What are Financial Incentives for Installing Bifacial Panels?

Increased Energy Production and Reduced Costs

Bifacial solar panels produce electricity from both the front and back sides of the panel, resulting in 21-25% higher energy production compared to traditional monofacial panels. This increased energy output translates to reduced costs per kilowatt-hour, making bifacial panels a more attractive option for utilities and commercial solar farm operators. For example, a 1-megawatt (MW) solar farm with bifacial panels can generate an additional 200,000 kilowatt-hours (kWh) of electricity per year, resulting in a 10-15% reduction in the levelized cost of electricity (LCOE).

Enhanced Returns on Investment

Bifacial panels also offer enhanced returns on investment through increased revenue streams and extended asset lifetimes. A study by the National Renewable Energy Laboratory (NREL) found that bifacial panels can increase the revenue stream for solar farms by 11-14% over a 25-year period. Additionally, bifacial panels’ improved durability and reduced degradation rates can extend their lifespan by 10-15 years, resulting in a longer revenue stream and increased returns on investment.

Market and Policy Incentives

Several market and policy incentives are driving the adoption of bifacial panels. The U.S. Department of Energy’s (DOE) Solar Energy Technologies Office has invested in bifacial panel research and development, and the International Electrotechnical Commission (IEC) has established a standard for bifacial panel testing and certification. Many states and countries offer tax credits and rebates for solar energy systems, including bifacial panels, which can help offset the higher upfront costs associated with these panels.