Sustainability Research Highlights Financial Efficiency of Rooftop Solar Power in Vietnam

Strategic Insights -

Research conducted by Vietnam National University has found that rooftop solar power systems with battery storage are financially viable in Vietnam, despite the high investment costs. The study, published in the journal Sustainability, analyzed the performance of a grid-tied solar power system with battery storage at an office building in the northeast region of Vietnam. The results showed that the financial efficiency of the system with storage was lower than that without storage, mainly due to the difference in the price of inverters and battery. However, the system without battery storage was found to be more dependent on the operation of the utility grid.

Key Takeaways:

  • The study found that rooftop solar power systems with battery storage are financially viable in Vietnam, with a benefit-cost ratio greater than one and internal rate of return and net present value positive.
  • The financial efficiency of the system with storage was lower than that without storage due to the difference in the price of inverters and battery.
  • The grid-tied solar power system without battery storage showed better financial efficiency but was strongly dependent on the operation of the utility grid.
  • The payback period of the grid-tied solar power system with storage was 6.2 years longer than the system without battery storage.
  • The total profit of the grid-tied solar power system with storage was nearly 1.9 times lower than the system without battery storage.
  • The study was conducted by Tung Nguyen Thanh, Phap Vu Minh, Kien Duong Trung, and Tuan Do Anh at Vietnam National University.
  • The research highlights the potential of rooftop solar power in Vietnam, particularly in the central and southern regions.

Statistics:

  • The benefit-cost ratio of the rooftop grid-tied power project with storage was greater than one.
  • The internal rate of return (IRR) of the rooftop grid-tied power project with storage was positive.
  • The net present value (NPV) of the rooftop grid-tied power project with storage was positive.
  • The payback period of the grid-tied solar power system with storage was 6.2 years longer than the system without battery storage.
  • The total profit of the grid-tied solar power system with storage was nearly 1.9 times lower than the system without battery storage.

Sources:

  • Study on Performance of Rooftop Solar Power Generation Combined with Battery Storage at Office Building in Northeast Region, Vietnam, published in Sustainability, 2021, vol. 13, no. 11, p. 11093 (DOI: 10.3390/su131911093).
  • Tung Nguyen Thanh et al., Vietnam National University, Hanoi, Vietnam.