The Korean Society For New And Renewable Energy
[ Article ]
New & Renewable Energy - , pp.5-5
ISSN: 1738-3935 (Print) 2713-9999 (Online)
Online publication date 17 Jun 2025
Received 21 Jan 2025 Revised 11 Apr 2025 Accepted 15 Apr 2025
DOI: https://doi.org/10.7849/ksnre.2025.0001

농어촌형 펜스 태양광 발전사업의 수익성 분석

이재욱1) ; 황규원2), 3), * ; 이철용4), **
Financial Analysis of Rural Fence-Type Solar Power Generation Projects
Jae-Wook Lee1) ; Kyu-Won Hwang2), 3), * ; Chul-Yong Lee4), **
1)Senior Manager, Renewable Energy Business Divison, Korea Southern Power Company
2)Ph.D. Candidate, School of Business, Pusan National University
3)Researcher, Ocean Law and Policy Institute, Korea Institute of Ocean Science and Technology (KIOST)
4)Associate Professor, School of Business and Institute for Future Earth, Pusan National University

Correspondence to: ** cylee7@pusan.ac.kr Tel: +82-51-510-2568 Fax: +82-51-581-3142Co-Corresponding author: * hwangkw@kiost.ac.kr Tel: +82-51-664-3757 Fax: +82-51-719-9663

© 2025 by the New & Renewable Energy
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Solar power systems are being installed and operated in diverse spaces to achieve net-zero goals and advance energy transitions. In rural areas, agrivoltaics—which combine agriculture with energy production—have the potential to enhance land-use efficiency and generate financial benefits. This study aims to conduct a financial feasibility analysis by establishing and operating a pilot site for rural fence-type solar power systems. The target areas were classified into coastal salt flats and inland rice paddies. Solar panels were installed with two directional alignments—southwest-northeast and southeast-northwest—to compare the operational conditions within the same area. The study analyzed the Profitability Index (PI), Net Present Value (NPV), and Internal Rate of Return (IRR) using empirical data for one year from the pilot site. The results revealed that the PI ranged from 1.21 to 1.27, with the NPV amounting to approximately 54.3 million KRW per 100 kW and the IRR ranging from 8.40% to 9.43%, demonstrating financial viability. The findings of this study are expected to serve as foundational policy data for enhancing the adoption of solar power systems in South Korea, where mountainous terrain, high population, and building density limit the availability of suitable installation sites.

Keywords:

Climate change, Agrivoltaic, Fence-type bifacial PV systems, Financial analysis

키워드:

기후변화, 농어촌형 태양광 발전, 양면형 펜스 태양광, 수익성 분석