LTPP Solar PV Pricing Pro Forma Tool
Prepared by:
Energy and Environmental Economics, Inc.
101 Montgomery Street, Suite 1600
San Francisco, CA 94104
phone: 415-391-5100
June 2, 2010
Contents:
Dashboard
Inputs
LCOE ProForma
Dashboard with Input/Output fields
Default inputs tables
Annual cash flows for selected technology and location
Color Scheme:
User Inputs
User Interaction
Calculations
Outputs
Input/Output Block
Forma Tool
LTPP Solar Pricing Pro Forma
Single Project Selection
Chosen Installation Outputs
Choose size and technology:
Chosen installation output:
Levelized Cost ($/kWh)
$0.2498
Choose Location:
DSCR
System Cost & Performance
1.44
Financing Assumptions
System Size (DC) (MW)
System Cost ($/watt DC)
Annual DC Capacity Factor
System lifetime (Years)
Degradation Factor (%/yr)
O&M Costs ($/kW)
O&M Cost Escalator (%/yr)
Inverter replacement cost ($/W)
Inverter replacement time (Years)
Inputs
1
$5.000
18.3%
25
1.00%
$20.0
2.0%
$0.250
10
Insurance Expense ($/kW)
Insurance Escalator (%/yr)
$20.0
2.0%
Override
Percent Financed with Equity
After-Tax WACC
Debt Interest Rate
Cost of Equity
Target minimum DSCR
Debt Period in Years
Federal Tax Rate
State Tax Rate
Tax Credit Rate
MACRS Term
Escalator
Solve For All Sizes and Locations
All Installation Outputs
Click to solve for all sizes and locations:
Solar DG:
Levelized Cost ($/kWh)
Mojave Desert (Daggett)
Inputs
60%
8.25%
7.50%
10.79%
1.40
20
35%
9%
30%
Override
5
0%
0.5 - 2 MW 0.5 - 2 MW
Rooftop /
Ground /
Fixed Tilt
Tracker
$0.2483
$0.1852
2 - 5 MW 5-20 MW
Ground / Ground /
Fixed-Tilt Fixed-Tilt
$0.1748 $0.1678
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
$0.2683
$0.2788
$0.2904
$0.2085
$0.2127
$0.2294
$0.1916
$0.1979
$0.2132
$0.1840
$0.1900
$0.2048
$0.3000
$0.30
$0.2500
$0.25
$0.2000
LCOE ($/kWh)
$0.20
$0.15
$0.1500
$0.10
$0.1000
$0.05
North Coast (Oakland)
Central Valley (Fresno)
$0.0500
South Coast (Riverside)
$0.00
0.5 - 2
MW
Rooftop /
Fixed Tilt
0.5 - 2
MW
Ground /
Tracker
Mojave Desert (Daggett)
2 - 5 MW
Ground /
Fixed-Tilt
5-20 MW
Ground /
Fixed-Tilt
$0.0000
0.5 - 2
MW
Rooftop /
Fixed Tilt
0.5 - 2
MW
Ground /
Tracker
2 - 5 MW
Ground /
Fixed-Tilt
5-20 MW
Utility
Utility
Ground /
Scale /
Scale /
Fixed-Tilt Crystalline Thin-Film
/ Tracker / Fixed-Tilt
Size Menu
Location Menu
0.5 - 2 MW Rooftop / Fixed Tilt
1
0.5 - 2 MW Rooftop / Fixed Tilt
0.5 - 2 MW Ground / Tracker
2 - 5 MW Ground / Fixed-Tilt
5-20 MW Ground / Fixed-Tilt
Utility Scale - Crystalline Tracker
Utility Scale - Thin Film
Utility-Scale Solar:
$/kWh
Mojave Desert
Utility Scale / Utility Scale /
Crystalline /
Thin-Film /
Tracker
Fixed-Tilt
$0.1482
$0.1366
Mojave Desert (Daggett)
1
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Central Valley
$0.1612
$0.1548
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Utility
Scale /
Thin-Film
/ Fixed-Tilt
Cost and Performance Inputs
Sizes
0.5 - 2 MW Rooftop / Fixed Tilt
0.5 - 2 MW Ground / Tracker
2 - 5 MW Ground / Fixed-Tilt
5-20 MW Ground / Fixed-Tilt
Utility Scale - Crystalline Tracker
Utility Scale - Thin Film
Location
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
Central Valley (Fresno)
Mojave Desert (Daggett)
Central Valley (Fresno)
System
System
Size (DC)
Cost
(MW)
($/watt DC)
1
$5.00
1
$5.00
1
$5.00
1
$5.00
1
$4.75
1
$4.75
1
$4.75
1
$4.75
5
$3.90
5
$3.90
5
$3.90
5
$3.90
20
$3.70
20
$3.70
20
$3.70
20
$3.70
150
$4.00
150
$4.00
150
$3.40
150
$3.40
Financing
Sizes
0.5 - 2 MW Rooftop / Fixed Tilt
0.5 - 2 MW Ground / Tracker
2 - 5 MW Ground / Fixed-Tilt
5-20 MW Ground / Fixed-Tilt
Location
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Mojave Desert (Daggett)
South Coast (Riverside)
Central Valley (Fresno)
North Coast (Oakland)
Percent
Financed
with Equity
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
After-Tax
WACC
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
8.25%
Utility Scale - Crystalline Tracker
Utility Scale - Thin Film
Mojave Desert (Daggett)
Central Valley (Fresno)
Mojave Desert (Daggett)
Central Valley (Fresno)
60%
60%
60%
60%
8.25%
8.25%
8.25%
8.25%
Annual DC
Capacity
Factor
18.3%
16.9%
16.3%
15.6%
23.5%
20.9%
20.5%
19.0%
21.3%
19.5%
18.8%
17.5%
21.3%
19.5%
18.8%
17.5%
23.2%
21.3%
21.3%
18.8%
System
lifetime
(Years)
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
Debt
Interest
Rate
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
Cost of
Equity
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
10.79%
Inverter
Degradatio
O&M Cost
Inverter replacemen Insurance
n Factor O&M Costs Escalator replacemen
t time
Expense
(%/yr)
($/kW)
(%/yr)
t cost ($/W) (Years)
($/kW)
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
0.75%
$25.0
2.0%
$0.250
10
$20.0
0.75%
$25.0
2.0%
$0.250
10
$20.0
0.75%
$25.0
2.0%
$0.250
10
$20.0
0.75%
$25.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
1.00%
$20.0
2.0%
$0.250
10
$20.0
0.75%
$44.0
0.0%
$0.000
0
$0.0
0.75%
$44.0
0.0%
$0.000
0
$0.0
1.00%
$32.0
0.0%
$0.000
0
$0.0
1.00%
$32.0
0.0%
$0.000
0
$0.0
Target
minimum Debt Period Federal
DSCR
in Years
Tax Rate
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
1.40
20
35%
State Tax
Rate
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
8.84%
Tax Credit
Rate
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
30%
MACRS
Term
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
7.50%
7.50%
7.50%
7.50%
10.79%
10.79%
10.79%
10.79%
1.40
1.40
1.40
1.40
20
20
20
20
35%
35%
35%
35%
8.84%
8.84%
8.84%
8.84%
30%
30%
30%
30%
5
5
5
5
Insurance
Escalator
(%/yr)
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
0.0%
0.0%
0.0%
0.0%
Escalator
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
LCOE ProForma: 0.5 - 2 MW Rooftop / Fixed Tilt Mojave Desert (Daggett)
(in actual dollars)
System Design
System Cost ($/watt DC)
System Size (DC) (MW)
Initial debt service reserve funding
Total System Cost
$5.00
1.0
$196,184
$5,196,184
$20.00
2.00%
$0.25
$250,000
$25,000
10
$20.00
2.00%
Year
Financing
% Financed w/ equity
% Financed w/ debt
Debt Interest rate
Debt period in years
Cost of Equity
WACC
Interest Rate on DSRF
Escalator
60%
40%
7.5%
20
10.79%
8.25%
3.8%
0%
Levelized Cost of Generation ($/kWh)
$0.2498
NPV
$0.0
Annual Cash Flow
Cost of Generation ($/MWh)
Operating Revenue
Total Revenue
Interest Expense
Loan Repayment Expense (Principal)
Debt Service Reserve
Interest earned on DSRF
Net Finance Costs
State tax refund/(paid)
Federal tax refund (paid)
Taxes Saved/(Paid)
Equity Investment
$0
($1,000,000)
($2,000,000)
($3,000,000)
$3,117,711
$2,078,474
($4,000,000)
Year
10
11
12
13
14
15
16
1,587
1,571
1,556
1,540
1,525
1,509
1,494
1,479
1,465
1,450
1,435
1,421
1,407
1,393
1,379
($20,400)
($25,000)
($20,400)
($65,800)
Operating Profit
$1,000,000
1,603
$249.7615
$400,431
$400,431
O&M Costs
Inverter Replacement Cost
Insurance Costs
Total Costs
$2,000,000
Equity Amount
Debt Amount
Energy Production (MWh)
$249.7615
$396,426
$396,426
($20,808)
($24,063)
($20,808)
($65,679)
$249.7615
$392,462
$392,462
($21,224)
($23,125)
($21,224)
($65,573)
$249.7615
$388,537
$388,537
($21,649)
($22,188)
($21,649)
($65,485)
$249.7615
$384,652
$384,652
($22,082)
($21,250)
($22,082)
($65,413)
$249.7615
$380,806
$380,806
($22,523)
($20,313)
($22,523)
($65,359)
$249.7615
$376,997
$376,997
($22,974)
($19,375)
($22,974)
($65,322)
$249.7615
$373,227
$373,227
($23,433)
($18,438)
($23,433)
($65,304)
$249.7615
$369,495
$369,495
($23,902)
($17,500)
($23,902)
($65,304)
$249.7615
$365,800
$365,800
($24,380)
($16,563)
($24,380)
($65,322)
$249.7615
$362,142
$362,142
($24,867)
($25,000)
($24,867)
($74,735)
$249.7615
$358,521
$358,521
($25,365)
($24,063)
($25,365)
($74,792)
$249.7615
$354,936
$354,936
($25,872)
($23,125)
($25,872)
($74,869)
$249.7615
$351,386
$351,386
($26,390)
($22,188)
($26,390)
($74,967)
$249.7615
$347,872
$347,872
$249.7615
$344,394
$344,394
($26,917)
($21,250)
($26,917)
($75,085)
($27,456)
($20,313)
($27,456)
($75,224)
$334,631
$330,748
$326,889
$323,053
$319,239
$315,447
$311,675
$307,924
$304,191
$300,478
$287,407
$283,729
$280,066
$276,420
$272,788
$269,170
($155,886)
($47,997)
$0
$7,357
($196,525)
($152,286)
($51,596)
$0
$7,357
($196,525)
($148,416)
($55,466)
$0
$7,357
($196,525)
($144,256)
($59,626)
$0
$7,357
($196,525)
($139,784)
($64,098)
$0
$7,357
($196,525)
($134,977)
($68,905)
$0
$7,357
($196,525)
($129,809)
($74,073)
$0
$7,357
($196,525)
($124,253)
($79,629)
$0
$7,357
($196,525)
($118,281)
($85,601)
$0
$7,357
($196,525)
($111,861)
($92,021)
$0
$7,357
($196,525)
($104,960)
($98,922)
$0
$7,357
($196,525)
($97,541)
($106,342)
$0
$7,357
($196,525)
($89,565)
($114,317)
$0
$7,357
($196,525)
($80,991)
($122,891)
$0
$7,357
($196,525)
($71,774)
($132,108)
$0
$7,357
($196,525)
($61,866)
($142,016)
$0
$7,357
($196,525)
$71,949
$1,766,038
$1,837,986
$125,014
$367,209
$492,222
$68,437
$196,607
$265,043
$34,462
$94,144
$128,607
$34,404
$93,934
$128,339
$8,855
$16,841
$25,697
($16,727)
($60,373)
($77,101)
($16,887)
($60,949)
($77,836)
($17,085)
($61,664)
($78,749)
($17,324)
($62,527)
($79,851)
($16,779)
($60,559)
($77,338)
($17,109)
($61,752)
($78,862)
($17,491)
($63,129)
($80,619)
($17,926)
($64,701)
($82,627)
($18,420)
($66,483)
($84,903)
($18,976)
($68,490)
($87,466)
$1,976,092
$626,445
$395,407
$255,134
$251,052
$144,618
$38,049
$33,563
$28,918
$24,101
$13,544
$8,342
$2,922
($2,732)
($8,640)
($14,821)
($3,117,711)
After-Tax Equity Cash Flow
($3,117,711)
Taxes
California
Taxable operating income
Depreciation schedule (assumes LLP entity)
Depreciation Basis
$5,000,000
Depreciation
Interest
Taxable income
Tax refund/(paid)
8.84%
Federal
Taxable operating income
Depreciation schedule
Depreciation basis
Depreciation
Interest
State taxes rebate/(paid)
Taxable income
Tax refund/(paid)
Investment tax credit
Total tax refund/(paid)
$341,987
20.00%
$1,000,000
$338,105
32.00%
$334,246
19.20%
$330,410
11.52%
$326,596
11.52%
$322,803
5.76%
$319,032
0.00%
$0
$315,281
0.00%
$0
10
$311,548
0.00%
$0
11
$307,835
0.00%
12
$294,764
0.00%
$0
$0
13
$291,086
0.00%
$0
14
$287,423
0.00%
$0
15
$283,777
0.00%
$0
16
$280,145
0.00%
$276,527
0.00%
$1,600,000
$960,000
$576,000
$576,000
$288,000
($155,886)
($813,898)
$71,949
($152,286)
($1,414,181)
$125,014
($148,416)
($774,170)
$68,437
($144,256)
($389,847)
$34,462
($139,784)
($389,188)
$34,404
($134,977)
($100,173)
$8,855
($129,809)
$189,223
($16,727)
($124,253)
$191,027
($16,887)
($118,281)
$193,267
($17,085)
($111,861)
$195,974
($17,324)
($104,960)
$189,804
($16,779)
($97,541)
$193,545
($17,109)
($89,565)
$197,858
($17,491)
($80,991)
$202,785
($17,926)
($71,774)
$208,370
($18,420)
$0
($61,866)
$214,660
($18,976)
$0
$341,987
20.00%
$338,105
32.00%
$334,246
19.20%
$330,410
11.52%
$326,596
11.52%
$322,803
5.76%
$319,032
0.00%
$315,281
0.00%
$311,548
0.00%
$307,835
0.00%
$294,764
0.00%
$291,086
0.00%
$287,423
0.00%
$283,777
0.00%
$280,145
0.00%
$276,527
0.00%
$850,000
($155,886)
$71,949
($591,949)
$207,182
$1,558,855
$1,837,986
$1,360,000
($152,286)
$125,014
($1,049,167)
$367,209
$816,000
($148,416)
$68,437
($561,734)
$196,607
$489,600
($144,256)
$34,462
($268,984)
$94,144
$489,600
($139,784)
$34,404
($268,384)
$93,934
$244,800
($134,977)
$8,855
($48,118)
$16,841
$0
($129,809)
($16,727)
$172,496
($60,373)
$0
($124,253)
($16,887)
$174,140
($60,949)
$0
($118,281)
($17,085)
$176,182
($61,664)
$0
($111,861)
($17,324)
$178,650
($62,527)
$0
($104,960)
($16,779)
$173,026
($60,559)
$0
($97,541)
($17,109)
$176,436
($61,752)
$0
($89,565)
($17,491)
$180,368
($63,129)
$0
($80,991)
($17,926)
$184,859
($64,701)
$0
($71,774)
($18,420)
$189,950
($66,483)
$0
($61,866)
($18,976)
$195,684
($68,490)
$492,222
$265,043
$128,607
$128,339
$25,697
($77,101)
($77,836)
($78,749)
($79,851)
($77,338)
($78,862)
($80,619)
($82,627)
($84,903)
($87,466)
1
-$262,325
$107,347
$1,893,799
$2,001,146
1,738,821
2
-$262,204
$160,058
$493,692
$653,750
391,546
3
-$262,098
$103,130
$321,826
$424,956
162,858
4
-$262,010
$68,809
$218,111
$286,920
24,910
5
-$261,938
$68,408
$216,662
$285,069
23,131
6
-$261,884
$42,519
$138,341
$180,860
(81,024)
7
-$261,848
$16,599
$59,911
$76,511
(185,337)
8
-$261,829
$16,107
$58,133
$74,239
(187,590)
9
-$261,829
$15,579
$56,227
$71,806
(190,023)
10
-$261,847
$15,013
$54,185
$69,198
(192,650)
11
-$271,260
$15,235
$54,986
$70,221
(201,039)
12
-$271,317
$14,584
$52,637
$67,221
(204,096)
13
-$271,394
$13,886
$50,117
$64,003
(207,392)
14
-$271,492
$13,136
$47,413
$60,549
(210,943)
15
-$271,610
$12,332
$44,510
$56,842
(214,768)
16
-$271,749
$11,468
$41,393
$52,861
(218,888)
$4,250,000
35.00%
Levelization of Cost
Expense and Debt Cost
State Tax benefits
Fed Tax benefits
State tax benefits
Subtotal Cost
0
(3,117,711)
(3,117,711)
10.79%
(1,892,029)
12,785
147.9937
249.7615
$249.7615
Discount Rate
NPV of EBIT
Present value of output (kWh)
Level subtotal cost ($/kWh)
Level Cost Grossed for Taxes
Cost in year 1 $
Debt Schedule
Debt Term Flag
Beginning Balance
Debt Service
Interest
Principal
Ending Balance
$2,078,474
Inverter Replacement Fund
Beginning Balance
Initial Funding
Withdrawal
Final Operations Year Withdrawal
Ending Balance
Interest Rate
Net Cash Flow
DSCR
Cash Flow Available for Debt Service (CFADS)
Debt Service Coverage Ratio (DSCR)
Average of DSCRs
CFADS / DS
Target DSCR
MACRS Schedule
Output
Cash Flow ($)
18.3%
1,603
1.00%
25
Other
O&M Costs ($/kW)
O&M Costs Escalator (%/yr)
Inverter replacement cost ($/W)
10yr inverter replacement cost
Annual inverter amount to reserve
Inverter replacement time (in Years)
Insurance Expense ($/kW)
Insurance Escalator (%/yr)
Check: CFADS yields sufficient coverage
Sum of Debt Service
Target DSCR
Total CFADS required
CFADS over debt term
Net
35.00%
8.84%
40.75%
30%
15%
5
$3,000,000
Performance Inputs
DC Capacity Factor
Annual Output for Year 1 (MWh)
Degradation Factor
System lifetime (in Years) = PPA Term
Debt Service Fund
Beginning Balance
Initial Funding
Withdrawal
Ending Balance
Interest Rate
Earned Interest
Tax Assumptions
Federal Tax Rate
State Tax Rate
Effective Tax Rate
Investment Tax Credit Rate
Basis Reduction (50% of ITC)
MACRS Term
1
1
$2,078,474
$203,882
$155,886
2
1
$2,030,477
$203,882
$152,286
3
1
$1,978,881
$203,882
$148,416
4
1
$1,923,415
$203,882
$144,256
5
1
$1,863,789
$203,882
$139,784
6
1
$1,799,691
$203,882
$134,977
7
1
$1,730,786
$203,882
$129,809
8
1
$1,656,713
$203,882
$124,253
9
1
$1,577,084
$203,882
$118,281
10
1
$1,491,484
$203,882
$111,861
11
1
$1,399,463
$203,882
$104,960
12
1
$1,300,541
$203,882
$97,541
13
1
$1,194,199
$203,882
$89,565
14
1
$1,079,882
$203,882
$80,991
15
1
$956,991
$203,882
$71,774
16
1
$824,883
$203,882
$61,866
$47,997
$2,030,477
$51,596
$1,978,881
$55,466
$1,923,415
$59,626
$1,863,789
$64,098
$1,799,691
$68,905
$1,730,786
$74,073
$1,656,713
$79,629
$1,577,084
$85,601
$1,491,484
$92,021
$1,399,463
$98,922
$1,300,541
$106,342
$1,194,199
$114,317
$1,079,882
$122,891
$956,991
$132,108
$824,883
$142,016
$682,867
2
$25,000
$25,000
$50,000
3
$50,000
$25,000
$75,000
4
$75,000
$25,000
$100,000
5
$100,000
$25,000
$125,000
6
$125,000
$25,000
$150,000
7
$150,000
$25,000
$175,000
8
$175,000
$25,000
$200,000
9
$200,000
$25,000
$225,000
12
$25,000
$25,000
$50,000
13
$50,000
$25,000
$75,000
14
$75,000
$25,000
$100,000
15
$100,000
$25,000
$125,000
16
$125,000
$25,000
$150,000
1
$0
$0
$0
3.75%
$0
$0
$25,000
$25,000
10
$225,000
$25,000
(250,000)
$0
11
$0
$25,000
$25,000
($25,000)
($24,063)
($23,125)
($22,188)
($21,250)
($20,313)
($19,375)
($18,438)
($17,500)
($16,563)
($25,000)
($24,063)
($23,125)
($22,188)
($21,250)
($20,313)
1
$334,631
1.64
2
$330,748
1.62
3
$326,889
1.60
4
$323,053
1.58
5
$319,239
1.57
6
$315,447
1.55
7
$311,675
1.53
8
$307,924
1.51
9
$304,191
1.49
10
$300,478
1.47
11
$287,407
1.41
12
$283,729
1.39
13
$280,066
1.37
14
$276,420
1.36
15
$272,788
1.34
16
$269,170
1.32
1
$196,184
$0
$0
$196,184
2
$196,184
$0
$0
$196,184
3
$196,184
$0
$0
$196,184
4
$196,184
$0
$0
$196,184
5
$196,184
$0
$0
$196,184
6
$196,184
$0
$0
$196,184
7
$196,184
$0
$0
$196,184
8
$196,184
$0
$0
$196,184
9
$196,184
$0
$0
$196,184
10
$196,184
$0
$0
$196,184
11
$196,184
$0
$0
$196,184
12
$196,184
$0
$0
$196,184
13
$196,184
$0
$0
$196,184
14
$196,184
$0
$0
$196,184
15
$196,184
$0
$0
$196,184
16
$196,184
$0
$0
$196,184
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
$7,357
1.44
1.44
1.40
0
$196,184
$0
$196,184
3.75%
$0
$4,077,641
1.40
$5,708,697
$5,884,605
$175,908
Term
0
10
11
12
13
14
15
CONFIDENTIAL
16
LCOE ProForma: 0.5 - 2 MW Rooftop / Fixed Tilt Mojave Desert (Daggett)
(in actual dollars)
System Design
System Cost ($/watt DC)
System Size (DC) (MW)
Initial debt service reserve funding
Total System Cost
Performance Inputs
DC Capacity Factor
Annual Output for Year 1 (MWh)
Degradation Factor
System lifetime (in Years) = PPA Term
Other
O&M Costs ($/kW)
O&M Costs Escalator (%/yr)
Inverter replacement cost ($/W)
10yr inverter replacement cost
Annual inverter amount to reserve
Inverter replacement time (in Years)
Insurance Expense ($/kW)
Insurance Escalator (%/yr)
Year
Energy Production (MWh)
Cost of Generation ($/MWh)
Operating Revenue
Total Revenue
O&M Costs
Inverter Replacement Cost
Insurance Costs
Total Costs
Operating Profit
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
1,365
1,351
1,338
1,325
1,311
1,298
1,285
1,272
1,260
$249.7615
$340,950
$340,950
($28,005)
($19,375)
($28,005)
($75,385)
$249.7615
$337,540
$337,540
($28,565)
($18,438)
($28,565)
($75,567)
$249.7615
$334,165
$334,165
($29,136)
($17,500)
($29,136)
($75,772)
$249.7615
$330,823
$330,823
$249.7615
$320,997
$320,997
$249.7615
$317,787
$317,787
$249.7615
$314,610
$314,610
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
($30,313)
($25,000)
($30,313)
($85,627)
($30,920)
($24,063)
($30,920)
($85,902)
($31,538)
($23,125)
($31,538)
($86,201)
($32,169)
($22,188)
($32,169)
($86,525)
($32,812)
$103,750
($32,812)
$38,126
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$241,888
$238,338
$234,796
$231,262
$352,735
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($31,182)
($112,544)
($143,726)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$209,010
$0
$0
$0
$0
$0
$0
$0
$0
$265,565
$261,973
$258,392
$254,823
($39,765)
($164,117)
$0
$7,357
($196,525)
($27,456)
($176,426)
$0
$7,357
($196,525)
($14,224)
($189,658)
$196,184
$7,357
($341)
($19,599)
($70,738)
($90,337)
($20,294)
($73,245)
($93,538)
($21,065)
($76,030)
($97,095)
($21,919)
($79,113)
($101,032)
After-Tax Equity Cash Flow
($21,297)
($28,091)
($35,228)
$153,450
Taxes
17
State tax refund/(paid)
Federal tax refund (paid)
Taxes Saved/(Paid)
$249.7615
$324,240
$324,240
($29,719)
($16,563)
($29,719)
($76,000)
($51,215)
($152,667)
$0
$7,357
($196,525)
Interest Expense
Loan Repayment Expense (Principal)
Debt Service Reserve
Interest earned on DSRF
Net Finance Costs
$249.7615
$327,515
$327,515
33
($21,383)
($77,177)
($98,560)
($21,069)
($76,044)
($97,113)
($20,756)
($74,914)
($95,670)
($20,444)
($73,787)
($94,230)
Equity Investment
18
California
Taxable operating income
$272,922
Depreciation schedule (assumes LLP entity)
0.00%
Depreciation Basis
Depreciation
$0
Interest
($51,215)
Taxable income
$221,707
Tax refund/(paid)
($19,599)
Federal
Taxable operating income
Depreciation schedule
Depreciation basis
Depreciation
Interest
State taxes rebate/(paid)
Taxable income
Tax refund/(paid)
Investment tax credit
Total tax refund/(paid)
19
$269,330
0.00%
$0
20
$265,749
0.00%
$0
$143,328
21
$262,180
0.00%
22
$241,888
0.00%
$0
$141,225
23
$238,338
0.00%
$0
$139,126
24
$234,796
0.00%
$0
$137,032
25
$231,262
0.00%
$0
26
28
29
30
31
32
33
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
$0
$0
$0
$0
$0
$0
$0
$0
($39,765)
$229,565
($20,294)
($27,456)
$238,293
($21,065)
($14,224)
$247,955
($21,919)
$0
$241,888
($21,383)
$0
$238,338
($21,069)
$0
$234,796
($20,756)
$0
$231,262
($20,444)
$0
$0
$352,735
($31,182)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$272,922
0.00%
$269,330
0.00%
$265,749
0.00%
$262,180
0.00%
$241,888
0.00%
$238,338
0.00%
$234,796
0.00%
$231,262
0.00%
$352,735
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
($51,215)
($19,599)
$202,108
($70,738)
$0
($39,765)
($20,294)
$209,271
($73,245)
$0
($27,456)
($21,065)
$217,228
($76,030)
$0
($14,224)
($21,919)
$226,036
($79,113)
$0
$0
($21,383)
$220,505
($77,177)
$0
$0
($21,069)
$217,269
($76,044)
$0
$0
($20,756)
$214,040
($74,914)
$0
$0
($20,444)
$210,819
($73,787)
$0
$0
($31,182)
$321,554
($112,544)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($90,337)
($93,538)
($97,095)
($101,032)
($98,560)
($97,113)
($95,670)
($94,230)
($143,726)
17
-$271,910
$10,541
$38,046
$48,587
(223,323)
18
-$272,092
$9,545
$34,451
$43,996
(228,097)
19
-$272,298
$8,475
$30,589
$39,064
(233,234)
20
-$76,341
$7,326
$26,440
$33,765
(42,576)
21
-$85,627
$7,569
$27,320
$34,889
(50,737)
22
-$85,902
$7,594
$27,408
$35,002
(50,900)
23
-$86,201
$7,620
$27,503
$35,123
(51,078)
24
-$86,525
$7,649
$27,607
$35,255
(51,270)
25
$38,126
-$3,370
-$12,164
-$15,535
22,591
26
Debt Schedule
Debt Term Flag
Beginning Balance
Debt Service
Interest
17
1
$682,867
$203,882
$51,215
18
1
$530,201
$203,882
$39,765
19
1
$366,084
$203,882
$27,456
20
1
$189,658
$203,882
$14,224
21
0
22
0
23
0
24
0
25
0
26
0
Principal
Ending Balance
$152,667
$530,201
$164,117
$366,084
$176,426
$189,658
$189,658
($0)
Inverter Replacement Fund
Beginning Balance
Initial Funding
Withdrawal
Final Operations Year Withdrawal
Ending Balance
Interest Rate
Net Cash Flow
17
$150,000
$25,000
$175,000
18
$175,000
$25,000
$200,000
19
$200,000
$25,000
$225,000
20
$225,000
$25,000
(250,000)
$0
($19,375)
($18,438)
($17,500)
($16,563)
($25,000)
($24,063)
DSCR
Cash Flow Available for Debt Service (CFADS)
Debt Service Coverage Ratio (DSCR)
Average of DSCRs
CFADS / DS
Target DSCR
17
$265,565
1.30
18
$261,973
1.28
19
$258,392
1.27
20
$254,823
1.25
21
22
Debt Service Fund
Beginning Balance
Initial Funding
Withdrawal
Ending Balance
Interest Rate
Earned Interest
17
$196,184
$0
$0
$196,184
18
$196,184
$0
$0
$196,184
19
$196,184
$0
$0
$196,184
20
$196,184
$0
($196,184)
$0
21
$7,357
$7,357
$7,357
Levelization of Cost
Expense and Debt Cost
State Tax benefits
Fed Tax benefits
State tax benefits
Subtotal Cost
27
$352,735
0.00%
$0
$0
27
$0
$0
$0
$0
0
$0
28
$0
$0
$0
$0
0
$0
29
$0
$0
$0
$0
0
$0
30
$0
$0
$0
$0
0
$0
31
$0
$0
$0
$0
0
$0
32
$0
$0
$0
$0
0
$0
33
$0
$0
$0
$0
0
$0
$0
$0
$0
0
Discount Rate
NPV of EBIT
Present value of output (kWh)
Level subtotal cost ($/kWh)
Level Cost Grossed for Taxes
Cost in year 1 $
$7,357
27
0
28
0
29
0
30
0
31
0
32
0
33
0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
21
$0
$25,000
$25,000
22
$25,000
$25,000
$50,000
$0
0.00
23
$50,000
$25,000
$75,000
24
$75,000
$25,000
$100,000
25
$100,000
$25,000
(125,000)
$0
($23,125)
($22,188)
$103,750
23
24
25
$0
0.00
22
$0
0.00
23
$0
0.00
24
26
27
$0
$0
$0
$0
26
$0
0.00
25
28
$0
$0
$0
$0
27
$0
0.00
26
29
$0
$0
$0
$0
28
$0
0.00
27
30
$0
$0
$0
$0
29
$0
0.00
28
31
$0
$0
$0
$0
30
$0
0.00
29
32
$0
$0
$0
$0
31
$0
0.00
30
33
$0
$0
$0
$0
32
$0
0.00
31
$0
$0
$0
$0
33
$0
0.00
32
$0
0.00
33
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Check: CFADS yields sufficient coverage
Sum of Debt Service
Target DSCR
Total CFADS required
CFADS over debt term
Net
MACRS Schedule
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
CONFIDENTIAL
33
LCOE ProForma: 0.5 - 2 MW Rooftop / Fixed Tilt Mojave Desert (Daggett)
(in actual dollars)
System Design
System Cost ($/watt DC)
System Size (DC) (MW)
Initial debt service reserve funding
Total System Cost
Performance Inputs
DC Capacity Factor
Annual Output for Year 1 (MWh)
Degradation Factor
System lifetime (in Years) = PPA Term
Other
O&M Costs ($/kW)
O&M Costs Escalator (%/yr)
Inverter replacement cost ($/W)
10yr inverter replacement cost
Annual inverter amount to reserve
Inverter replacement time (in Years)
Insurance Expense ($/kW)
Insurance Escalator (%/yr)
Year
Energy Production (MWh)
Cost of Generation ($/MWh)
Operating Revenue
Total Revenue
34
35
36
37
38
39
40
Levelized
Energy Production (MWh)
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
$0.0000
$0
$0
Cost of Generation ($/kWh)
Operating Revenue
Total Revenue
O&M Costs
Inverter Replacement Cost
Insurance Costs
Total Costs
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
O&M Costs
Inverter Replacement Costs
Insurance Costs
Total Costs
Operating Profit
$0
$0
$0
$0
$0
$0
$0
Operating Profit
Interest Expense
Loan Repayment Expense (Principal)
Debt Service Reserve
Interest earned on DSRF
Net Finance Costs
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Interest Expense
Loan Repayment Expense (Principal)
Debt Service Reserve
Interest earned on DSRF
Net Finance Costs
State tax refund/(paid)
Federal tax refund (paid)
Taxes Saved/(Paid)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
State tax refund/(paid)
Federal tax refund (paid)
Taxes Saved/(Paid)
$0
$0
$0
$0
$0
$0
$0
After-Tax Equity Cash Flow
Equity Investment
Equity Investment
After-Tax Equity Cash Flow
Taxes
34
California
Taxable operating income
Depreciation schedule (assumes LLP entity)
Depreciation Basis
Depreciation
Interest
Taxable income
Tax refund/(paid)
Federal
Taxable operating income
Depreciation schedule
Depreciation basis
Depreciation
Interest
State taxes rebate/(paid)
Taxable income
Tax refund/(paid)
Investment tax credit
Total tax refund/(paid)
Levelization of Cost
Expense and Debt Cost
State Tax benefits
Fed Tax benefits
State tax benefits
Subtotal Cost
35
36
37
38
39
40
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
34
$0
35
$0
$0
$0
$0
0
$0
36
$0
$0
$0
$0
0
$0
37
$0
$0
$0
$0
0
$0
38
$0
$0
$0
$0
0
$0
39
$0
$0
$0
$0
0
$0
40
$0
$0
$0
$0
0
$0
$0
$0
$0
0
Discount Rate
NPV of EBIT
Present value of output (kWh)
Level subtotal cost ($/kWh)
Level Cost Grossed for Taxes
Cost in year 1 $
Debt Schedule
Debt Term Flag
Beginning Balance
Debt Service
Interest
34
0
Principal
Ending Balance
Inverter Replacement Fund
Beginning Balance
Initial Funding
Withdrawal
Final Operations Year Withdrawal
Ending Balance
Interest Rate
Net Cash Flow
34
DSCR
Cash Flow Available for Debt Service (CFADS)
Debt Service Coverage Ratio (DSCR)
Average of DSCRs
CFADS / DS
Target DSCR
34
Debt Service Fund
Beginning Balance
Initial Funding
Withdrawal
Ending Balance
Interest Rate
Earned Interest
34
35
0
36
0
37
0
38
0
39
0
40
0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
($0)
$0
$0
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
$0
($0)
35
$0
$0
$0
36
$0
$0
$0
$0
$0
35
$0
0.00
37
$0
$0
$0
$0
36
$0
0.00
35
38
$0
$0
$0
$0
37
$0
0.00
36
39
$0
$0
$0
37
40
$0
$0
$0
$0
39
$0
0.00
38
$0
#REF!
$0
$0
$0
$0
38
$0
0.00
($0)
$0
$0
$0
40
$0
0.00
39
$0
0.00
40
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Check: CFADS yields sufficient coverage
Sum of Debt Service
Target DSCR
Total CFADS required
CFADS over debt term
Net
MACRS Schedule
34
35
36
37
38
39
40
CONFIDENTIAL
