Introduction
Between 2022 and 2032, the solar power industry is expected to increase its share of global electricity generation from 3% to slightly under 11%, accounting for 52% of the rise in power capacity worldwide. By choosing to invest in solar energy technologies and research, you are making a wise long-term decision. Solar plant investments require careful monitoring and management throughout their lifecycle to maximize asset value and ensure long-term profitability. Tracking various aspects of the asset’s life cycle, from procurement and installation to maintenance and decommissioning, is crucial for effective solar asset management. In this blog post, we will explore the importance of lifecycle tracking and discuss how Futr Energy’s FutrOS Lifecycle Tracking Module can unlock better asset value in solar plant investments.
The Significance of Lifecycle Tracking in Solar Plant Investments
Lifecycle tracking involves monitoring and managing the various stages of a solar power plant’s lifespan. It enables solar asset managers to gain comprehensive insights into asset performance, maintenance requirements, warranty coverage, and financial metrics. By tracking the asset’s lifecycle, solar asset managers can make data-driven decisions, optimize maintenance strategies, ensure regulatory compliance, and enhance overall asset value.
Benefits of Lifecycle Tracking
Performance Optimization: Lifecycle tracking provides real-time visibility into the performance of solar power plants. It allows solar asset managers to monitor energy production, efficiency, and degradation trends. By identifying underperforming assets or components, managers can take proactive measures to optimize performance, maximize energy generation, and improve overall plant efficiency.
- Proactive Maintenance Planning: Lifecycle tracking enables solar asset managers to schedule preventive maintenance based on asset performance data and warranty terms. By tracking maintenance activities, inspections, and repairs, managers can develop proactive maintenance plans, minimize downtime, reduce costs, and extend the lifespan of the solar plant.
According to the graph, the more thorough you are with preventive maintenance, the more time you will lose because of these activities, and the less thorough you are with preventive measures, the more reactive repairs you will need to do. Due to the high plant downtime and associated losses, reactive repairs are often more expensive. Predictive and proactive maintenance reduces downtime expenses, cost of missed sales, total cost of maintenance, high priority – randomly occurring unplanned work, and overall manpower necessary to operate a PV system.
- Regulatory Compliance: Tracking the lifecycle of a solar plant ensures compliance with regulatory requirements and permits. It helps solar asset managers keep track of environmental and safety regulations, maintain accurate documentation, and adhere to reporting deadlines. By staying compliant, managers mitigate regulatory risks and avoid penalties.
- Financial Analysis and Decision-making: Lifecycle tracking provides valuable data for financial analysis and decision-making. Solar asset managers can track costs, revenue generation, and financial metrics such as return on investment (ROI) and internal rate of return (IRR). By analyzing this data, managers can make informed decisions regarding asset optimization, financing, and portfolio management. For example, according to a study in 2020, authors analyzed solar home systems per unit cost by using software and they found that 100kw production of solar electricity, which was able to provide electricity to 20 houses and also sell the remaining electricity to the national grid with the cost of cost is $ 91,6175.
Futr Energy’s FutrOS Lifecycle Tracking Module: Unleashing Asset Value
Futr Energy’s FutrOS Lifecycle Tracking Module empowers solar asset managers to effectively track and manage the lifecycle of solar power plants, unlocking better asset value.
Key Features and Benefits of the FutrOS Lifecycle Tracking Module
- Real-Time Monitoring: The module enables real-time monitoring of asset performance, energy production, and key performance indicators (KPIs). Solar asset managers can access up-to-date information on energy generation, degradation rates, and system efficiency, allowing for immediate action and optimization.
- Maintenance Planning and Tracking: FutrOS Lifecycle Tracking Module facilitates proactive maintenance planning by tracking maintenance activities, schedules, and warranty terms. Managers can schedule inspections, track repair work, and ensure timely completion of maintenance tasks. This helps minimize downtime, optimize resources, and extend the lifespan of the solar plant.
- Regulatory Compliance Management: The module centralizes regulatory compliance requirements, documentation, and reporting deadlines. Solar asset managers can track and manage permits, licenses, and environmental compliance obligations. By staying compliant, managers mitigate risks and ensure smooth operations.
- Financial Analysis and Reporting: FutrOS Lifecycle Tracking Module provides comprehensive financial analysis and reporting capabilities. It allows solar asset managers to track costs, revenue, and financial metrics to assess asset performance and make data-driven decisions. This information is invaluable for portfolio management, financing, and investment optimization.
Conclusion
Lifecycle tracking is essential for unlocking better asset value in solar plant investments. Futr Energy’s FutrOS Lifecycle Tracking Module enables solar asset managers to effectively monitor and manage the various stages of a solar power plant’s lifespan. By providing real-time monitoring, proactive maintenance planning, regulatory compliance management, and comprehensive financial analysis, this module empowers managers to make informed decisions, optimize asset performance, and maximize returns on investment. With FutrOS Lifecycle Tracking Module, solar asset management companies can effectively unlock the true value of their solar plant investments.
