed far away from onshore, provided that the necessary infrastructure is in place to support the installation. In fact, there are already several floating solar installations located in offshore or remote locations around the world.
In order to install floating solar far away from onshore, several key factors need to be considered. First, the floating solar system will need to be designed and engineered to withstand the unique conditions of the offshore environment, including stronger winds and waves, and potentially harsher weather conditions.
Second, the system will need to be equipped with the necessary electrical equipment and transmission lines to transport the electricity generated by the solar panels back to the mainland or other locations where it can be used.
Finally, logistics and transportation will need to be carefully planned and executed to ensure that all necessary equipment and materials can be transported to the offshore location and installed safely and efficiently.
Overall, while there are certainly challenges associated with installing floating solar far away from onshore, it is technically feasible and has the potential to bring renewable energy to remote areas that might otherwise have limited access to electricity.
Explain why insurance company consider floating solar systems with a higher risk of storms or waves
Floating solar systems may be at higher risk of damage from storms or waves because they are built on water, which is inherently more dynamic and subject to greater fluctuations than the solid ground. Storms or strong waves can create turbulent conditions on the water’s surface that can cause the floating solar platforms to move or shift, potentially damaging the anchoring system or the electrical connections between the solar panels.
Additionally, strong winds can create waves that are higher than the floating solar platform is designed to handle, which can cause the platform to capsize or even sink. The risk of damage from storms or waves can be mitigated through careful design and engineering, such as incorporating a system of mooring lines and anchors to keep the platform in place and designing the system to withstand high wind and wave loads. However, the risk can never be completely eliminated, and floating solar systems must be designed with this risk in mind.
Because the risks of both floating and ground-mounted solar are different, insurance company will nomrally quote insurance terms, conditions, deductibles, limit of coverage and premium seperately, this may in turn impact the operation cost in the whole lifecycle of the opertional period.
If you would like to learn more how to reduce your insurance cost for floating solar, please reach out by email: leo.c@projectriskinsights.com
