Title: Cost of Renewable Energy Spreadsheet Tool (CREST)
Version: Geothermal, version 1.2
Author: Sustainable Energy Advantage, LLC
Michael Mendelsohn, NREL
For Technical Support, Please
(303) 384-7363
Contact:
michael.mendelsohn@nrel.gov
Sustainable Energy Advantage, LLC
For Model Customization,
(508) 665-5850
Please Contact:
CREST@seadvantage.com
Introduction: The CREST model is a cost-of-energy analysis tool intended to assist policy makers evaluating the appropriate payment rate for a cost-based renewable energy
incentive policy. The model aims to determine the cost-of-energy, or minimum revenue per unit of production needed for a sample (modeled) renewable energy
project to meet its investors' assumed minimum required after-tax rate of return. This model was developed in conjunction with a report entitled “Renewable
Energy Cost Modeling: A Toolkit for Establishing Cost-Based Incentives in the United States”, developed under contract to the National Renewable Energy
Laboratory. For more information about the factors, issues and policy decisions involved in establishing cost-based rates and incentives, please refer to the
report.
The report, user manual and CREST models are free and available for download at:
http://financere.nrel.gov/finance/content/crest-model
User Manual: The CREST model comes with a User Manual which describes its design, features, inputs and outputs. The manual is intended to provide an easy to follow road
map to users who might not typically work with financial analyses, to ensure successful utilization of this Cost of Energy tool. The User Manual gives a "guided
tour" of the model architecture, provides an explanation of how to operate the model, compare multiple analyses, and understand the results. The User Manual
is available to download at:
http://financere.nrel.gov/finance/content/crest-model
The remainder of this Introduction worksheet provides an abridged version of the User Manual.
Model Architecture: The CREST model consists of six worksheets: (1) Introduction: An overview of the CREST model, (2) Inputs: The interface for nearly all user-defined assumptions,
(3) Summary Results: A framework for storing the output (results) and associated key inputs of multiple model runs, (4) Annual Cash Flows & Returns: Provides a
summary of the modeled project's annual cash flows, (5) Cash Flow: The formula calculations, or "guts", of the model; derives all project cash and tax benefits,
and (6) Complex Inputs: This worksheet is only used if the user elects to include a detailed breakdown of project costs; this choice is selected by the user on the
Inputs tab. Users should expect to work primarily with the "Inputs" and the "Summary Results" worksheets, although the other tabs and summaries are also
expected to be useful during the policy-making process.
Examples:
Entering Inputs: Model
Blue Bold Text denotes user-defined inputs. The user is responsible for modifying these cells to be consistent with the project being evaluated. Input Format
Conventions
Calculated Value
Black Text is strictly reserved for cells that are calculated automatically . These cells should not be modified.
Format
In the "Check" column, green cells are used to indicate that the user has entered an acceptable value in a required field.
Conversely, red cells appearing in the "Check" column indicate that a required cell is blank or contains an invalid argument which requires the user's attention.
Yellow boxes are used to highlight input choices the model user must make via a dropdown menu.
Drop-Down Menu
The "Notes" column, populated with boxes showing a "?", contains a combination of definitions, explanations and ranges of typical values for most inputs. To
read a note, the users need only move the cursor onto the applicable cell. The user is strongly encouraged to review all of these comments in order to ?
understand key features of the CREST model.
Operating the Model:
Once a user has finished entering the characteristics of the project under review on the "Inputs" tab, the model will automatically calculate both the "Year One"
and equivalent "Levelized Cost of Energy" -- as defined and discussed in the User Manual. MS Excel's "Calculation Options" MUST be set to "Automatic" in order
for these results to be generated automatically. If "Calculation Options" are not set to "Automatic," then the user will need to press "F9" after any input is
changed, in order to calculate accurate results. Even when the Calculations Options are set to Automatic, there are circumstances in which F9 will need to be
pressed one or more times in order to complete the calculation. This is described in more detail in the note towards the top of the Summary Results worksheet.
Results appear on the "Summary Results" worksheet. In an effort to allow the user to perform a side-by-side review of multiple cases, the "Summary Results"
tab has columns for multiple results. The user is encouraged to copy and paste results from column D into columns F-O as multiple scenarios are run. This is
accomplished by using the "copy" and then "paste special -- values" features in Excel.
Understanding the Results: The output of this model is the all-in payment required to cover all expenses and meet the project investors' after-tax return requirements over the specified
number of years. This payment can be used to inform the feed-in tariff rate-setting process. The payment can either be expressed as a ‘Year One’ value of
which all, or a designated portion, escalates each year during the tariff's duration at a defined rate, or as a "nominal levelized" value (where zero annual
escalation is assumed). The model output is always expressed in cents/kWh. It is important to note that this calculated tariff rate is net of other assumed
incentives, such as federal tax credits and state grants.
Pe
Check
Project Size and Performance
Generator Nameplate Capacity
Net Capacity Factor, Yr 1
Production, Yr 1
Select Production Degradation Level of Detail
Annual Plant Production Degradation
Ratio of Plant Capacity to Thermal Potential
Thermal Resource Potential, Yr 1 (kW-electric equivalent)
Select Thermal Resource Degradation Level of Detail
Annual Degradation of Thermal Resource
Project Useful Life
Exploration Costs Attributed to Project
Duration of Exploration
Exploration Success Rate
Number of Successful Exploration Wells Required
Avg cost per exploration well
Non-well exploration costs
Total Exploration Costs (incl. est. time-value of exploration capital)
Cost Level of Detail
Select Cost Level of Detail
Total Installed Cost
Wellfield and Drilling Cost
Confirmation well success ratio
Number of confirmation wells required
Number of successful confirmation wells
Cost per confirmation well
Non-well confirmation costs
Total Confirmation Well Cost
Total Production Wells Needed
Ratio of Injection to Production Wells
Cost per production well
Cost per injection well
Non-Drilling Wellfield Costs (excluding confirmation phase)
Total Production & Injection Well Cost
Power Plant, Interconnection, and Financing Costs
Power Plant
Power Plant (in $/kW, provided for reference)
Interconnection
Reserves & Financing Costs
Total Project Costs
Total Installed Cost (before grants, if applicable)
Total Installed Cost (before grants, if applicable)
Construction Financing
Construction Period
Interest Rate (Annual)
Interest During Construction
Permanent Financing
% Debt (% of hard costs) (mortgage-style amort.)
Debt Term
Interest Rate on Term Debt
Lender's Fee (% of total borrowing)
Required Minimum Annual DSCR
Actual Minimum DSCR, occurs in →
Minimum DSCR Check Cell (If "Fail," read note ==>)
Required Average DSCR
Actual Average DSCR
Average DSCR Check Cell (If "Fail," read note ==>)
% Equity (% hard costs) (soft costs also equity funded)
Target After-Tax Equity IRR
Weighted Average Cost of Capital (WACC)
Other Closing Costs
Initial Funding of Reserve Accounts
Debt Service Reserve
# of months of Debt Service
Initial Debt Service Reserve
O&M Reserve/Working Capital
# of months of O&M Expense
Initial O&M and WC Reserve
Interest on All Reserves
Summary of Sources of Funding for Total Installed Cost
Senior Debt (funds portion of hard costs)
Equity (funds balance of hard costs + all soft costs)
Total Value of Grants (excl. pmt in lieu of ITC, if applicable)
Total Installed Cost
Tax
Is owner a taxable entity?
Federal Income Tax Rate
Federal Tax Benefits used as generated or carried forward?
State Income Tax Rate
State Tax Benefits used as generated or carried forward?
Effective Income Tax Rate
Depreciation Allocation
Unit Definitions
(kW) kilowatt – a standard measure of electrical capacity, equal to 1000 Watts.
(kWh) kilowatt hour – a standard measure of electrical output. A 1 kW generator operating at
(DC) direct current – the unidirectional flow of electric charge
(AC) alternating current – the multidirectional flow of electric charge
($/kW-yr) – an annual expense (or revenue) based on generator capacity
($) – All CREST model values are in nominal dollars
(¢/kWh) –cents per kilowatt hour
(%) – an input with units expressed as a percentage
(years or year) – an input applicable to a specified duration or project year
($/yr) – inputs measured in dollars and applied annually
(months) –designates the number of months to which an input applies
Pass/Fail – denotes whether the two debt service coverage ratio tests have passed or failed.
Performance, Cost, Operating, Tax & Financing Inputs
Notes Check
Units Input Value
MW 15 ?
% 85.0% ?
kWh 111,690,000 ?
Annual ?
% 0.0% ?
?
ratio 0.95 ?
MW 15.8 ?
Annual ?
% 3.0% ?
?
years 30 ?
?
months 30 ?
% 20% ?
# 1 ?
$ $1,000,000 ?
$ $750,000 ?
$ 6,612,500 ?
Units Input Value
Intermediate ?
$/kW $3,000 ?
Units Input Value ?
% 50% ?
# 2 ?
# 1 ?
$ $2,000,000 ?
$ $250,000 ?
$4,250,000 ?
# 1.0 ?
ratio 0.5 ?
$ $2,000,000 ?
$2,000,000 ?
$ $250,000 ?
$ $4,250,000 ?
$ ?
Units Input Value ?
$ $27,000,000 ?
$/kW $1,800 ?
$ $1,000,000 ?
$ $7,894,775 ?
?
Units Input Value
$ $51,007,275 ?
$/kW $3,400 ?
Units Input Value
months 36 ?
% 7.0% ?
$ $3,832,500 ?
Units Input Value
% 50% ?
years 15 ?
% 7.00% ?
% 3.0% ?
1.20 ?
Year 15 1.47 ?
Pass/Fail Pass ?
1.45 ?
1.82 ?
Pass/Fail Pass ?
% 50% ?
% 12.00% ?
% 8.76% ?
$ $0 ?
Units Input Value
months 6 ?
$ $1,155,932 ?
months 6 ?
$ $2,259,656 ?
% 1.6% ?
41% $21,056,250 ?
59% $29,951,025 ?
0% $0 ?
$ $51,007,275 ?
Units Input Value
Yes ?
% 35.0% ?
As Generated ?
% 8.5% ?
As Generated ?
% 40.53% ?
see table ==> ?
1000 Watts.
W generator operating at rated capacity for one hour will produce 1 kWh of electricity.
sts have passed or failed.
ing, Tax & Financing Inputs
Technology Options
Cost-Based Tariff Rate Structure Units
Payment Duration for Cost-Based Tariff years
% of Year-One Tariff Rate Escalated %
Cost-Based Tariff Escalation Rate %
Forecasted Market Value of Production; applies after Incentive Expiration
Select Market Value Forecast Methodology
Value of energy, capacity & RECs, Yr 1 ¢/kWh
Market Value Escalation Rate %
Operations & Maintenance Units
Select Cost Level of Detail
Operations & Maintenance: Units
O&M Cost Inflation, initial period %
Initial Period ends last day of: year
O&M Cost Inflation, thereafter %
Field
Fixed O&M Expense, Yr 1 $/kW-yr
Variable O&M Expense, Yr 1 ¢/kWh
Plant
Fixed O&M Expense, Yr 1 $/kW-yr
Variable O&M Expense, Yr 1 ¢/kWh
Other O&M
Insurance, Yr 1 (% of Total Cost) %
Insurance, Yr 1 ($) (Provided for reference) $
Project Management Yr 1 $/yr
Property Tax or PILOT, Yr 1 $/yr
Annual Property Tax Adjustment Factor %
Land Lease $/yr
Royalties (% of revenue) %
Royalties, Yr 1 ($) (Provided for reference) $
Capital Expenditures During Operations: Replacement Wells
1st Set of Well Replacements year
# of Wells Replaced #
Cost per Replacement Well ($ in year replaced) $
Resulting Increase in Thermal Resource Potential % of initial
2nd Set of Well Replacements year
# of Wells Replaced #
Cost per Replacement Well ($ in year replaced) $
Resulting Increase in Thermal Resource Potential % of initial
Reserves Funded from Operations Units
Decommissioning Reserve
Fund from Operations or Salvage Value?
Reserve Requirement $
Federal Incentives Units
Select Form of Federal Incentive
Investment Tax Credit (ITC) or Cash Grant?
ITC or Cash Grant Amount %
ITC or Cash Grant $
Is PBI Tax-Based (PTC) or Cash-Based (REPI)?
PBI Rate ¢/kWh
PBI Duration yrs
PBI Escalation Rate %
Additional Federal Grants (Other than Section 1603) $
Federal Grants Treated as Taxable Income?
State Tax Credits, Rebates and/or REC Revenue Units
Select Form of State Incentive
ITC Amount %
State ITC realization period yrs
Total State ITC, over realization period $
Is Performance-Based Incentive Tax Credit or Cash Pmt?
Annual $ Cap on Performance-Based Incentive $
If cash, is state PBI or REC taxable?
PBI or REC Rate ¢/kWh
PBI or REC PaymentDuration yrs
PBI or REC Escalation Rate (pos. or neg.) %
Additional State Rebates/Grants $/kW
Total $ Cap on State Rebates/Grants $
State Grants Treated as Taxable Income?
Bonus Depreciation Input Values
Bonus Depreciation Yes
% of Bonus Depreciation applied in Year 1 50%
Allocation of Depreciable, Depletable & Expensable Costs
Cost Category 5-year MACRS
Total Installed Cost 65.0%
Exploration Costs Attributed to Project 0.0%
Wellfield and Drilling Cost 34.0%
Power Plant 100.0%
Interconnection 0.0%
Reserves & Financing Costs 0.0%
Additional Depletion Inputs:
Percentage (Statutory) Depletion Deduction %: 15%
Portion of Revenue Attributable to Steam: 35%
produce 1 kWh of electricity.
ITC utilization factor, if applicable %
PBI Utilization Factor, if applicable %
Utilization Factor, if applicable %
PBI Utilization Factor, if applicable %
Notes
Input Value
20 ?
30.0% ?
2.0% ?
Expiration ?
Year One ? 1
5.00 ? 1
3.0% ? 1
? 0
Input Value
Intermediate ?
Input Value
2.0% ?
10 ?
2.0% ?
$2.00 ?
1.00 ?
$2.00 ?
2.00 ?
0.4% ?
$172,450 ?
$30,000 ?
$125,000 ?
-2.0% ?
$0 ?
3.0% ?
$259,679 ?
Input Value
10 ?
1 ?
$3,000,000 ?
5% ?
20 ?
2 ?
$3,000,000 ?
8% ?
Input Value
Operations ?
$0 ?
Input Value
Cost-Based ? 0
ITC ?
30% ?
$8,967,000 ?
Cash ?
2.30 ?
10 ?
2.0% ?
$0 ?
Yes ?
Input Value
Neither ?
10% ?
5 ?
$0 ?
Cash ?
$0 ?
No ? 1
1.50 ?
10 ?
2.0% ?
$0 ?
$5,000,000 ?
Yes ?
?
?
15-year MACRS 20-year SL Non-Depreciable Depletion
5.0% 4.0% 0.0% 8.0%
0.0% 0.0% 75.0% 0.0%
0.0% 0.0% 0.0% 33.0%
0.0% 0.0% 0.0% 0.0%
100.0% 0.0% 0.0% 0.0%
0.0% 50.0% 50.0% 0.0%
Select Depletion Methodology: Cost Method
If Cost Method, switch to Percentage Method in year: 4
100% 1
100%
100%
100%
Yr 1 Expensing
18.0% ?
25.0% ?
33.0% ?
0.0% ?
0.0% ?
0.0% ?
?
?
?
Summary Results
Press F9 each time inputs are changed to ensure completion of the COE calculation.
When "#N/A" appears, press "F9" in the upper row on your keyboard to complete the
calculation. It may be necessary to press F9 more than once. See note for details.
Outputs Summary units
Net Year-One Cost of Energy (COE) ¢/kWh
Annual Escalation of Year-One COE %
Percentage of Tariff Escalated %
Does modeled project meet minimum DSCR requirements?
Does modeled project meet average DSCR requirements?
Did you confirm that all minimum required inputs have green check cells?
Net Nominal Levelized Cost of Energy ¢/kWh
Inputs Summary
Generator Nameplate Capacity MW
Net Capacity Factor, Yr 1 %
Annual Degradation of Thermal Resource %
Production, Yr 1 kWh
Project Useful Life years
Payment Duration for Cost-Based Tariff years
% of Year 1 Tariff Rate Escalated %
Exploration $
Confirmation Wells $
Production/Injection Wells $
Power Plant $
Interconnection $
Reserves & Financing $
Cash Grants (other than Section 1603) $
Net Installed Cost $
Net Installed Cost $/kW
Operating Expenses, Aggregated, Yr 1 ¢/kWh
% Equity (% hard costs) (soft costs also equity funded) %
Target After-Tax Equity IRR %
% Debt (% of hard costs) (mortgage-style amort.) %
Debt Term Years
Interest Rate on Term Debt %
Is owner a taxable entity?
Federal Tax Benefts Used "as generated" or "carried forward"?
State Tax Benefts Used "as generated" or "carried forward"?
Type of Federal Incentive Assumed
Tax Credit- or Cash- Based?
Other Grants or Rebates
Total of Grants or Rebates $
Bonus Depreciation assumed?
Notes: User-Defined
Results of multiple scenarios may be compared here by using the "copy" a
column D to columns F th
etion of the COE calculation.
our keyboard to complete the Paste Results of Multiple Mode
n once. See note for details.
Current Model Run [Insert Scenario Name] [Insert Scenario Name]
7.75
2.0%
30.0%
Yes
Yes
n check cells?
8.06
15
85.0%
3.0%
111,690,000
30
20
30%
$6,612,500
$4,250,000
$4,250,000
$27,000,000
$1,000,000
$7,894,775
$0
$51,007,275
$3,400
(3.58)
50%
12.00%
50%
15
7.00%
Yes
As Generated
As Generated
Cost-Based
ITC
No
NA
Yes
pared here by using the "copy" and "paste special - values" feature to transfer values from
column D to columns F through O
Paste Results of Multiple Model Runs Below
[Insert Scenario Name] [Insert Scenario Name] [Insert Scenario Name]
[Insert Scenario Name] [Insert Scenario Name] [Insert Scenario Name]
[Insert Scenario Name] [Insert Scenario Name]
Annual Project Cash Flows, Returns & Other Metrics
Tariff or Market Operating
Project Value Revenue Expenses Debt Service Reserves
Year ¢/kWh $ $ $ $
0
1 7.75 $8,711,958 ($3,997,829) ($2,311,863) ($166,667)
2 7.80 $8,766,560 ($4,071,650) ($2,311,863) ($166,667)
3 7.84 $8,822,201 ($4,146,948) ($2,311,863) ($166,667)
4 7.89 $8,878,902 ($4,223,751) ($2,311,863) ($166,667)
5 7.94 $8,936,684 ($4,302,091) ($2,311,863) ($166,667)
6 7.99 $8,995,567 ($4,381,997) ($2,311,863) ($166,667)
7 8.04 $9,055,575 ($4,463,502) ($2,311,863) ($166,667)
8 8.10 $9,116,730 ($4,546,636) ($2,311,863) ($166,667)
9 8.15 $8,911,282 ($4,507,901) ($2,311,863) ($166,667)
10 8.20 $9,229,239 ($4,717,926) ($2,311,863) $0
11 8.26 $9,035,497 ($4,689,620) ($2,311,863) ($333,333)
12 8.32 $8,831,255 ($4,647,593) ($2,311,863) ($333,333)
13 8.37 $8,632,666 ($4,606,310) ($2,311,863) ($333,333)
14 8.43 $8,439,567 ($4,565,764) ($2,311,863) ($333,333)
15 8.49 $8,251,802 ($4,525,948) ($2,311,863) ($333,333)
16 8.55 $8,059,968 ($4,486,856) $0 $822,598
17 8.62 $7,873,165 ($4,448,482) $0 ($333,333)
18 8.68 $7,700,496 ($4,410,819) $0 ($333,333)
19 8.75 $7,532,572 ($4,373,861) $0 ($333,333)
20 8.81 $8,317,672 ($4,850,456) $0 $0
21 9.03 $8,244,526 ($4,813,217) $0 $0
22 9.30 $8,237,138 ($4,777,844) $0 $0
23 9.58 $8,229,757 ($4,743,083) $0 $0
24 9.87 $8,222,383 ($4,708,931) $0 $0
25 10.16 $8,215,015 ($4,675,388) $0 $0
26 10.47 $8,207,655 ($4,642,451) $0 $0
27 10.78 $8,200,300 ($4,610,120) $0 $0
28 11.11 $8,192,952 ($4,578,392) $0 $0
29 11.44 $8,185,611 ($4,547,268) $0 $0
30 11.78 $8,160,200 ($4,516,745) $0 $2,259,656
$50,000,000
Cumulative Cash Flow
$40,000,000
$30,000,000
lative Cash Flow ($)
$20,000,000
$10,000,000
Cumulative Cash Flow ($)
$10,000,000
$0
0 5 10 15 20
($10,000,000)
($20,000,000)
($30,000,000)
($40,000,000)
Project Year
Pre-Tax Cash Federal Tax State Tax Federal Tax State Tax
Flow Income Income Benefit/ (Loss) Benefit/ (Loss)
$ $ $ $ $
$2,235,599 ($23,691,128) ($23,691,128) $16,554,084 $2,013,746
$2,216,380 ($1,237,309) ($1,237,309) $396,248 $105,171
$2,196,724 $526,953 $526,953 ($168,757) ($44,791)
$2,176,621 $1,221,428 $1,221,428 ($391,162) ($103,821)
$2,156,063 $1,273,060 $1,273,060 ($407,697) ($108,210)
$2,135,040 $2,101,485 $2,101,485 ($673,001) ($178,626)
$2,113,544 $2,933,098 $2,933,098 ($939,325) ($249,313)
$2,091,564 $2,995,840 $2,995,840 ($959,418) ($254,646)
$1,924,851 $2,934,383 $2,934,383 ($939,736) ($249,423)
$2,199,450 $1,325,929 $1,325,929 ($424,629) ($112,704)
$1,700,681 $2,598,745 $2,598,745 ($832,248) ($220,893)
$1,538,465 $2,755,010 $2,755,010 ($882,292) ($234,176)
$1,381,160 $2,847,066 $2,847,066 ($911,773) ($242,001)
$1,228,607 $2,837,111 $2,837,111 ($908,585) ($241,154)
$1,080,658 $2,927,027 $2,927,027 ($937,380) ($248,797)
$4,395,711 $3,035,579 $3,035,579 ($972,144) ($258,024)
$3,091,350 $2,910,484 $2,910,484 ($932,082) ($247,391)
$2,956,344 $2,784,823 $2,784,823 ($891,839) ($236,710)
$2,825,378 $2,662,945 $2,662,945 ($852,808) ($226,350)
$3,467,216 ($221,354) ($221,354) $70,889 $18,815
$3,431,309 $1,981,258 $1,981,258 ($634,498) ($168,407)
$3,459,294 $2,437,928 $2,437,928 ($780,746) ($207,224)
$3,486,675 $2,696,107 $2,696,107 ($863,428) ($229,169)
$3,513,452 $2,723,284 $2,723,284 ($872,132) ($231,479)
$3,539,628 $2,922,658 $2,922,658 ($935,981) ($248,426)
$3,565,204 $3,121,432 $3,121,432 ($999,638) ($265,322)
$3,590,181 $3,146,806 $3,146,806 ($1,007,765) ($267,479)
$3,614,560 $3,171,583 $3,171,583 ($1,015,700) ($269,585)
$3,638,344 $3,195,764 $3,195,764 ($1,023,443) ($271,640)
$5,903,110 $3,202,220 $3,202,220 ($1,025,511) ($272,189)
$30,000,000
Revenue + Tax Benefits / (Loss) v.
Expenses + Cash Obligations
$25,000,000
$20,000,000
( $)
$15,000,000
25 30
$10,000,000
$5,000,000
$0
0 5 10
Graph Data
After Tax Cash Cumulative After Tax Debt
Revenue + Tax
Flow Cash Flow IRR Service
Benefit/(Loss)
$ $ % Coverage
($29,951,025) ($29,951,025)
$20,803,428 ($9,147,597) -30.54% 1.97 $27,279,787
$2,717,799 ($6,429,797) -19.30% 1.96 $9,267,980
$1,983,176 ($4,446,621) -11.76% 1.95 $8,608,654
$1,681,637 ($2,764,984) -6.43% 1.94 $8,383,918
$1,640,156 ($1,124,828) -2.29% 1.93 $8,420,776
$1,283,414 $158,585 0.29% 1.92 $8,143,940
$924,906 $1,083,492 1.84% 1.91 $7,866,938
$877,500 $1,960,992 3.09% 1.90 $7,902,666
$735,693 $2,696,685 3.98% 1.83 $7,722,123
$1,662,117 $4,358,802 5.62% 1.95 $8,691,907
$647,539 $5,006,341 6.14% 1.74 $7,982,356
$421,998 $5,428,338 6.43% 1.67 $7,714,787
$227,386 $5,655,724 6.58% 1.60 $7,478,892
$78,868 $5,734,593 6.63% 1.53 $7,289,828
($105,520) $5,629,073 6.57% 1.47 $7,065,624
$3,165,542 $8,794,615 7.97% N/A $6,829,800
$1,911,877 $10,706,492 8.59% N/A $6,693,692
$1,827,794 $12,534,286 9.07% N/A $6,571,946
$1,746,219 $14,280,505 9.45% N/A $6,453,413
$3,556,920 $17,837,425 10.06% N/A $8,407,375
$2,628,404 $20,465,829 10.43% N/A $7,441,621
$2,471,324 $22,937,153 10.71% N/A $7,249,168
$2,394,077 $25,331,230 10.93% N/A $7,137,160
$2,409,841 $27,741,071 11.13% N/A $7,118,772
$2,355,221 $30,096,292 11.29% N/A $7,030,608
$2,300,243 $32,396,536 11.42% N/A $6,942,694
$2,314,937 $34,711,473 11.54% N/A $6,925,057
$2,329,276 $37,040,749 11.64% N/A $6,907,668
$2,343,260 $39,384,009 11.73% N/A $6,890,528
$4,605,411 $43,989,420 11.87% N/A $6,862,500
160,000,000
+ Tax Benefits / (Loss) v.
ses + Cash Obligations 140,000,000
120,000,000
100,000,000
kWh/yr
kWh/yr
80,000,000
Expenses + Cash Obligations
Revenue + Tax Benefit/(Loss) 60,000,000
40,000,000
20,000,000
0
1 2 3
15 20 25 30
Project Year
Graph Data
Expenses + Cash Obligations
$6,476,359
$6,550,180
$6,625,478
$6,702,281
$6,780,621
$6,860,527
$6,942,031
$7,025,166
$6,986,430
$7,029,789
$7,334,817
$7,292,789
$7,251,506
$7,210,960
$7,171,144
$3,664,258
$4,781,815
$4,744,152
$4,707,194
$4,850,456
$4,813,217
$4,777,844
$4,743,083
$4,708,931
$4,675,388
$4,642,451
$4,610,120
$4,578,392
$4,547,268
$2,257,089
Resource Potential & Production Profile
(kWh/yr)
Initial Drilling (no upgrades)
With First Upgrade
With Second Upgrade
Power Plant Production Capacity
Annual Production
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Year
Project/Contract Year
Production Degradation Factor
Production
Tariff Rate & Cash Incentives
Tariff Rate Escalator, if applicable
Federal PBI Escalator, if applicable
State PBI Escalator, if applicable
Tariff Rate (Fixed Portion)
Tariff Rate (Escalating Portion)
Tariff Rate (Total)
Revenue from Tariff
Post-Tariff Market Value of Production
Market Revenue
Federal Cash Incentive Rate
Federal Cash Incentive
State Cash Incentive Rate
State Cash Incentive
Interest Earned on Reserve Accounts
Project Revenue, All Sources
Project Expenses
Operating Expense Inflation Factor
Fixed O&M Expense (Field)
Variable O&M Expense (Field)
Fixed O&M Expense (Plant)
Variable O&M Expense (Plant)
Insurance
Project Administration
Land Lease
Property Tax or Payment in Lieu of Taxes (PILOT)
Royalties
Total Operating Expenses
Total Operating Expenses
EBITDA (Operating Income)
Annual Debt Service Coverage Ratio
Minimum DSSCR Year
Loan Interest Expense
Operating Income After Interest Expense
Repayment of Loan Principal
(Contributions to), and Liquidation of, Reserve Accounts
Adjustment(s) for Major Equipment Replacement(s)
Pre-Tax Cash Flow to Equity
Project Cash Flows
Equity Investment
Pre-Tax Cash Flow to Equity
Net Pre-Tax Cash Flow to Equity
Running IRR (Cash Only)
Depreciation, Depletion & Capital Cost Expensing
Taxable Income (operating loss used as generated)
Taxable Income (Federal), operating loss treatment ==>>
Taxable Income (State), operating loss treatment ==>>
Federal Income Taxes Saved / (Paid), before ITC/PTC
State Income Taxes Saved / (Paid), before ITC/PTC
Cash Benefit of Federal ITC, Cash Grant, or PTC
Cash Benefit of State ITC and/or PTC
After-Tax Cash Flow to Equity
Running IRR (After Tax)
Pre-Tax (Cash-only) Equity IRR (over defined Useful Life)
After Tax Equity IRR (over defined Useful Life)
Net Present Value @ 12.% (over defined Useful Life)
Supporting Calculations
Debt Service:
Debt Sizing (Defined Capital Structure Method)
Installed Cost (excluding cost of financing)
Defined Debt-to-Total-Capital
Size of Debt
Loan Repayment
Structured Debt Service Payment
Interest
Principal
Loan Amortization
Beginning Balance
Drawdowns
Principal Repayments
Ending Balance
Depreciation: Project Cost Allocation
Project/Contract Year Before
Depreciation Schedules, Half-Year Convention Adjustments
5 Year MACRS $29,890,000
15 Year MACRS $1,000,000
20 Year SL $3,947,388
Bonus Depreciation
Non-Depreciable $8,906,763
Unadjusted
Project Cost Basis $43,744,150
OK
Adjustment to Cost Basis for ITC & Non-taxable Grants $4,483,500
Annual Depreciation Expense, Initial Installation
Total Project Cost, adj for ITC/Grant if applicable
5 Year MACRS
15 Year MACRS
20 Year SL
Bonus Depreciation
Non-Depreciable
Total
Annual Depreciation Expense, Repairs & Replacements
1st Replacement
Depreciation Timing
Depreciation Expense
2nd Replacement
Depreciation Timing
Depreciation Expense
Annual Depreciation Expense
Annual Depreciation Benefit
Depletion & Capital Cost Expensing
Depletion:
Depletion -- Cost Method $2,805,000
Depletion -- Percentage (Statutory) Method
Depletion -- Active Case (subject to change over time per user-defined inputs)
50% of Taxable Income, before depletion
Capital Cost Expensing:
Capital Cost Expensing $4,458,125
Operating Loss Carry-Forward, if applicable:
Taxable Income / (Operating Loss)
Federal Carry-Forward
Operating Loss Carry-Forward, Beginning Balance
Additional Operating Loss Carried-Forward
Utilization of Operating Loss Carry-Forward
Operating Loss Carry-Forward, Ending Balance
Taxable Income with Operating Loss Carry-Forward
State Carry-Forward
Operating Loss Carry-Forward, Beginning Balance
Additional Operating Loss Carried-Forward
Utilization of Operating Loss Carry-Forward
Operating Loss Carry-Forward, Ending Balance
Taxable Income with Operating Loss Carry-Forward
Federal Tax Credit Benefits, if applicable:
Federal ITC (as generated)
Federal PTC (as generated)
Applicable Tax Credits, as generated
Carry-Forward Scenario:
Federal Income Taxes Saved / (Paid), before ITC/PTC
Tax Benefit Carry-Forward, Beginning Balance
Additional Tax Benefit Carry-Forward
Utilization of Tax Benefit Carry-Forward
Tax Benefit Carry-Forward, Ending Balance
State Tax Credit Benefits, if applicable:
State ITC (as generated)
State PTC (as generated)
Applicable Tax Credits, as generated
Carry-Forward Scenario:
State Income Taxes Saved / (Paid), before ITC/PTC
Tax Benefit Carry-Forward, Beginning Balance
Additional Tax Benefit Carry-Forward
Utilization of Tax Benefit Carry-Forward
Tax Benefit Carry-Forward, Ending Balance
Reserve Accounts:
Beginning Balance
Debt Service Reserve
O&M/Working Capital Reserve
Major Equipment Replacement Reserves
Decommissioning Reserve
Ending Balance
Interest on Reserves
Annual Contributions to/(Liquidations of) Reserves
Degradation:
Resource Potential
Resource Potential Degradation
Initial Drilling (no upgrades)
With First Upgrade
With Second Upgrade
Plant Capacity
Production Degradation
Plant Capacity Factor by year (%)
Power Plant Production Capacity
Annual Production
COE Data Tables
Calculation of COE when tax benefits are "Carried Forward"
COD
units 0 1 2
1.00 1.000
kWh 111,690,000 111,690,000
1.00 1.006
1.00 1.020
1.00 1.020
¢/kWh 70% 5.43 5.43
¢/kWh 30% 2.33 2.37
¢/kWh 7.75 7.80
$ $8,655,975 $8,707,911
¢/kWh 5.00 5.15
$ $0 $0
¢/kWh 0.00 0.00
$ $0 $0
¢/kWh 0.00 0.00
$ $0 $0
$ $55,983 $58,649
$ $8,711,958 $8,766,560
1.00 1.0200
$ ($30,000) ($30,600)
$ ($1,116,900) ($1,139,238)
$ ($30,000) ($30,600)
$ ($2,233,800) ($2,278,476)
$ ($172,450) ($175,899)
$ ($30,000) ($30,600)
$ $0 $0
$ ($125,000) ($125,000)
$ ($259,679) ($261,237)
$ ($3,997,829) ($4,071,650)
($3,997,829) ($4,071,650)
¢/kWh (3.58) (3.65)
$ $4,714,128 $4,694,910
Avg. DSCR Min DSCR
1.82 1.47 1.97 1.96
($1,473,938) ($1,415,283)
$3,240,191 $3,279,627
($837,926) ($896,580)
($166,667) ($166,667)
$0 $0
$2,235,599 $2,216,380
($29,951,025) $0 $0
$2,235,599 $2,216,380
($29,951,025) $2,235,599 $2,216,380
NA NA
($26,931,319) ($4,516,936)
($23,691,128) ($1,237,309)
As Generated ($23,691,128) ($1,237,309)
As Generated ($23,691,128) ($1,237,309)
$7,587,084 $396,248
$2,013,746 $105,171
$8,967,000 $0
$0 $0
($29,951,025) $20,803,428 $2,717,799
-30.5% -19.3%
6.96% Yr 1 COE
11.87% (cents/kWh)
($123,550) 7.75
42,112,500
50%
21,056,250
- ($2,311,863) ($2,311,863)
- ($1,473,938) ($1,415,283)
- ($837,926) ($896,580)
- 21,056,250 20,218,324
21,056,250 - -
- ($837,926) ($896,580)
21,056,250 20,218,324 19,321,744
Project Cost Allocation
% After 0 1 2
Allocation Adjustments
68% $13,413,232 20.00% 32.00%
2% $448,753 5.00% 9.50%
9% $1,771,403 2.50% 5.00%
$19,630,325 100.00% 0.00%
20% $3,996,938
Adjusted
100% $39,260,650
OK OK
check
$13,413,232 $2,682,646 $4,292,234
$448,753 $22,438 $42,632
$1,771,403 $44,285 $88,570
$19,630,325 $19,630,325 $0
$3,996,938
$39,260,650 OK
$1,500,000 $0 $0
0 0
$0 $0
$3,000,000 $0 $0
0 0
$0 $0
$22,379,694 $4,423,436
$9,069,371 $1,792,597
$2,805,000 $93,500 $93,500
$0 $0
ned inputs) $93,500 $93,500
($11,798,814) ($571,904)
$4,458,125 $4,458,125 $0
($23,691,128) ($1,237,309)
$0 $23,691,128
$23,691,128 $1,237,309
$0 $0
$23,691,128 $24,928,437
$0 $0
$0 $23,691,128
$23,691,128 $1,237,309
$0 $0
$23,691,128 $24,928,437
$0 $0
$8,967,000 $0
$0 $0
$8,967,000 $0
N/A N/A
$0 $0
$0 $0
$0 $0
$0 $0 $0
$0 $0
$0 $0
$0 $0
N/A N/A
$0 $0
$0 $0
$0 $0
$0 $0 $0
$0 $3,415,588 $3,582,254
$1,155,932 $0 $0
$2,259,656 $0 $0
$0 $166,667 $166,667
$0 $0 $0
$3,415,588 $3,582,254 $3,748,921
$55,983 $58,649
$166,667 $166,667
kWh
0.0% 3.0%
138,315,789 134,166,316
138,315,789 134,166,316
138,315,789 134,166,316
0.0% 0.0%
85% 85%
111,690,000 111,690,000
111,690,000 111,690,000
160,000,000
140,000,000
120,000,000
100,000,000
kWh/yr
80,000,000
60,000,000
40,000,000
20,000,000
0
1 2 3 4 5
NPV
($123,550)
0 ($34,442,037)
10 $9,859,747
20 $54,154,985
30 $98,450,220
40 $142,745,451
50 $187,040,678
60 $231,335,902
70 $275,631,121
80 $319,926,338
90 $364,221,550
100 $408,516,759
3 4 5 6 7
1.000 1.000 1.000 1.000 1.000
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
1.012 1.018 1.024 1.030 1.037
1.040 1.061 1.082 1.104 1.126
1.040 1.061 1.082 1.104 1.126
5.43 5.43 5.43 5.43 5.43
2.42 2.47 2.52 2.57 2.62
7.84 7.89 7.94 7.99 8.04
$8,760,885 $8,814,919 $8,870,034 $8,926,251 $8,983,593
5.30 5.46 5.63 5.80 5.97
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$61,316 $63,983 $66,649 $69,316 $71,983
$8,822,201 $8,878,902 $8,936,684 $8,995,567 $9,055,575
1.0404 1.0612 1.0824 1.1041 1.1262
($31,212) ($31,836) ($32,473) ($33,122) ($33,785)
($1,162,023) ($1,185,263) ($1,208,968) ($1,233,148) ($1,257,811)
($31,212) ($31,836) ($32,473) ($33,122) ($33,785)
($2,324,046) ($2,370,526) ($2,417,937) ($2,466,296) ($2,515,622)
($179,417) ($183,005) ($186,665) ($190,399) ($194,207)
($31,212) ($31,836) ($32,473) ($33,122) ($33,785)
$0 $0 $0 $0 $0
($125,000) ($125,000) ($125,000) ($125,000) ($125,000)
($262,827) ($264,448) ($266,101) ($267,788) ($269,508)
($4,146,948) ($4,223,751) ($4,302,091) ($4,381,997) ($4,463,502)
($4,146,948) ($4,223,751) ($4,302,091) ($4,381,997) ($4,463,502)
(3.71) (3.78) (3.85) (3.92) (4.00)
$4,675,254 $4,655,151 $4,634,593 $4,613,570 $4,592,074
1.95 1.94 1.93 1.92 1.91
($1,352,522) ($1,285,368) ($1,213,514) ($1,136,629) ($1,054,363)
$3,322,732 $3,369,783 $3,421,079 $3,476,941 $3,537,711
($959,341) ($1,026,495) ($1,098,349) ($1,175,234) ($1,257,500)
($166,667) ($166,667) ($166,667) ($166,667) ($166,667)
$0 $0 $0 $0 $0
$2,196,724 $2,176,621 $2,156,063 $2,135,040 $2,113,544
$0 $0 $0 $0 $0
$2,196,724 $2,176,621 $2,156,063 $2,135,040 $2,113,544
$2,196,724 $2,176,621 $2,156,063 $2,135,040 $2,113,544
NA NA NA -19.6% -14.6%
($2,795,779) ($2,148,354) ($2,148,019) ($1,375,456) ($604,613)
$526,953 $1,221,428 $1,273,060 $2,101,485 $2,933,098
$526,953 $1,221,428 $1,273,060 $2,101,485 $2,933,098
$526,953 $1,221,428 $1,273,060 $2,101,485 $2,933,098
($168,757) ($391,162) ($407,697) ($673,001) ($939,325)
($44,791) ($103,821) ($108,210) ($178,626) ($249,313)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$1,983,176 $1,681,637 $1,640,156 $1,283,414 $924,906
-11.8% -6.4% -2.3% 0.3% 1.8%
($2,311,863) ($2,311,863) ($2,311,863) ($2,311,863) ($2,311,863)
($1,352,522) ($1,285,368) ($1,213,514) ($1,136,629) ($1,054,363)
($959,341) ($1,026,495) ($1,098,349) ($1,175,234) ($1,257,500)
19,321,744 18,362,403 17,335,908 16,237,559 15,062,325
- - - - -
($959,341) ($1,026,495) ($1,098,349) ($1,175,234) ($1,257,500)
18,362,403 17,335,908 16,237,559 15,062,325 13,804,824
3 4 5 6 7
19.20% 11.52% 11.52% 5.76% 0.00%
8.55% 7.70% 6.93% 6.23% 5.90%
5.00% 5.00% 5.00% 5.00% 5.00%
0.00% 0.00% 0.00% 0.00% 0.00%
$2,575,340 $1,545,204 $1,545,204 $772,602 $0
$38,368 $34,554 $31,099 $27,957 $26,476
$88,570 $88,570 $88,570 $88,570 $88,570
$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
$2,702,279 $1,668,328 $1,664,873 $889,130 $115,047
$1,095,099 $676,090 $674,690 $360,320 $46,623
$93,500 $93,500 $93,500 $93,500 $93,500
$310,226 $480,026 $483,146 $486,326 $489,567
$93,500 $480,026 $483,146 $486,326 $489,567
$310,226 $850,727 $878,103 $1,293,906 $1,711,332
$0 $0 $0 $0 $0
$526,953 $1,221,428 $1,273,060 $2,101,485 $2,933,098
$24,928,437 $24,401,484 $23,180,056 $21,906,996 $19,805,510
$0 $0 $0 $0 $0
($526,953) ($1,221,428) ($1,273,060) ($2,101,485) ($2,933,098)
$24,401,484 $23,180,056 $21,906,996 $19,805,510 $16,872,413
$0 $0 $0 $0 $0
$24,928,437 $24,401,484 $23,180,056 $21,906,996 $19,805,510
$0 $0 $0 $0 $0
($526,953) ($1,221,428) ($1,273,060) ($2,101,485) ($2,933,098)
$24,401,484 $23,180,056 $21,906,996 $19,805,510 $16,872,413
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
N/A N/A N/A N/A N/A
$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
N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,748,921 $3,915,588 $4,082,254 $4,248,921 $4,415,588
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$166,667 $166,667 $166,667 $166,667 $166,667
$0 $0 $0 $0 $0
$3,915,588 $4,082,254 $4,248,921 $4,415,588 $4,582,254
$61,316 $63,983 $66,649 $69,316 $71,983
$166,667 $166,667 $166,667 $166,667 $166,667
3.0% 3.0% 3.0% 3.0% 3.0%
130,141,326 126,237,087 122,449,974 118,776,475 115,213,180
130,141,326 126,237,087 122,449,974 118,776,475 115,213,180
130,141,326 126,237,087 122,449,974 118,776,475 115,213,180
0.0% 0.0% 0.0% 0.0% 0.0%
85% 85% 85% 85% 85%
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
Resource Potential & Production Profile
(kWh/yr)
Initial Drilling (no upgrades)
With First Upgrade
With Second Upgrade
Power Plant Production Capacity
Annual Production
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Year
NPV
($123,550)
0.0 ($34,442,037)
$9,859,747 1.0 ($30,124,017)
2.0 ($25,805,998)
3.0 ($21,487,979)
4.0 ($17,169,960)
5.0 ($12,659,451)
6.0 ($8,090,294)
7.0 ($3,444,072) ($3,444,072)
8.0 $983,985 $983,985
9.0 $5,430,223
10.0 $9,859,747
8 9 10 11 12 13
1.000 1.000 1.000 1.000 1.000 1.000
111,690,000 108,404,082 111,690,000 108,705,716 105,444,545 102,281,208
1.043 1.049 1.055 1.062 1.068 1.074
1.149 1.172 1.195 1.219 1.243 1.268
1.149 1.172 1.195 1.219 1.243 1.268
5.43 5.43 5.43 5.43 5.43 5.43
2.67 2.72 2.78 2.83 2.89 2.95
8.10 8.15 8.20 8.26 8.32 8.37
$9,042,081 $8,833,966 $9,162,590 $8,978,181 $8,768,605 $8,564,683
6.15 6.33 6.52 6.72 6.92 7.13
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0 $0
$74,649 $77,316 $66,649 $57,316 $62,649 $67,983
$9,116,730 $8,911,282 $9,229,239 $9,035,497 $8,831,255 $8,632,666
1.1487 1.1717 1.1951 1.2190 1.2434 1.2682
($34,461) ($35,150) ($35,853) ($36,570) ($37,301) ($38,047)
($1,282,967) ($1,270,127) ($1,334,799) ($1,325,117) ($1,311,070) ($1,297,173)
($34,461) ($35,150) ($35,853) ($36,570) ($37,301) ($38,047)
($2,565,934) ($2,540,253) ($2,669,598) ($2,650,233) ($2,622,141) ($2,594,346)
($198,091) ($202,053) ($206,094) ($210,216) ($214,420) ($218,708)
($34,461) ($35,150) ($35,853) ($36,570) ($37,301) ($38,047)
$0 $0 $0 $0 $0 $0
($125,000) ($125,000) ($125,000) ($125,000) ($125,000) ($125,000)
($271,262) ($265,019) ($274,878) ($269,345) ($263,058) ($256,940)
($4,546,636) ($4,507,901) ($4,717,926) ($4,689,620) ($4,647,593) ($4,606,310)
($4,546,636) ($4,507,901) ($4,717,926) ($4,689,620) ($4,647,593) ($4,606,310)
(4.07) (4.16) (4.22) (4.31) (4.41) (4.50)
$4,570,094 $4,403,381 $4,511,313 $4,345,877 $4,183,662 $4,026,356
1.90 1.83 1.95 1.74 1.67 1.60
($966,338) ($872,151) ($771,371) ($663,537) ($548,154) ($424,694)
$3,603,756 $3,531,230 $3,739,942 $3,682,340 $3,635,508 $3,601,662
($1,345,525) ($1,439,712) ($1,540,492) ($1,648,326) ($1,763,709) ($1,887,169)
($166,667) ($166,667) $1,500,000 ($333,333) ($333,333) ($333,333)
$0 $0 ($1,500,000) $0 $0 $0
$2,091,564 $1,924,851 $2,199,450 $1,700,681 $1,538,465 $1,381,160
$0 $0 $0 $0 $0 $0
$2,091,564 $1,924,851 $2,199,450 $1,700,681 $1,538,465 $1,381,160
$2,091,564 $1,924,851 $2,199,450 $1,700,681 $1,538,465 $1,381,160
-10.9% -8.2% -5.7% -4.2% -3.0% -2.0%
($607,916) ($596,847) ($2,414,013) ($1,083,596) ($880,498) ($754,596)
$2,995,840 $2,934,383 $1,325,929 $2,598,745 $2,755,010 $2,847,066
$2,995,840 $2,934,383 $1,325,929 $2,598,745 $2,755,010 $2,847,066
$2,995,840 $2,934,383 $1,325,929 $2,598,745 $2,755,010 $2,847,066
($959,418) ($939,736) ($424,629) ($832,248) ($882,292) ($911,773)
($254,646) ($249,423) ($112,704) ($220,893) ($234,176) ($242,001)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$877,500 $735,693 $1,662,117 $647,539 $421,998 $227,386
3.1% 4.0% 5.6% 6.1% 6.4% 6.6%
($2,311,863) ($2,311,863) ($2,311,863) ($2,311,863) ($2,311,863) ($2,311,863)
($966,338) ($872,151) ($771,371) ($663,537) ($548,154) ($424,694)
($1,345,525) ($1,439,712) ($1,540,492) ($1,648,326) ($1,763,709) ($1,887,169)
13,804,824 12,459,299 11,019,587 9,479,095 7,830,769 6,067,059
- - - - - -
($1,345,525) ($1,439,712) ($1,540,492) ($1,648,326) ($1,763,709) ($1,887,169)
12,459,299 11,019,587 9,479,095 7,830,769 6,067,059 4,179,890
8 9 10 11 12 13
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.90% 5.91% 5.90% 5.91% 5.90% 5.91%
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
$0 $0 $0 $0 $0 $0
$26,476 $26,521 $26,476 $26,521 $26,476 $26,521
$88,570 $88,570 $88,570 $88,570 $88,570 $88,570
$0 $0 $0 $0 $0 $0
$0 $0 $1,500,000 $0 $0 $0
0 0 1 2 3 4
$0 $0 $300,000 $480,000 $288,000 $172,800
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$115,047 $115,091 $415,047 $595,091 $403,047 $287,891
$46,623 $46,641 $168,198 $241,161 $163,335 $116,668
$93,500 $93,500 $93,500 $93,500 $93,500 $93,500
$492,870 $481,756 $498,966 $488,504 $477,451 $466,704
$492,870 $481,756 $498,966 $488,504 $477,451 $466,704
$1,744,355 $1,708,069 $912,448 $1,543,624 $1,616,231 $1,656,885
$0 $0 $1,500,000 $0 $0 $0
$2,995,840 $2,934,383 $1,325,929 $2,598,745 $2,755,010 $2,847,066
$16,872,413 $13,876,572 $10,942,189 $9,616,260 $7,017,516 $4,262,506
$0 $0 $0 $0 $0 $0
($2,995,840) ($2,934,383) ($1,325,929) ($2,598,745) ($2,755,010) ($2,847,066)
$13,876,572 $10,942,189 $9,616,260 $7,017,516 $4,262,506 $1,415,440
$0 $0 $0 $0 $0 $0
$16,872,413 $13,876,572 $10,942,189 $9,616,260 $7,017,516 $4,262,506
$0 $0 $0 $0 $0 $0
($2,995,840) ($2,934,383) ($1,325,929) ($2,598,745) ($2,755,010) ($2,847,066)
$13,876,572 $10,942,189 $9,616,260 $7,017,516 $4,262,506 $1,415,440
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
$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
N/A N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,582,254 $4,748,921 $4,915,588 $3,415,588 $3,748,921 $4,082,254
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$166,667 $166,667 ($1,500,000) $333,333 $333,333 $333,333
$0 $0 $0 $0 $0 $0
$4,748,921 $4,915,588 $3,415,588 $3,748,921 $4,082,254 $4,415,588
$74,649 $77,316 $66,649 $57,316 $62,649 $67,983
$166,667 $166,667 ($1,500,000) $333,333 $333,333 $333,333
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
111,756,785 108,404,082 105,151,959 101,997,400 98,937,478 95,969,354
111,756,785 108,404,082 112,067,749 108,705,716 105,444,545 102,281,208
111,756,785 108,404,082 112,067,749 108,705,716 105,444,545 102,281,208
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
85% 85% 85% 85% 85% 85%
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
111,690,000 108,404,082 111,690,000 108,705,716 105,444,545 102,281,208
NPV Range Min Range Max
($123,550) 7.7 7.8
7.0 ($3,444,072)
7.1 ($3,001,336)
7.2 ($2,558,599)
7.3 ($2,115,863)
7.4 ($1,673,127)
7.5 ($1,230,391)
7.6 ($787,654)
7.7 ($344,918) ($344,918)
7.8 $97,818 $97,818
7.9 $540,554
8.0 $983,985
14 15 16 17 18 19
1.000 1.000 1.000 1.000 1.000 1.000
99,212,772 96,236,389 93,349,297 90,548,818 87,832,354 85,197,383
1.081 1.087 1.094 1.100 1.107 1.114
1.294 1.319 1.346 1.373 1.400 1.428
1.294 1.319 1.346 1.373 1.400 1.428
5.43 5.43 5.43 5.43 5.43 5.43
3.01 3.07 3.13 3.19 3.26 3.32
8.43 8.49 8.55 8.62 8.68 8.75
$8,366,251 $8,173,153 $7,985,233 $7,802,344 $7,624,341 $7,451,084
7.34 7.56 7.79 8.02 8.26 8.51
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0 $0
$73,316 $78,649 $74,735 $70,821 $76,155 $81,488
$8,439,567 $8,251,802 $8,059,968 $7,873,165 $7,700,496 $7,532,572
1.2936 1.3195 1.3459 1.3728 1.4002 1.4282
($38,808) ($39,584) ($40,376) ($41,184) ($42,007) ($42,847)
($1,283,423) ($1,269,819) ($1,256,359) ($1,243,041) ($1,229,865) ($1,216,828)
($38,808) ($39,584) ($40,376) ($41,184) ($42,007) ($42,847)
($2,566,846) ($2,539,637) ($2,512,717) ($2,486,082) ($2,459,730) ($2,433,657)
($223,082) ($227,544) ($232,095) ($236,737) ($241,472) ($246,301)
($38,808) ($39,584) ($40,376) ($41,184) ($42,007) ($42,847)
$0 $0 $0 $0 $0 $0
($125,000) ($125,000) ($125,000) ($125,000) ($125,000) ($125,000)
($250,988) ($245,195) ($239,557) ($234,070) ($228,730) ($223,533)
($4,565,764) ($4,525,948) ($4,486,856) ($4,448,482) ($4,410,819) ($4,373,861)
($4,565,764) ($4,525,948) ($4,486,856) ($4,448,482) ($4,410,819) ($4,373,861)
(4.60) (4.70) (4.81) (4.91) (5.02) (5.13)
$3,873,804 $3,725,854 $3,573,112 $3,424,684 $3,289,677 $3,158,711
1.53 1.47 N/A N/A N/A N/A
Year 15
($292,592) ($151,243) $0 $0 $0 $0
$3,581,211 $3,574,611 $3,573,112 $3,424,684 $3,289,677 $3,158,711
($2,019,271) ($2,160,620) $0 $0 $0 $0
($333,333) ($333,333) $822,598 ($333,333) ($333,333) ($333,333)
$0 $0 $0 $0 $0 $0
$1,228,607 $1,080,658 $4,395,711 $3,091,350 $2,956,344 $2,825,378
$0 $0 $0 $0 $0 $0
$1,228,607 $1,080,658 $4,395,711 $3,091,350 $2,956,344 $2,825,378
$1,228,607 $1,080,658 $4,395,711 $3,091,350 $2,956,344 $2,825,378
-1.3% -0.7% 1.1% 2.1% 2.8% 3.4%
($744,101) ($647,584) ($537,533) ($514,200) ($504,854) ($495,766)
$2,837,111 $2,927,027 $3,035,579 $2,910,484 $2,784,823 $2,662,945
$2,837,111 $2,927,027 $3,035,579 $2,910,484 $2,784,823 $2,662,945
$2,837,111 $2,927,027 $3,035,579 $2,910,484 $2,784,823 $2,662,945
($908,585) ($937,380) ($972,144) ($932,082) ($891,839) ($852,808)
($241,154) ($248,797) ($258,024) ($247,391) ($236,710) ($226,350)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$78,868 ($105,520) $3,165,542 $1,911,877 $1,827,794 $1,746,219
6.6% 6.6% 8.0% 8.6% 9.1% 9.4%
($2,311,863) ($2,311,863) $0 $0 $0 $0
($292,592) ($151,243) $0 $0 $0 $0
($2,019,271) ($2,160,620) $0 $0 $0 $0
4,179,890 2,160,620 0 0 0 0
- - - - - -
($2,019,271) ($2,160,620) $0 $0 $0 $0
2,160,620 0 0 0 0 0
14 15 16 17 18 19
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.90% 5.91% 2.95% 0.00% 0.00% 0.00%
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
$0 $0 $0 $0 $0 $0
$26,476 $26,521 $13,238 $0 $0 $0
$88,570 $88,570 $88,570 $88,570 $88,570 $88,570
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
5 6 7 8 9 10
$172,800 $86,400 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$287,847 $201,491 $101,808 $88,570 $88,570 $88,570
$116,650 $81,654 $41,258 $35,893 $35,893 $35,893
$93,500 $93,500 $93,500 $93,500 $93,500 $93,500
$456,254 $446,092 $435,725 $425,630 $416,284 $407,195
$456,254 $446,092 $435,725 $425,630 $416,284 $407,195
$1,646,682 $1,686,560 $1,735,652 $1,668,057 $1,600,554 $1,535,070
$0 $0 $0 $0 $0 $0
$2,837,111 $2,927,027 $3,035,579 $2,910,484 $2,784,823 $2,662,945
$1,415,440 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($1,415,440) $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$1,421,671 $2,927,027 $3,035,579 $2,910,484 $2,784,823 $2,662,945
$1,415,440 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($1,415,440) $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$1,421,671 $2,927,027 $3,035,579 $2,910,484 $2,784,823 $2,662,945
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
$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
N/A N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,415,588 $4,748,921 $5,082,254 $4,259,656 $4,592,990 $4,926,323
$0 $0 ($1,155,932) $0 $0 $0
$0 $0 $0 $0 $0 $0
$333,333 $333,333 $333,333 $333,333 $333,333 $333,333
$0 $0 $0 $0 $0 $0
$4,748,921 $5,082,254 $4,259,656 $4,592,990 $4,926,323 $5,259,656
$73,316 $78,649 $74,735 $70,821 $76,155 $81,488
$333,333 $333,333 ($822,598) $333,333 $333,333 $333,333
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
93,090,273 90,297,565 87,588,638 84,960,979 82,412,150 79,939,785
99,212,772 96,236,389 93,349,297 90,548,818 87,832,354 85,197,383
99,212,772 96,236,389 93,349,297 90,548,818 87,832,354 85,197,383
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
85% 85% 85% 85% 85% 85%
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
99,212,772 96,236,389 93,349,297 90,548,818 87,832,354 85,197,383
20 21 22 23 24 25
1.000 1.000 1.000 1.000 1.000 1.000
93,706,725 90,895,523 88,168,657 85,523,598 82,957,890 80,469,153
1.120 1.127 1.134 1.141 1.148 1.154
1.457 1.486 1.516 1.546 1.577 1.608
1.457 1.486 1.516 1.546 1.577 1.608
5.43 0.00 0.00 0.00 0.00 0.00
3.39 0.00 0.00 0.00 0.00 0.00
8.81 0.00 0.00 0.00 0.00 0.00
$8,257,517 $0 $0 $0 $0 $0
8.77 9.03 9.30 9.58 9.87 10.16
$0 $8,208,371 $8,200,984 $8,193,603 $8,186,229 $8,178,861
0.00 0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0 $0
$60,155 $36,155 $36,155 $36,155 $36,155 $36,155
$8,317,672 $8,244,526 $8,237,138 $8,229,757 $8,222,383 $8,215,015
1.4568 1.4859 1.5157 1.5460 1.5769 1.6084
($43,704) ($44,578) ($45,470) ($46,379) ($47,307) ($48,253)
($1,365,130) ($1,350,660) ($1,336,343) ($1,322,177) ($1,308,162) ($1,294,296)
($43,704) ($44,578) ($45,470) ($46,379) ($47,307) ($48,253)
($2,730,260) ($2,701,319) ($2,672,685) ($2,644,355) ($2,616,325) ($2,588,592)
($251,227) ($256,252) ($261,377) ($266,604) ($271,936) ($277,375)
($43,704) ($44,578) ($45,470) ($46,379) ($47,307) ($48,253)
$0 $0 $0 $0 $0 $0
($125,000) ($125,000) ($125,000) ($125,000) ($125,000) ($125,000)
($247,726) ($246,251) ($246,030) ($245,808) ($245,587) ($245,366)
($4,850,456) ($4,813,217) ($4,777,844) ($4,743,083) ($4,708,931) ($4,675,388)
($4,850,456) ($4,813,217) ($4,777,844) ($4,743,083) ($4,708,931) ($4,675,388)
(5.18) (5.30) (5.42) (5.55) (5.68) (5.81)
$3,467,216 $3,431,309 $3,459,294 $3,486,675 $3,513,452 $3,539,628
N/A N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0 $0
$3,467,216 $3,431,309 $3,459,294 $3,486,675 $3,513,452 $3,539,628
$0 $0 $0 $0 $0 $0
$3,000,000 $0 $0 $0 $0 $0
($3,000,000) $0 $0 $0 $0 $0
$3,467,216 $3,431,309 $3,459,294 $3,486,675 $3,513,452 $3,539,628
$0 $0 $0 $0 $0 $0
$3,467,216 $3,431,309 $3,459,294 $3,486,675 $3,513,452 $3,539,628
$3,467,216 $3,431,309 $3,459,294 $3,486,675 $3,513,452 $3,539,628
4.0% 4.5% 4.9% 5.3% 5.6% 5.9%
($3,688,570) ($1,450,051) ($1,021,366) ($790,567) ($790,168) ($616,970)
($221,354) $1,981,258 $2,437,928 $2,696,107 $2,723,284 $2,922,658
($221,354) $1,981,258 $2,437,928 $2,696,107 $2,723,284 $2,922,658
($221,354) $1,981,258 $2,437,928 $2,696,107 $2,723,284 $2,922,658
$70,889 ($634,498) ($780,746) ($863,428) ($872,132) ($935,981)
$18,815 ($168,407) ($207,224) ($229,169) ($231,479) ($248,426)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$3,556,920 $2,628,404 $2,471,324 $2,394,077 $2,409,841 $2,355,221
10.1% 10.4% 10.7% 10.9% 11.1% 11.3%
$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
20 21 22 23 24 25
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.00% 2.50% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$88,570 $44,285 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
11 12 13 14 15 16
$0 $0 $0 $0 $0 $0
$3,000,000 $0 $0 $0 $0 $0
1 2 3 4 5 6
$600,000 $960,000 $576,000 $345,600 $345,600 $172,800
$688,570 $1,004,285 $576,000 $345,600 $345,600 $172,800
$279,043 $406,987 $233,424 $140,054 $140,054 $70,027
$93,500 $93,500 $93,500 $93,500 $93,500 $93,500
$0 $445,766 $445,366 $444,967 $444,568 $444,170
$0 $445,766 $445,366 $444,967 $444,568 $444,170
($110,677) $1,213,512 $1,441,647 $1,570,537 $1,583,926 $1,683,414
$3,000,000 $0 $0 $0 $0 $0
($221,354) $1,981,258 $2,437,928 $2,696,107 $2,723,284 $2,922,658
$0 $221,354 $0 $0 $0 $0
$221,354 $0 $0 $0 $0 $0
$0 ($221,354) $0 $0 $0 $0
$221,354 $0 $0 $0 $0 $0
$0 $1,759,904 $2,437,928 $2,696,107 $2,723,284 $2,922,658
$0 $221,354 $0 $0 $0 $0
$221,354 $0 $0 $0 $0 $0
$0 ($221,354) $0 $0 $0 $0
$221,354 $0 $0 $0 $0 $0
$0 $1,759,904 $2,437,928 $2,696,107 $2,723,284 $2,922,658
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
$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
N/A N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$5,259,656 $2,259,656 $2,259,656 $2,259,656 $2,259,656 $2,259,656
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($3,000,000) $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$2,259,656 $2,259,656 $2,259,656 $2,259,656 $2,259,656 $2,259,656
$60,155 $36,155 $36,155 $36,155 $36,155 $36,155
($3,000,000) $0 $0 $0 $0 $0
3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
77,541,592 75,215,344 72,958,884 70,770,117 68,647,014 66,587,603
82,641,462 80,162,218 77,757,351 75,424,631 73,161,892 70,967,035
93,706,725 90,895,523 88,168,657 85,523,598 82,957,890 80,469,153
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
85% 85% 85% 85% 85% 85%
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
93,706,725 90,895,523 88,168,657 85,523,598 82,957,890 80,469,153
26 27 28 29 30
1.000 1.000 1.000 1.000 1.000
78,055,078 75,713,426 73,442,023 71,238,763 69,101,600
1.161 1.168 1.175 1.182 1.189
1.641 1.673 1.707 1.741 1.776
1.641 1.673 1.707 1.741 1.776
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
10.47 10.78 11.11 11.44 11.78
$8,171,500 $8,164,146 $8,156,798 $8,149,457 $8,142,122
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$36,155 $36,155 $36,155 $36,155 $18,077
$8,207,655 $8,200,300 $8,192,952 $8,185,611 $8,160,200
1.6406 1.6734 1.7069 1.7410 1.7758
($49,218) ($50,203) ($51,207) ($52,231) ($53,275)
($1,280,576) ($1,267,002) ($1,253,572) ($1,240,284) ($1,227,137)
($49,218) ($50,203) ($51,207) ($52,231) ($53,275)
($2,561,153) ($2,534,004) ($2,507,144) ($2,480,568) ($2,454,274)
($282,923) ($288,581) ($294,353) ($300,240) ($306,244)
($49,218) ($50,203) ($51,207) ($52,231) ($53,275)
$0 $0 $0 $0 $0
($125,000) ($125,000) ($125,000) ($125,000) ($125,000)
($245,145) ($244,924) ($244,704) ($244,484) ($244,264)
($4,642,451) ($4,610,120) ($4,578,392) ($4,547,268) ($4,516,745)
($4,642,451) ($4,610,120) ($4,578,392) ($4,547,268) ($4,516,745)
(5.95) (6.09) (6.23) (6.38) (6.54)
$3,565,204 $3,590,181 $3,614,560 $3,638,344 $3,643,454
N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0
$3,565,204 $3,590,181 $3,614,560 $3,638,344 $3,643,454
$0 $0 $0 $0 $0
$0 $0 $0 $0 $2,259,656
$0 $0 $0 $0 $0
$3,565,204 $3,590,181 $3,614,560 $3,638,344 $5,903,110
$0 $0 $0 $0 $0
$3,565,204 $3,590,181 $3,614,560 $3,638,344 $5,903,110
$3,565,204 $3,590,181 $3,614,560 $3,638,344 $5,903,110
6.2% 6.4% 6.6% 6.7% 7.0%
($443,772) ($443,374) ($442,977) ($442,580) ($441,234)
$3,121,432 $3,146,806 $3,171,583 $3,195,764 $3,202,220
$3,121,432 $3,146,806 $3,171,583 $3,195,764 $3,202,220
$3,121,432 $3,146,806 $3,171,583 $3,195,764 $3,202,220
($999,638) ($1,007,765) ($1,015,700) ($1,023,443) ($1,025,511)
($265,322) ($267,479) ($269,585) ($271,640) ($272,189)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,300,243 $2,314,937 $2,329,276 $2,343,260 $4,605,411
11.4% 11.5% 11.6% 11.7% 11.9%
$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
26 27 28 29 30
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 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
17 18 19 20 21
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
7 8 9 10 11
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$93,500 $93,500 $93,500 $93,500 $93,500
$443,772 $443,374 $442,977 $442,580 $441,234
$443,772 $443,374 $442,977 $442,580 $441,234
$1,782,602 $1,795,090 $1,807,280 $1,819,172 $1,821,727
$0 $0 $0 $0 $0
$3,121,432 $3,146,806 $3,171,583 $3,195,764 $3,202,220
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,121,432 $3,146,806 $3,171,583 $3,195,764 $3,202,220
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,121,432 $3,146,806 $3,171,583 $3,195,764 $3,202,220
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
N/A N/A N/A N/A N/A
$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
N/A N/A N/A N/A N/A
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,259,656 $2,259,656 $2,259,656 $2,259,656 $2,259,656
$0 $0 $0 $0 $0
$0 $0 $0 $0 ($2,259,656)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,259,656 $2,259,656 $2,259,656 $2,259,656 ($0)
$36,155 $36,155 $36,155 $36,155 $18,077
$0 $0 $0 $0 ($2,259,656)
3.0% 3.0% 3.0% 3.0% 3.0%
64,589,975 62,652,276 60,772,707 58,949,526 57,181,040
68,838,024 66,772,883 64,769,697 62,826,606 60,941,808
78,055,078 75,713,426 73,442,023 71,238,763 69,101,600
0.0% 0.0% 0.0% 0.0% 0.0%
85% 85% 85% 85% 85%
111,690,000 111,690,000 111,690,000 111,690,000 111,690,000
78,055,078 75,713,426 73,442,023 71,238,763 69,101,600
Complex Inputs for Deriving Total Project Capital Cost, if applicable
Sample inputs provided on this tab are illustrative only, all inputs must be pro
Wellfield and Drilling Cost $
Confirmation Well Drilling Cost (total) $5,000,000
Production Well Drilling Cost (total) $10,500,000
Injection Well Drilling Cost (total) $7,000,000
Surface equipment cost (total) $125,000
Well Stimulation (total) $1,000,000
Fracturing for EGS Cases (total) $375,000
Production Pump Cost (total) $700,000
Non-well costs (total) $250,000
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Balance of Plant Cost $24,950,000
Click Here to Return to Inputs Worksheet
Power Plant $
Heat Exchangers $250,000
Condensers $400,000
Pump Costs $160,000
Turbine Generator $3,000,000
Cooling Tower (flash plants) $350,000
NCG Removal System (flash plants) $12,500
Flash Vessels (Flash Plants) $125,000
H2S Removal System $50,000
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Balance of Plant Cost $4,347,500
Click Here to Return to Inputs Worksheet
Interconnection $
Substation $500,000
Transformer $250,000
Metering $75,000
Utility System Improvements $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Interconnection Cost $825,000
Click Here to Return to Inputs Worksheet
Reserves & Financing Costs $
Lender Fee $451,838
Interest During Construction $3,162,863
Other Equity & Debt Closing Costs $0
Initial Funding of Debt Service & Working Capital/O&M Reserves $3,415,588
Total Installed Cost $7,030,288
Click Here to Return to Inputs Worksheet
Total Project Costs
Cost Category $
Wellfield & Drilling $24,950,000
Power Plant $4,347,500
Interconnection $825,000
Reserves & Financing Costs $7,030,288
Total Installed Cost $37,152,788
Taxable Entity? (turns on/off ITC and depreciation input cells) Yes
Year-by-Year Inputs for Market Value of Production, if applicable
Click Here to Return to Inputs Worksheet Project Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
* Includes energy, capacity &
RECs
Click Here to Return to Inputs Worksheet
nputs must be provided and validated by the user.
% Eligible for
Depreciation Classification
ITC
100% Expensable
100% Depletable
100% Depletable
100% 5-year MACRS
100% Depletable
100% Depletable
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%
% Eligible for
Depreciation Classification
ITC
100% 20-year SL
100% 5-year MACRS
0% 20-year SL
100% 20-year SL
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
96%
% Eligible for
Depreciation Classification
ITC
50% 15-year MACRS
50% 15-year MACRS
50% 15-year MACRS
50% 15-year MACRS
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50% 20-year SL
50%
% Eligible for
Depreciation Classification
ITC
0% Non-Depreciable
0% 20-year SL
0% 20-year SL
0% Non-Depreciable
0%
Depreciation, Depletion & Year-1 Expensing Allocation
$ Eligible for 5-year
Cost Category
ITC MACRS
$24,950,000 Wellfield & Drilling $1,075,000
$4,187,500 Power Plant $937,500
$412,500 Interconnection $0
$0 Reserves & Financing Costs $0
$29,550,000 $2,012,500
if applicable Year-by-Year Inputs for Thermal
Bundled*
Market Value of
Project Year
Production
(¢/kWh)
5.00 1
5.10 2
5.20 3
5.31 4
5.41 5
5.52 6
5.63 7
5.74 8
5.86 9
5.98 10
6.09 11
6.22 12
6.34 13
6.47 14
6.60 15
6.73 16
6.86 17
7.00 18
7.14 19
7.28 20
7.43 21
7.58 22
7.73 23
7.88 24
8.04 25
8.20 26
8.37 27
8.53 28
8.71 29
8.88 30
des energy, capacity &
Click Here to Return to Inputs Worksheet
15-year
20-year SL Non-Depreciable
MACRS
$0 $0 $0
$0 $3,410,000 $0
$825,000 $0 $0
$0 $3,162,863 $3,867,425
$825,000 $6,572,863 $3,867,425
r-by-Year Inputs for Thermal Resource and Production Degradation, if applicable
Production
Project Year
Degradation
0.0% 1
0.1% 2
0.1% 3
0.1% 4
0.1% 5
0.1% 6
0.1% 7
0.1% 8
0.1% 9
0.1% 10
0.1% 11
0.1% 12
0.1% 13
0.1% 14
0.1% 15
0.1% 16
0.1% 17
0.1% 18
0.1% 19
0.1% 20
0.1% 21
0.1% 22
0.1% 23
0.1% 24
0.1% 25
0.1% 26
0.1% 27
0.1% 28
0.1% 29
0.1% 30
Depletable Expensable
$18,875,000 $5,000,000
$0 $0
$0 $0
$0 $0
$18,875,000 $5,000,000
dation, if applicable
Thermal Resource
Degradation
0.0%
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%
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%