Research and Analysis on Economic Benefits of Photovoltaic Power Generation Projects: A Case Study of Hefei City, Anhui Province

doi:10.15266/KEREA.2026.35.2.219

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2026 Vol.35, Issue 2 Preview Page Next Page

Research Paper

Research and Analysis on Economic Benefits of Photovoltaic Power Generation Projects: A Case Study of Hefei City, Anhui Province 태양광 발전사업의 경제적 편익 분석: 안후이성 허페이시 사례를 중심으로: 추이멍위*‧조홍종**
Meng Yu Cui* and Hong Chong Cho**; *단국대학교 경제학과 석사과정, 제1저자(e-mail: 15554165025@163.com)
**단국대학교 경제학과 교수, 교신저자(e-mail: hongcho@dankook.ac.kr)

*Master’s Program, Department of Economics, Dankook University, First author (e-mail: 15554165025@163.com)
**Professor, Department of Economics, Dankook University, Corresponding author (e-mail: hongcho@dankook.ac.kr)

30 June 2026. pp. 219-242

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Abstract

Photovoltaic project power generation is an important way to utilize solar energy resources, and this development model is particularly respected. This model is based on localized generation, grid connection, energy conversion, and on-site consumption. It has significant advantages such as strong adaptability, convenient installation, system independence, and high security. In view of China’s vast land area and abundant solar energy resources, photovoltaic systems have excellent construction prospects in China. Firstly, this study revies the development status of China’s photovoltaic projects, and identifies the shortcomings in the current development process of China’s photovoltaic projects. Then, by studying the relevant policies of photovoltaic projects and the development status of photovoltaic project industry, combined with the distribution characteristics of solar energy resources in China, the level of electricity prices and the progress of electricity market transactions, the paper carefully classifies different types of photovoltaic power generation projects, and estimates the key parameters of these projects such as electricity prices, power generation, and construction investment in detail. In order to comprehensively evaluate the economic benefits of different types of photovoltaic power generation projects, this paper uses a variety of financial analysis indicators, including internal rate of return, net present value, etc, to examine the profitability of the project. In addition, this study evaluates the financial viability of the project by analyzing net cash flow, accumulated surplus funds and other indicators. To further explore uncertainty, sensitivity analysis is conducted to identify the critical thresholds of key parameters affecting projects economic performance. Finally, this paper summarizes the economic benefits of photovoltaic power generation projects under the current policy conditions, and based on these analysis results, puts forward corresponding investment strategies and promotion suggestions.

Keywords

Distributed

Photovoltaic project power generation

Economic benefits

Evaluation

태양광 발전 프로젝트는 태양에너지를 활용하는 핵심 방식으로, 현지 발전·계통연계·에너지 변환·현지 소비를 기반으로 하며 적응성, 설치 용이성, 시스템 독립성, 안전성 측면에서 뚜렷한 장점을 가진다. 광활한 국토와 풍부한 일사자원을 보유한 중국에서 태양광 시스템은 높은 구축 잠재력을 지닌다. 본 연구는 먼저 중국 태양광 발전 프로젝트의 발전 현황과 현재 발전 과정의 한계점을 검토한다. 이어서 관련 정책과 산업 발전 현황을 분석하고, 중국의 일사자원 분포 특성, 전력가격 수준, 전력시장 거래 진행 상황과 결합하여 태양광 발전 프로젝트의 유형을 분류하고 전력가격, 발전량, 건설투자비 등 주요 매개변수를 추정한다. 서로 다른 유형 프로젝트의 경제적 편익을 종합 평가하기 위해 내부수익률(IRR), 순현재가치(NPV) 등 다양한 재무지표로 수익성을 검토하고, 이자보상배율·부채상환적립률 등으로 지급능력을, 순현금흐름·누적잉여자금 등으로 재무적 생존성을 평가한다. 불확실성을 추가로 검토하기 위해 민감도 분석을 수행하여 경제성에 영향을 미치는 핵심 매개변수의 임계값을 식별한다. 마지막으로 현행 정책 조건하에서 태양광 발전 프로젝트의 경제적 편익을 정리하고, 이를 바탕으로 투자 전략과 보급 방안을 제시한다.

키워드

분산형 태양광 프로젝트 발전

경제적 편익

평가

References

Ameli, N., and D. M. Kammen, “Innovations in Financing that Drive Cost Parity for Long-term Electricity Sustainability: An Assessment of Italy, Europe’s Fastest Growing Solar Photovoltaic Market,” Energy for Sustainable Development, Vol. 19, 2014, pp. 130~137. 10.1016/j.esd.2014.01.001
Cao, S. Y., Q. H. Li, B. B. Huang, X. L. Wang, and Q. K. Wang, “Economic Analysis and Development Forecast of Photovoltaic Power Technology,” Electric Power, Vol. 45, No. 8, 2012, pp. 64~68.
Fengzhang, L., M. Zhaofeng, and W. Chengshan, “Low-carbon Comprehensive Benefit Analysis Model of Grid-connected Photovoltaic Project Power Generation Project,” Power System Automation, Vol. 17, 2014, pp. 163~169.
Gregg, J. S., R. J. Andres, and G. Marland, “China: Emissions Pattern of the World Leader in CO₂ Emissions from Fossil Fuel Consumption and Cement Production,” Geophysical Research Letters, Vol. 35, No. 8, 2008, L08806. 10.1029/2007GL032887
Jie, M., and C. Shuyin, “Problems and Countermeasures for the Sustainable Development of China’s Photovoltaic Project Power Generation Industry,” Solar Energy, Vo. 11, 2014, pp. 8~11.
Ma, C., D. Shi, and X. Cong, “The Research on the Genration Cost of Solar Photovoltaic Electricity and a Pathway to Grid Parity,” Modern Economic Science, Vol. 36, No. 2, 2014, pp. 85~94.
National Bureau of Statistics of China, Statistical Communiqué of the People’s Republic of China on the 2023 National Economic and Social Development, Beijing, 2024.
National Energy Administration of China, 2023 National Power Industry Statistics, Beijing, 2024.
Popp, D., I. Hascic, and N. Medhi, “Technology and the Diffusion of Renewable Energy,” Energy Economics, Vol. 33, No. 4, 2011, pp. 648~662.
Sener, C., and V. Fthenakis, “Energy Policy and Financing Options to Achieve Solar Energy Grid Penetration Targets: Accounting for External Costs,” Renewable & Sustainable Energy Reviews, Vol. 32, No. 5, 2014, pp. 854~868. 10.1016/j.rser.2014.01.030
Spertino, F., P. D. Leo, and V. Cocina, “Economic Analysis of Investment in the Rooftop Photovoltaic Systems: A Long-term Research in the Two Main Markets,” Renewable & Sustainable Energy Reviews, Vol. 28, No. 8, 2013, pp. 531~540. 10.1016/j.rser.2013.08.024
Yunyan, H., Z. Ruiying, and W. Jun, “Development Status and Prospect of Solar Photovoltaic Power Generation in China,” Journal of Hebei University of Science & Technology, Vol. 35, No. 1, 2014.

Information

Publisher :Environmental and Resource Economics Review
Publisher(Ko) :자원 · 환경경제연구
Journal Title :자원·환경경제연구
Journal Title(Ko) :Environmental and Resource Economics Review
Volume : 35
No :2
Pages :219-242
DOI :https://doi.org/10.15266/KEREA.2026.35.2.219

[1] Ameli, N., and D. M. Kammen, “Innovations in Financing that Drive Cost Parity for Long-term Electricity Sustainability: An Assessment of Italy, Europe’s Fastest Growing Solar Photovoltaic Market,” Energy for Sustainable Development, Vol. 19, 2014, pp. 130~137. 10.1016/j.esd.2014.01.001

[2] Cao, S. Y., Q. H. Li, B. B. Huang, X. L. Wang, and Q. K. Wang, “Economic Analysis and Development Forecast of Photovoltaic Power Technology,” Electric Power, Vol. 45, No. 8, 2012, pp. 64~68.

[3] Fengzhang, L., M. Zhaofeng, and W. Chengshan, “Low-carbon Comprehensive Benefit Analysis Model of Grid-connected Photovoltaic Project Power Generation Project,” Power System Automation, Vol. 17, 2014, pp. 163~169.

[4] Gregg, J. S., R. J. Andres, and G. Marland, “China: Emissions Pattern of the World Leader in CO₂ Emissions from Fossil Fuel Consumption and Cement Production,” Geophysical Research Letters, Vol. 35, No. 8, 2008, L08806. 10.1029/2007GL032887

[5] Jie, M., and C. Shuyin, “Problems and Countermeasures for the Sustainable Development of China’s Photovoltaic Project Power Generation Industry,” Solar Energy, Vo. 11, 2014, pp. 8~11.

[6] Ma, C., D. Shi, and X. Cong, “The Research on the Genration Cost of Solar Photovoltaic Electricity and a Pathway to Grid Parity,” Modern Economic Science, Vol. 36, No. 2, 2014, pp. 85~94.

[7] National Bureau of Statistics of China, Statistical Communiqué of the People’s Republic of China on the 2023 National Economic and Social Development, Beijing, 2024.

[8] National Energy Administration of China, 2023 National Power Industry Statistics, Beijing, 2024.

[9] Popp, D., I. Hascic, and N. Medhi, “Technology and the Diffusion of Renewable Energy,” Energy Economics, Vol. 33, No. 4, 2011, pp. 648~662.

[10] Sener, C., and V. Fthenakis, “Energy Policy and Financing Options to Achieve Solar Energy Grid Penetration Targets: Accounting for External Costs,” Renewable & Sustainable Energy Reviews, Vol. 32, No. 5, 2014, pp. 854~868. 10.1016/j.rser.2014.01.030

[11] Spertino, F., P. D. Leo, and V. Cocina, “Economic Analysis of Investment in the Rooftop Photovoltaic Systems: A Long-term Research in the Two Main Markets,” Renewable & Sustainable Energy Reviews, Vol. 28, No. 8, 2013, pp. 531~540. 10.1016/j.rser.2013.08.024

[12] Yunyan, H., Z. Ruiying, and W. Jun, “Development Status and Prospect of Solar Photovoltaic Power Generation in China,” Journal of Hebei University of Science & Technology, Vol. 35, No. 1, 2014.

자원·환경경제연구 ISSN:1229-9146(Print) Environmental and Resource Economics Review

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