This study compares the energy performance, operational stability, and economic viability of five photovoltaic configurations installed on the Xingu River in Pará, Brazil. Two ground-mounted systems (fixed and horizontal tracking) and three floating systems (fixed, horizontal, and orbital tracking) were analyzed, each comprising 24 modules totaling 15.96 kWp. The monitoring, conducted over 60 days, used data acquired via SCADA with a 1-s resolution and processed according to IEC 61724–1. The systems with horizontal tracking using monofacial and bifacial modules showed the highest productivity, with average gains of 19% and 25%, respectively. By contrast, the orbital tracking configuration suffered operational limitations and delivered lower yields, of 7% and 8% respectively, compared to the fixed ground‐mounted monofacial setup. The fixed ground‐mounted configuration achieved the lowest Levelized Cost of Energy (0.24  US$/kWh), making it the most economically competitive option. Among floating systems, the locally developed fixed floating system stood out as the most efficient solution, achieving a productivity of 5.15  kWh/kWp and an LCOE of 1.14  US$/kWh, thus representing the most balanced floating solution. In conclusion, fixed ground systems are more competitive in tropical contexts with available land, while fixed floating platforms represent a viable alternative in areas with land use restrictions.