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					Title:                        Cost of Renewable Energy Spreadsheet Tool (CREST)

Version:                      Wind, version 1.1

Author:                       Sustainable Energy Advantage, LLC
Contact:                      CREST@seadvantage.com or (508) 665-5850


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.


Summary of Reference Links Several of the input-specific "Notes" on the Inputs worksheet contain hyperlinks. Since these hyperlinks are not operable when placed within the MS Excel notes
From Inputs Worksheet      feature, they are duplicated here for the user's convenience.
DSIRE                         http://dsireusa.org/
DSIRE: Tax/Grants             http://dsireusa.org/incentives/incentive.cfm?Incentive_Code=US02F&re=1&ee=1
DSIRE: Other Fed Incentives   http://dsireusa.org/incentives/index.cfm?state=us&re=1&EE=1

Summary of Models
Reviewed During the
Development of the solar,  These models were reviewed primarily to identify best practices which effectively balance ease of use with flexibility and advanced functionality. In most cases,
wind and geothermal CREST: the helpful modeling techniques identified are not technology-specific, and have influenced the general design of all three CREST models. Each of the models
                           listed below is discussed in more detail in the report (please see link at the top of this worksheet).
                           RETI Cost of Generation Spreadsheet
                           Vermont Standard Offer Models
                           RETScreen
                           Gainesville FIT Model
                           Solar Advisor Model (SAM)
                           EU PV Platform
                           Vote Solar Incentive Comparison Model
                           Geothermal Electricity Technology Evaluation Model (GETEM)
                                                                                    Performan

Check

        Project Size and Performance                                      Units
        Generator Nameplate Capacity                                       kW
        Net Capacity Factor, Yr 1                                           %
        Production, Yr 1                                                  kWh
        Annual Production Degradation                                       %
        Project Useful Life                                               years

        Capital Costs                                                     Units
        Select Cost Level of Detail
         Total Installed Cost                                              $/kW
         Generation Equipment                                                $
         Balance of Plant                                                    $
         Interconnection                                                     $
         Development Costs & Fee                                             $
         Reserves & Financing Costs                                          $
        Click Here for Complex Input Worksheet
        Total Installed Cost                                                 $
        Total Installed Cost                                               $/kW
        Total Value of Grants (excl. pmt in lieu of ITC, if applicable)      $
        Net Project Cost                                                     $
        Net Project Cost                                                   $/kW

        Operations & Maintenance                                          Units
        Select Cost Level of Detail
        Fixed O&M Expense, Yr 1                                           $/kW-yr
        Variable O&M Expense, Yr 1                                        ¢/kWh
        O&M Cost Inflation, initial period                                   %
        Initial Period ends last day of:                                    year
        O&M Cost Inflation, thereafter                                       %
        Insurance, Yr 1 (% of Total Cost)                                    %
        Insurance, Yr 1 ($) (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)                         $
Construction Financing                                    Units
Construction Period                                       months
Interest Rate (Annual)                                      %
Interest During Construction                                $

Permanent Financing                                        Units
% Debt (% of hard costs) (mortgage-style amort.)             %
Debt Tenor                                                 years
Interest Rate on Term Debt                                   %
Lender's Fee (% of total borrowing)                          %
Required Minimum Annual DSCR
Actual Minimum DSCR, occurs in →                           Year 1
Minimum DSCR Check Cell (If "Fail," read note ==>)        Pass/Fail
Required Average DSCR
Actual Average DSCR
Average DSCR Check Cell (If "Fail," read note ==>)        Pass/Fail
% Equity (% hard costs) (soft costs also equity funded)      %
Target After-Tax Equity IRR                                  %
Weighted Average Cost of Capital (WACC)                      %
Other Closing Costs                                          $

Summary of Sources of Funding for Total Installed Cost
Senior Debt (funds portion of hard costs)              46%
Equity (funds balance of hard costs + all soft costs)  54%
Total Value of Grants                                   0%
Total Installed Cost                                     $

Tax                                                        Units
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
($/kW-yr) – an annual expense (or revenue) based on generator capacity
($) – 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

Input Value
       10,000       ?
         32.0%      ?
    28,032,000      ?
          0.5%      ?
             20     ?

 Input Value
Intermediate        ?
         $2,500     ?
   $10,000,000      ?
    $9,000,000      ?
    $3,000,000      ?
    $1,000,000      ?
     $1,874,414     ?
                    ?
   $24,874,414      ?
        $2,487      ?
           $0       ?
   $24,874,414      ?
        $2,487      ?

 Input Value
Intermediate        ?
           $0.00    ?
            2.50    ?
           2.0%     ?
              10    ?
           2.0%     ?
           0.4%     ?
        $92,000     ?
        $30,000     ?
        $75,000     ?
           0.0%     ?
        $25,000     ?
           3.0%     ?
        $95,449     ?
Input Value
              6    ?
          5.5%     ?
       $316,250    ?

Input Value
           50%     ?
             15    ?
         7.00%     ?
          3.0%     ?
           1.20    ?
           1.73    ?
          Pass     ?
           1.45    ?
           1.74    ?
          Pass     ?
           50%     ?
        15.00%     ?
         9.99%     ?
             $0    ?



    $11,500,000    ?
    $13,374,414    ?
             $0    ?
    $24,874,414    ?

 Input Value
     Yes           ?
          35.0%    ?
As Generated       ?
            8.5%   ?
As Generated       ?
         40.53%    ?
see table ==>      ?
ual to 1000 Watts.
 . A 1 kW generator operating at rated capacity for one hour will produce 1 kWh of electricity.
ator capacity




 project year


atio tests have passed or failed.
, Operating, Tax & Financing Inputs

                                  Technology Options

        Cost-Based Tariff Rate Structure                            Units
        Payment Duration for Cost-Based Incentive                   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                                  %


        Federal Incentives                                         Units
        Select Cost-Based (ITC/Grant) or Performance-Based (PTC/REPI)
        Investment Tax Credit (ITC) or Cash Grant?
        ITC or Cash Grant Amount                                     %
        ITC utilization factor, if applicable                        %
        ITC or Cash Grant                                             $
        Is PBI Tax-Based (PTC) or Cash-Based (REPI)?
        PBI Rate                                                   ¢/kWh
        PBI Duration                                                 yrs
        PBI Escalation Rate                                          %
        PBI Utilization or Availability Factor, if applicable        %
        Federal Tax Benefits used as generated or carried forward?

        Federal Grants (Other than Section 1603)                      $
        Federal Grants Treated as Taxable Income?

        State Incentives                                        Units
        Select Cost-Based (ITC) or Performance-Based (PTC/Cash Pmt)
        ITC Amount                                                %
        Utilization Factor, if applicable                         %
        State ITC realization period                              yrs
        Total State ITC, over realization period                   $
        Is Performance-Based Incentive Tax Credit or Cash Pmt?
        If cash, is state PBI taxable?
        PBI Rate                                                ¢/kWh
        PBI Duration                                              yrs
        PBI Escalation Rate                                       %
PBI Utilization Factor, if applicable                      %
Benefits used as generated or carried forward?

Total State Grants (or Rebates)                            $
State Grants Treated as Taxable Income?

Capital Expenditures During Operations: E.g. Gearbox or Blade Replacements
1st Equipment Replacement                                   year
1st Replacement Cost ($ in year replaced)                  $/kW
2nd Equipment Replacement                                   year
2nd Replacement Cost ($ in year replaced)                  $/kW
3rd Equipment Replacement                                   year
3rd Replacement Cost ($ in year replaced)                  $/kW
4th Equipment Replacement                                   year
4th Replacement Cost ($ in year replaced)                  $/kW

Reserves Funded from Operations                          Units
Decommissioning Reserve
Fund from Operations or Salvage Value?
Reserve Requirement                                        $

Initial Funding of Reserve Accounts                      Units
Debt Service Reserve
# of months of Debt Service                             months
Initial Debt Service Reserve                              $
O&M Reserve/Working Capital
# of months of O&M Expense                              months
Initial O&M and WC Reserve                                $
Interest on All Reserves                                  %

Depreciation Allocation                               Input Values
Bonus Depreciation                                        Yes
% of Bonus Depreciation applied in Year 1                        50%

Allocation of Costs                                  5-year MACRS
 Total Installed Cost                                    94.0%
 Generation Equipment                                    96.0%
 Balance of Plant                                        75.0%
 Interconnection                                          0.0%
 Development Costs & Fee                                 80.0%
 Reserves & Financing Costs                               0.0%
Click Here for Complex Input Worksheets
city for one hour will produce 1 kWh of electricity.
                                    Notes

             Input Value
                               20     ?
                           50.0%      ?
                            2.0%      ?

Expiration                            ?
              Year One                ?         0
                             5.00     ?         0
                            3.0%      ?         0
                                      ?         0

             Input Value
             Cost-Based               ?
             Cash Grant               ?
                           30%        ?
                         100%         ?     0
                   $5,145,000         ?
              Tax Credit              ?
                           2.30       ?
                             10       ?
                          2.0%        ?
                         100%         ?
             As Generated             ?

                             $0       ?
                 Yes                  ?

             Input Value
               Neither                ?
                            30%       ?
                           100%       ?
                               1      ?
                             $0       ?
              Tax Credit              ?
                 No                   ?
                             1.50     ?
                               10     ?
                            2.0%      ?
                           100%       ?
               As Generated           ?

                               $0     ?
                   Yes                ?

Replacements
                                7     ?
                               $0     ?
                               14     ?
                               $0     ?
                               15     ?
                               $0     ?
                               20     ?
                               $0     ?

               Input Value

                 Salvage              ?
                               $0     ?

               Input Value

                                 6    ?
                         $631,319     ?

                                 6    ?
                         $581,845     ?
                             1.5%     ?



                                      ?
                                      ?

           7-year MACRS              15-year MACRS   20-year MACRS   5-year SL
                0.0%                      1.5%            1.0%         0.0%
                0.0%                      2.0%            0.0%         0.0%
                0.0%                      0.0%            0.0%         0.0%
                0.0%                     100.0%           0.0%         0.0%
                0.0%                      0.0%            0.0%         0.0%
                0.0%                      0.0%            0.0%         0.0%
15-year SL   20-year SL   39-year SL   Non-Depreciable
   0.0%         1.0%         0.0%           2.5%         ?
   0.0%         2.0%         0.0%           0.0%         ?
  25.0%         0.0%         0.0%           0.0%         ?
   0.0%         0.0%         0.0%           0.0%         ?
   5.0%         5.0%         0.0%          10.0%         ?
   0.0%        50.0%         0.0%          50.0%         ?
                                                         ?
Summary Results
                                    Results of multiple scenarios may be compared here by using the "c


    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
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?

Equivalent Nominal Levelized Tariff Rate                     ¢/kWh

Inputs Summary
Generator Nameplate Capacity                                   kW
Net Capacity Factor, Yr 1                                       %
Payment Duration for Cost-Based Incentive                     Years

Net Project Cost                                                $
Net Project Cost                                              $/kW

% Equity (% hard costs) (soft costs also equity funded)        %
Target After-Tax Equity IRR                                    %
% Debt (% of hard costs) (mortgage-style amort.)               %
Interest Rate on Term Debt                                     %
Is owner a taxable entity?

Type of Federal Incentive Assumed
Tax Credit Based or Cash Based?
Other Grants or Rebates
Notes: (Users may enter descriptive text about their model run)
arios may be compared here by using the "copy" and "paste special - values" feature to transfer values from column


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]
                    11.35
                    2.0%
                    50.0%

                    Yes

                    Yes

n check cells?

                    12.02


                   10,000
                   32.0%
                     20

                 $24,874,414
                   $2,487

                    50%
                   15.00%
                    50%
                   7.00%
                     Yes

                 Cost-Based
                 Cash Grant
                     No
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          11.35                $3,199,829   ($1,018,249)   ($1,262,638)      $0
    2          11.46                $3,215,579   ($1,032,103)   ($1,262,638)      $0
    3          11.58                $3,231,721   ($1,046,184)   ($1,262,638)      $0
    4          11.70                $3,248,261   ($1,060,494)   ($1,262,638)      $0
    5          11.82                $3,265,204   ($1,075,038)   ($1,262,638)      $0
    6          11.94                $3,282,555   ($1,089,819)   ($1,262,638)      $0
    7          12.07                $3,300,321   ($1,104,842)   ($1,262,638)      $0
    8          12.19                $3,318,505   ($1,120,109)   ($1,262,638)      $0
    9          12.32                $3,337,114   ($1,135,625)   ($1,262,638)      $0
   10          12.46                $3,356,153   ($1,151,395)   ($1,262,638)      $0
   11          12.59                $3,375,627   ($1,167,421)   ($1,262,638)      $0
   12          12.73                $3,395,544   ($1,183,709)   ($1,262,638)      $0
   13          12.87                $3,415,907   ($1,200,262)   ($1,262,638)      $0
   14          13.02                $3,436,724   ($1,217,085)   ($1,262,638)      $0
   15          13.16                $3,458,000   ($1,234,182)   ($1,262,638)      $0
   16          13.31                $3,475,006   ($1,251,558)        $0        $631,319
   17          13.47                $3,492,484   ($1,269,216)        $0           $0
   18          13.62                $3,515,174   ($1,287,163)        $0           $0
   19          13.78                $3,538,349   ($1,305,402)        $0           $0
   20          13.94                $3,557,651   ($1,323,938)        $0        $581,845
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30


                      $15,000,000
                                             Cumulative Cash Flow

                      $10,000,000
   ve Cash Flow ($)




                       $5,000,000
Cumulative Cash Flow ($)             $0
                                           0   5   10       15         20


                            ($5,000,000)



                           ($10,000,000)



                           ($15,000,000)
                                                        Project Year
               Federal                       Federal Tax    State Tax
 Pre-Tax       Taxable       State Taxable     Benefit/      Benefit/     After Tax Cash
Cash Flow      Income           Income        (Liability)   (Liability)        Flow
    $             $                $              $             $                $
                                                                           ($13,374,414)
 $918,942    ($11,431,378)   ($11,431,378)   $8,805,899      $971,667       $10,696,508
 $920,837     ($1,281,370)    ($1,281,370)    $410,359       $108,916       $1,440,112
 $922,898      ($247,317)      ($247,317)     $79,203         $21,022       $1,023,124
 $925,128       $394,235        $394,235     ($126,254)      ($33,510)       $765,364
 $927,527       $446,924        $446,924     ($143,127)      ($37,989)       $746,411
 $930,098       $944,366        $944,366     ($302,433)      ($80,271)       $547,393
 $932,841      $1,439,612      $1,439,612    ($461,036)     ($122,367)       $349,438
 $935,758      $1,490,605      $1,490,605    ($477,366)     ($126,701)       $331,690
 $938,850      $1,544,994      $1,544,994    ($494,784)     ($131,325)       $312,741
 $942,120      $1,603,449      $1,603,449    ($513,505)     ($136,293)       $292,322
 $945,568      $1,665,648      $1,665,648    ($533,424)     ($141,580)       $270,564
 $949,197      $1,732,540      $1,732,540    ($554,846)     ($147,266)       $247,085
 $953,007      $1,803,635      $1,803,635    ($577,614)     ($153,309)       $222,084
 $957,001      $1,879,921      $1,879,921    ($602,045)     ($159,793)       $195,163
 $961,180      $1,961,155      $1,961,155    ($628,060)     ($166,698)       $166,422
$2,854,768     $2,120,185      $2,120,185    ($678,989)     ($180,216)      $1,995,563
$2,223,267     $2,196,657      $2,196,657    ($703,479)     ($186,716)      $1,333,072
$2,228,012     $2,201,401      $2,201,401    ($704,999)     ($187,119)      $1,335,894
$2,232,947     $2,206,337      $2,206,337    ($706,579)     ($187,539)      $1,338,829
$2,815,558     $2,207,102      $2,207,102    ($706,824)     ($187,604)      $1,921,130




                         $14,000,000
                                                  Revenue + Tax Benefits / (Liability) v.
                         $12,000,000
                                                     Expenses + Cash Obligations

                         $10,000,000
                 $8,000,000




          ( $)
25   30          $6,000,000


                 $4,000,000


                 $2,000,000


                        $0
                              0   5   10       15
                                           Project Year
                                                                         Graph Data

             Cumulative     After Tax     Debt     Revenue + Tax
              Cash Flow        IRR       Service   Benefit/(Liability)
                   $            %       Coverage
            ($13,374,414)
             ($2,677,906)   -20.02%       1.73       $12,977,396
             ($1,237,793)    -8.28%       1.73        $3,734,854
              ($214,670)     -1.27%       1.73        $3,331,946
               $550,695       2.91%       1.73        $3,088,497
              $1,297,106      6.11%       1.73        $3,084,088
              $1,844,500      7.96%       1.74        $2,899,851
              $2,193,937      8.93%       1.74        $2,716,918
              $2,525,628      9.71%       1.74        $2,714,437
              $2,838,369    10.32%        1.74        $2,711,005
              $3,130,691    10.80%        1.75        $2,706,355
              $3,401,255    11.18%        1.75        $2,700,624
              $3,648,340    11.48%        1.75        $2,693,432
              $3,870,424    11.71%        1.75        $2,684,984
              $4,065,586    11.88%        1.76        $2,674,886
              $4,232,008    12.00%        1.76        $2,663,242
              $6,227,571    13.17%        N/A         $2,615,801
              $7,560,643    13.74%        N/A         $2,602,289
              $8,896,537    14.18%        N/A         $2,623,057
             $10,235,366    14.54%        N/A         $2,644,231
             $12,156,496    14.94%        N/A         $2,663,222
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496
             $12,156,496



 s / (Liability) v.
Obligations
     Expenses + Cash Obligations
     Revenue + Tax Benefit/(Liability)




20            25                   30
Graph Data


    Expenses + Cash Obligations



             $2,280,887
             $2,294,742
             $2,308,822
             $2,323,132
             $2,337,676
             $2,352,458
             $2,367,480
             $2,382,747
             $2,398,264
             $2,414,033
             $2,430,059
             $2,446,347
             $2,462,900
             $2,479,723
             $2,496,820
              $620,239
             $1,269,216
             $1,287,163
             $1,305,402
              $742,093
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
Variable O&M Expense
Insurance
Project Administration
Property Tax or Payment in Lieu of Taxes (PILOT)
Land Lease
Royalties
Total Operating Expenses
Total Operating Expenses ($/kWh)

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 Expense
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 @ 15.00% (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                                            $17,150,000
7 Year MACRS                                                 $0
15 Year MACRS                                            $3,200,000
20 Year MACRS                                                $0
5 Year SL                                                    $0
15 Year SL                                               $2,300,000
20 Year SL                                               $1,187,207
39 Year SL                                                   $0
Bonus Depreciation
Non-Depreciable                                         $1,037,207
                                                        Unadjusted
Project Cost Basis                                       $24,874,414
                                                            OK
Adjustment to Cost Basis for ITC & Non-taxable Grants   $2,572,500

Annual Depreciation Expense, Initial Installation
Total Project Cost, adj for ITC/Grant if applicable
5 Year MACRS
7 Year MACRS
15 Year MACRS
20 Year MACRS
5 Year SL
15 Year SL
20 Year SL
39 Year SL
Bonus Depreciation
Non-Depreciable
Total

Annual Depreciation Expense, Repairs & Replacements
1st Replacement
Depreciation Timing
Depreciation Expense
2nd Replacement
Depreciation Timing
Depreciation Expense
3rd Replacement
Depreciation Timing
Depreciation Expense
4th Replacement
Depreciation Timing
Depreciation Expense

Annual Depreciation Expense

Annual Depreciation Benefit


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 #1                      (max funding period, yrs)
 Major Equipment Replacement Reserves #2                      (max funding period, yrs)
 Major Equipment Replacement Reserves #3                      (max funding period, yrs)
 Major Equipment Replacement Reserves #4                      (max funding period, yrs)
 Decommissioning Reserve
Ending Balance

Interest on Reserves
Annual Contributions to/(Liquidations of) Reserves


 COE Data Tables
 Calculation of COE when tax benefits are "Carried Forward"
              COD
  units        0           1              2

                              1.00          0.995
  kWh                   28,032,000     27,891,840


                               1.00            1.010
                               1.00            1.020
                               1.00            1.020

 ¢/kWh        50%             5.68           5.68
 ¢/kWh        50%             5.68           5.79
 ¢/kWh                       11.35          11.46
    $                   $3,181,632     $3,197,381
 ¢/kWh                        0.00           0.00
    $                           $0             $0
 ¢/kWh                        0.00           0.00
    $                           $0             $0
 ¢/kWh                        0.00           0.00
    $                           $0             $0
    $                      $18,197        $18,197
    $                   $3,199,829     $3,215,579


                               1.00     1.0200

    $                           $0              $0
    $                    ($700,800)     ($711,242)
    $                     ($92,000)       ($93,840)
    $                     ($30,000)       ($30,600)
    $                     ($75,000)       ($75,000)
    $                     ($25,000)       ($25,500)
    $                     ($95,449)       ($95,921)
    $                  ($1,018,249)   ($1,032,103)
 ¢/kWh                  ($3.63)         ($3.70)

     $                 $2,181,580     $2,183,475
Avg. DSCR   Min DSCR
  1.74        1.73       1.73           1.73
                        Year 1
                        ($805,000)     ($772,965)
                       $1,376,580     $1,410,510

                        ($457,638)     ($489,673)
                               $0             $0
                                        $0             $0
                                  $918,942       $920,837


             ($13,374,414)              $0             $0
                                  $918,942       $920,837
             ($13,374,414)        $918,942       $920,837
                                  NA              NA

                               ($12,807,959)   ($2,691,880)
                               ($11,431,378)   ($1,281,370)

            As Generated       ($11,431,378)   ($1,281,370)
            As Generated       ($11,431,378)   ($1,281,370)

                                $3,660,899       $410,359
                                  $971,667       $108,916
                                $5,145,000             $0
                                        $0             $0
             ($13,374,414)     $10,696,508     $1,440,112
                                -20.0%          -8.3%

  6.03%                          Yr 1 COE
 14.94%                        (cents/kWh)
($17,515)                          11.35




                23,000,000
                      50%
                11,500,000


                           -    ($1,262,638)   ($1,262,638)
                           -      ($805,000)     ($772,965)
                           -      ($457,638)     ($489,673)


                         -       11,500,000     11,042,362
                11,500,000                -              -
                         -       ($457,638)     ($489,673)
                                     11,500,000    11,042,362   10,552,689


Project Cost Allocation
           %             After         0             1            2
       Allocation    Adjustments
          69%         $7,688,178                      20.00%       32.00%
           0%             $0                          14.29%       24.49%
          13%         $1,434,529                       5.00%        9.50%
           0%             $0                           3.75%        7.22%
           0%             $0                          10.00%       20.00%
           9%         $1,031,068                       3.33%        6.67%
           5%          $532,213                        2.50%        5.00%
           0%             $0                           1.28%        2.56%
                     $11,150,957                     100.00%        0.00%
           4%          $464,970
                       Adjusted
         100%          $22,301,914
          OK              OK



                       check
                       $7,688,178                  $1,537,636   $2,460,217
                               $0                          $0           $0
                       $1,434,529                     $71,726     $136,280
                               $0                          $0           $0
                               $0                          $0           $0
                       $1,031,068                     $34,335      $68,772
                         $532,213                     $13,305      $26,611
                               $0                          $0           $0
                      $11,150,957                 $11,150,957           $0
                         $464,970
                      $22,301,914     OK


                               $0                         $0           $0
                                                           0            0
                                                          $0           $0
                               $0                         $0           $0
                                                           0            0
                                                          $0           $0
                               $0                         $0           $0
                                                           0            0
                                                          $0           $0
                               $0                         $0           $0
                0              0
               $0             $0

      $12,807,959     $2,691,880

      $5,190,425      $1,090,884




     ($11,431,378)   ($1,281,370)


              $0     $11,431,378
     $11,431,378      $1,281,370
              $0              $0
     $11,431,378     $12,712,748

              $0             $0


              $0     $11,431,378
     $11,431,378      $1,281,370
              $0              $0
     $11,431,378     $12,712,748

              $0             $0




              $0             $0
              $0             $0

              $0             $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     $1,213,164     $1,213,164
                                  $631,319             $0             $0
                                  $581,845             $0             $0
max funding period, yrs)   10           $0             $0             $0
max funding period, yrs)   10           $0             $0             $0
max funding period, yrs)   10           $0             $0             $0
max funding period, yrs)   10           $0             $0             $0
                                        $0             $0             $0
                                $1,213,164     $1,213,164     $1,213,164

                                                  $18,197        $18,197
                                                       $0             $0


                                                 NPV
                                                 ($17,515)
                                        0    ($10,274,293)
                                       10     ($1,237,485)   ($1,237,485)
                                       20       $7,799,322
                                       30      $16,836,128
                                       40      $25,872,933
                                       50      $34,909,736
                                       60      $43,946,538
                                       70      $52,983,339
                                       80      $62,020,139
                                       90      $71,056,937
                                      100      $80,093,735
    3                4                5                6                7                8

      0.990            0.985            0.980            0.975            0.970           0.966
 27,752,381       27,613,619       27,475,551       27,338,173       27,201,482      27,065,475


         1.020            1.030            1.041            1.051            1.062           1.072
         1.040            1.061            1.082            1.104            1.126           1.149
         1.040            1.061            1.082            1.104            1.126           1.149

       5.68             5.68             5.68             5.68             5.68            5.68
       5.90             6.02             6.14             6.27             6.39            6.52
      11.58            11.70            11.82            11.94            12.07           12.19
 $3,213,523       $3,230,063       $3,247,006       $3,264,358       $3,282,123      $3,300,307
       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
       0.00             0.00             0.00             0.00             0.00            0.00
         $0               $0               $0               $0               $0              $0
    $18,197          $18,197          $18,197          $18,197          $18,197         $18,197
 $3,231,721       $3,248,261       $3,265,204       $3,282,555       $3,300,321      $3,318,505


  1.0404           1.0612           1.0824           1.1041          1.1262           1.1487

          $0               $0               $0               $0               $0            $0
  ($721,839)       ($732,595)       ($743,510)       ($754,589)       ($765,832)   ($777,243)
    ($95,717)        ($97,631)        ($99,584)      ($101,575)       ($103,607)   ($105,679)
    ($31,212)        ($31,836)        ($32,473)        ($33,122)        ($33,785)    ($34,461)
    ($75,000)        ($75,000)        ($75,000)        ($75,000)        ($75,000)    ($75,000)
    ($26,010)        ($26,530)        ($27,061)        ($27,602)        ($28,154)    ($28,717)
    ($96,406)        ($96,902)        ($97,410)        ($97,931)        ($98,464)    ($99,009)
($1,046,184)     ($1,060,494)     ($1,075,038)     ($1,089,819)     ($1,104,842) ($1,120,109)
  ($3.77)          ($3.84)          ($3.91)          ($3.99)          ($4.06)       ($4.14)

$2,185,537       $2,187,766       $2,190,166       $2,192,736       $2,195,479       $2,198,396

  1.73             1.73             1.73             1.74             1.74             1.74

 ($738,688)       ($702,012)       ($662,768)       ($620,777)       ($575,847)       ($527,771)
$1,446,848       $1,485,755       $1,527,398       $1,571,959       $1,619,632       $1,670,625

 ($523,950)       ($560,626)       ($599,870)       ($641,861)       ($686,792)       ($734,867)
        $0               $0               $0               $0               $0               $0
        $0             $0             $0             $0             $0           $0
  $922,898       $925,128       $927,527       $930,098       $932,841     $935,758


        $0             $0             $0             $0             $0            $0
  $922,898       $925,128       $927,527       $930,098       $932,841     $935,758
  $922,898       $925,128       $927,527       $930,098       $932,841     $935,758
   NA             NA             NA           -20.5%         -15.4%        -11.5%

($1,694,165)   ($1,091,520)   ($1,080,474)    ($627,593)     ($180,020)    ($180,020)
  ($247,317)      $394,235       $446,924      $944,366     $1,439,612    $1,490,605

 ($247,317)      $394,235       $446,924       $944,366     $1,439,612    $1,490,605
 ($247,317)      $394,235       $446,924       $944,366     $1,439,612    $1,490,605

   $79,203      ($126,254)     ($143,127)     ($302,433)     ($461,036)    ($477,366)
   $21,022       ($33,510)      ($37,989)      ($80,271)     ($122,367)    ($126,701)
        $0             $0             $0             $0             $0            $0
        $0             $0             $0             $0             $0            $0
$1,023,124       $765,364       $746,411       $547,393       $349,438      $331,690
 -1.3%           2.9%           6.1%           8.0%           8.9%           9.7%




($1,262,638)   ($1,262,638)   ($1,262,638)   ($1,262,638)   ($1,262,638) ($1,262,638)
  ($738,688)     ($702,012)     ($662,768)     ($620,777)     ($575,847)   ($527,771)
  ($523,950)     ($560,626)     ($599,870)     ($641,861)     ($686,792)   ($734,867)


 10,552,689     10,028,739      9,468,113      8,868,242      8,226,381     7,539,590
          -              -              -              -              -             -
 ($523,950)     ($560,626)     ($599,870)     ($641,861)     ($686,792)    ($734,867)
10,028,739   9,468,113   8,868,242   8,226,381   7,539,590    6,804,723



  3           4           5           6           7             8

   19.20%      11.52%      11.52%       5.76%         0.00%      0.00%
   17.49%      12.49%       8.93%       8.92%         8.93%      4.46%
    8.55%       7.70%       6.93%       6.23%         5.90%      5.90%
    6.68%       6.18%       5.71%       5.29%         4.89%      4.52%
   20.00%      20.00%      20.00%      10.00%         0.00%      0.00%
    6.67%       6.67%       6.67%       6.67%         6.67%      6.67%
    5.00%       5.00%       5.00%       5.00%         5.00%      5.00%
    2.56%       2.56%       2.56%       2.56%         2.56%      2.56%
    0.00%       0.00%       0.00%       0.00%         0.00%      0.00%




$1,476,130   $885,678    $885,678    $442,839          $0           $0
        $0         $0          $0          $0          $0           $0
  $122,652   $110,459     $99,413     $89,371     $84,637      $84,637
        $0         $0          $0          $0          $0           $0
        $0         $0          $0          $0          $0           $0
   $68,772    $68,772     $68,772     $68,772     $68,772      $68,772
   $26,611    $26,611     $26,611     $26,611     $26,611      $26,611
        $0         $0          $0          $0          $0           $0
        $0         $0          $0          $0          $0           $0




       $0          $0          $0          $0            $0         $0
        0           0           0           0             0          0
       $0          $0          $0          $0            $0         $0
       $0          $0          $0          $0            $0         $0
        0           0           0           0             0          0
       $0          $0          $0          $0            $0         $0
       $0          $0          $0          $0            $0         $0
        0           0           0           0             0          0
       $0          $0          $0          $0            $0         $0
       $0          $0          $0          $0            $0         $0
          0              0              0              0              0            0
         $0             $0             $0             $0             $0           $0

 $1,694,165     $1,091,520     $1,080,474       $627,593       $180,020     $180,020

  $686,560       $442,338       $437,862       $254,332        $72,953      $72,953




  ($247,317)     $394,235       $446,924       $944,366      $1,439,612   $1,490,605


$12,712,748    $12,960,065    $12,565,830    $12,118,906    $11,174,540 $9,734,928
   $247,317             $0             $0             $0             $0           $0
         $0      ($394,235)     ($446,924)     ($944,366)   ($1,439,612) ($1,490,605)
$12,960,065    $12,565,830    $12,118,906    $11,174,540     $9,734,928 $8,244,324

         $0             $0             $0             $0             $0           $0


$12,712,748    $12,960,065    $12,565,830    $12,118,906    $11,174,540 $9,734,928
   $247,317             $0             $0             $0             $0           $0
         $0      ($394,235)     ($446,924)     ($944,366)   ($1,439,612) ($1,490,605)
$12,960,065    $12,565,830    $12,118,906    $11,174,540     $9,734,928 $8,244,324

         $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



$1,213,164   $1,213,164    $1,213,164    $1,213,164   $1,213,164   $1,213,164
        $0           $0            $0            $0           $0           $0
        $0           $0            $0            $0           $0           $0
        $0           $0            $0            $0           $0           $0
        $0           $0            $0            $0           $0           $0
        $0           $0            $0            $0           $0           $0
        $0           $0            $0            $0           $0           $0
        $0           $0            $0            $0           $0           $0
$1,213,164   $1,213,164    $1,213,164    $1,213,164   $1,213,164   $1,213,164

  $18,197      $18,197        $18,197      $18,197      $18,197      $18,197
       $0           $0             $0           $0           $0           $0


                             NPV
                             ($17,515)
                   10.0   ($1,237,485)                                   11.0
                   11.0     ($333,804)   ($333,804)                      11.1
$7,799,322         12.0       $569,877                 $569,877          11.2
                   13.0     $1,473,558                                   11.3
                   14.0     $2,377,238                                   11.4
                   15.0     $3,280,919                                   11.5
                   16.0     $4,184,600                                   11.6
                   17.0     $5,088,281                                   11.7
                   18.0     $5,991,961                                   11.8
                   19.0     $6,895,642                                   11.9
                   20.0     $7,799,322                                   12.0
    9              10            11            12            13            14

      0.961          0.956         0.951         0.946         0.942         0.937
 26,930,147     26,795,497    26,661,519    26,528,212    26,395,571    26,263,593


        1.083        1.094         1.105         1.116         1.127         1.138
        1.172        1.195         1.219         1.243         1.268         1.294
        1.172        1.195         1.219         1.243         1.268         1.294

       5.68           5.68          5.68          5.68          5.68          5.68
       6.65           6.78          6.92          7.06          7.20          7.34
      12.32          12.46         12.59         12.73         12.87         13.02
 $3,318,916     $3,337,955    $3,357,430    $3,377,346    $3,397,710    $3,418,526
       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
       0.00           0.00          0.00          0.00          0.00          0.00
         $0             $0            $0            $0            $0            $0
    $18,197        $18,197       $18,197       $18,197       $18,197       $18,197
 $3,337,114     $3,356,153    $3,375,627    $3,395,544    $3,415,907    $3,436,724


  1.1717         1.1951        1.2190        1.2434        1.2682        1.2936

           $0           $0           $0           $0           $0           $0
  ($788,824)   ($800,577)   ($812,506)   ($824,612)   ($836,899)   ($849,369)
  ($107,793)   ($109,949)   ($112,147)   ($114,390)   ($116,678)   ($119,012)
    ($35,150)    ($35,853)    ($36,570)    ($37,301)    ($38,047)    ($38,808)
    ($75,000)    ($75,000)    ($75,000)    ($75,000)    ($75,000)    ($75,000)
    ($29,291)    ($29,877)    ($30,475)    ($31,084)    ($31,706)    ($32,340)
    ($99,567)  ($100,139)   ($100,723)   ($101,320)   ($101,931)   ($102,556)
($1,135,625) ($1,151,395) ($1,167,421) ($1,183,709) ($1,200,262) ($1,217,085)
   ($4.22)      ($4.30)      ($4.38)      ($4.46)      ($4.55)      ($4.63)

$2,201,488      $2,204,758    $2,208,206    $2,211,835    $2,215,645    $2,219,639

   1.74           1.75          1.75          1.75          1.75          1.76

 ($476,331)      ($421,289)    ($362,395)    ($299,378)    ($231,949)    ($159,801)
$1,725,158      $1,783,469    $1,845,812    $1,912,457    $1,983,696    $2,059,838

 ($786,308)      ($841,349)    ($900,244)    ($963,261) ($1,030,689) ($1,102,837)
        $0              $0            $0            $0           $0           $0
        $0           $0            $0            $0            $0            $0
  $938,850     $942,120      $945,568      $949,197      $953,007      $957,001


        $0           $0            $0            $0            $0            $0
  $938,850     $942,120      $945,568      $949,197      $953,007      $957,001
  $938,850     $942,120      $945,568      $949,197      $953,007      $957,001
  -8.5%        -6.1%         -4.2%         -2.6%         -1.3%         -0.3%

 ($180,164)    ($180,020)    ($180,164)    ($179,917)    ($180,060)    ($179,917)
$1,544,994    $1,603,449    $1,665,648    $1,732,540    $1,803,635    $1,879,921

$1,544,994    $1,603,449    $1,665,648    $1,732,540    $1,803,635    $1,879,921
$1,544,994    $1,603,449    $1,665,648    $1,732,540    $1,803,635    $1,879,921

 ($494,784)    ($513,505)    ($533,424)    ($554,846)    ($577,614)    ($602,045)
 ($131,325)    ($136,293)    ($141,580)    ($147,266)    ($153,309)    ($159,793)
        $0            $0            $0            $0            $0            $0
        $0            $0            $0            $0            $0            $0
  $312,741      $292,322      $270,564      $247,085      $222,084      $195,163
  10.3%         10.8%         11.2%         11.5%         11.7%         11.9%




($1,262,638) ($1,262,638) ($1,262,638) ($1,262,638) ($1,262,638) ($1,262,638)
  ($476,331)   ($421,289)   ($362,395)   ($299,378)   ($231,949)   ($159,801)
  ($786,308)   ($841,349)   ($900,244)   ($963,261) ($1,030,689) ($1,102,837)


  6,804,723     6,018,415     5,177,066     4,276,822    3,313,562    2,282,873
          -             -             -             -            -            -
 ($786,308)    ($841,349)    ($900,244)    ($963,261) ($1,030,689) ($1,102,837)
6,018,415   5,177,066   4,276,822   3,313,562   2,282,873   1,180,036



  9          10          11          12          13          14

   0.00%       0.00%       0.00%       0.00%       0.00%       0.00%
   0.00%       0.00%       0.00%       0.00%       0.00%       0.00%
   5.91%       5.90%       5.91%       5.90%       5.91%       5.90%
   4.46%       4.46%       4.46%       4.46%       4.46%       4.46%
   0.00%       0.00%       0.00%       0.00%       0.00%       0.00%
   6.67%       6.67%       6.67%       6.66%       6.66%       6.66%
   5.00%       5.00%       5.00%       5.00%       5.00%       5.00%
   2.56%       2.56%       2.56%       2.56%       2.56%       2.56%
   0.00%       0.00%       0.00%       0.00%       0.00%       0.00%




      $0          $0          $0          $0          $0          $0
      $0          $0          $0          $0          $0          $0
 $84,781     $84,637     $84,781     $84,637     $84,781     $84,637
      $0          $0          $0          $0          $0          $0
      $0          $0          $0          $0          $0          $0
 $68,772     $68,772     $68,772     $68,669     $68,669     $68,669
 $26,611     $26,611     $26,611     $26,611     $26,611     $26,611
      $0          $0          $0          $0          $0          $0
      $0          $0          $0          $0          $0          $0




      $0          $0          $0          $0          $0          $0
       0           0           0           0           0           0
      $0          $0          $0          $0          $0          $0
      $0          $0          $0          $0          $0          $0
       0           0           0           0           0           0
      $0          $0          $0          $0          $0          $0
      $0          $0          $0          $0          $0          $0
       0           0           0           0           0           0
      $0          $0          $0          $0          $0          $0
      $0          $0          $0          $0          $0          $0
          0            0            0            0            0             0
         $0           $0           $0           $0           $0            $0

   $180,164     $180,020     $180,164     $179,917     $180,060      $179,917

   $73,011      $72,953      $73,011      $72,911      $72,969       $72,911




$1,544,994    $1,603,449   $1,665,648   $1,732,540   $1,803,635    $1,879,921


 $8,244,324 $6,699,329 $5,095,881 $3,430,232 $1,697,692                   $0
         $0           $0           $0           $0           $0           $0
($1,544,994) ($1,603,449) ($1,665,648) ($1,732,540) ($1,697,692)          $0
 $6,699,329 $5,095,881 $3,430,232 $1,697,692                 $0           $0

        $0           $0           $0           $0     $105,943     $1,879,921


 $8,244,324 $6,699,329 $5,095,881 $3,430,232 $1,697,692                   $0
         $0           $0           $0           $0           $0           $0
($1,544,994) ($1,603,449) ($1,665,648) ($1,732,540) ($1,697,692)          $0
 $6,699,329 $5,095,881 $3,430,232 $1,697,692                 $0           $0

        $0           $0           $0           $0     $105,943     $1,879,921




        $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



$1,213,164   $1,213,164   $1,213,164   $1,213,164    $1,213,164   $1,213,164
        $0           $0           $0           $0            $0           $0
        $0           $0           $0           $0            $0           $0
        $0           $0           $0           $0            $0           $0
        $0           $0           $0           $0            $0           $0
        $0           $0           $0           $0            $0           $0
        $0           $0           $0           $0            $0           $0
        $0           $0           $0           $0            $0           $0
$1,213,164   $1,213,164   $1,213,164   $1,213,164    $1,213,164   $1,213,164

  $18,197      $18,197      $18,197       $18,197      $18,197      $18,197
       $0           $0           $0            $0           $0           $0


  NPV                                  Range Min    Range Max
 ($17,515)                               11.3          11.4
($333,804)
($243,436)
($153,068)
 ($62,700)    ($62,700)
   $27,669                  $27,669
  $118,037
  $208,405
  $298,773
  $389,141
  $479,509
  $569,877
    15            16           17             18             19             20

      0.932         0.928        0.923          0.918          0.914          0.909
 26,132,275    26,001,613   25,871,605     25,742,247     25,613,536     25,485,468


      1.149         1.161        1.173          1.184          1.196          1.208
      1.319         1.346        1.373          1.400          1.428          1.457
      1.319         1.346        1.373          1.400          1.428          1.457

       5.68          5.68         5.68           5.68           5.68           5.68
       7.49          7.64         7.79           7.95           8.11           8.27
      13.16         13.31        13.47          13.62          13.78          13.94
 $3,439,802    $3,461,544   $3,483,756     $3,506,447     $3,529,621     $3,553,287
       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
       0.00          0.00         0.00           0.00           0.00           0.00
         $0            $0           $0             $0             $0             $0
    $18,197       $13,463       $8,728         $8,728         $8,728         $4,364
 $3,458,000    $3,475,006   $3,492,484     $3,515,174     $3,538,349     $3,557,651


  1.3195        1.3459       1.3728         1.4002         1.4282         1.4568

           $0           $0           $0           $0           $0           $0
  ($862,025)   ($874,869)   ($887,904)   ($901,134)   ($914,561)   ($928,188)
  ($121,392)   ($123,820)   ($126,296)   ($128,822)   ($131,399)   ($134,027)
    ($39,584)    ($40,376)    ($41,184)    ($42,007)    ($42,847)    ($43,704)
    ($75,000)    ($75,000)    ($75,000)    ($75,000)    ($75,000)    ($75,000)
    ($32,987)    ($33,647)    ($34,320)    ($35,006)    ($35,706)    ($36,420)
  ($103,194)   ($103,846)   ($104,513)   ($105,193)   ($105,889)   ($106,599)
($1,234,182) ($1,251,558) ($1,269,216) ($1,287,163) ($1,305,402) ($1,323,938)
   ($4.72)      ($4.81)      ($4.91)      ($5.00)      ($5.10)      ($5.19)

$2,223,818     $2,223,448   $2,223,267     $2,228,012     $2,232,947     $2,233,713

   1.76          N/A          N/A            N/A            N/A            N/A

  ($82,602)            $0           $0             $0             $0             $0
$2,141,215     $2,223,448   $2,223,267     $2,228,012     $2,232,947     $2,233,713

($1,180,036)          $0              $0             $0             $0          $0
         $0     $631,319              $0             $0             $0    $581,845
        $0             $0            $0            $0            $0            $0
  $961,180     $2,854,768    $2,223,267    $2,228,012    $2,232,947    $2,815,558


        $0             $0            $0            $0            $0            $0
  $961,180     $2,854,768    $2,223,267    $2,228,012    $2,232,947    $2,815,558
  $961,180     $2,854,768    $2,223,267    $2,228,012    $2,232,947    $2,815,558
   0.6%          2.6%          3.7%          4.6%          5.3%          6.0%

 ($180,060)     ($103,264)     ($26,611)     ($26,611)     ($26,611)     ($26,611)
$1,961,155     $2,120,185    $2,196,657    $2,201,401    $2,206,337    $2,207,102

$1,961,155     $2,120,185    $2,196,657    $2,201,401    $2,206,337    $2,207,102
$1,961,155     $2,120,185    $2,196,657    $2,201,401    $2,206,337    $2,207,102

 ($628,060)     ($678,989)    ($703,479)    ($704,999)    ($706,579)    ($706,824)
 ($166,698)     ($180,216)    ($186,716)    ($187,119)    ($187,539)    ($187,604)
        $0             $0            $0            $0            $0            $0
        $0             $0            $0            $0            $0            $0
  $166,422     $1,995,563    $1,333,072    $1,335,894    $1,338,829    $1,921,130
  12.0%          13.2%         13.7%         14.2%         14.5%         14.9%




($1,262,638)           $0            $0            $0            $0            $0
   ($82,602)           $0            $0            $0            $0            $0
($1,180,036)           $0            $0            $0            $0            $0


   1,180,036            0             0             0             0             0
           -            -             -             -             -             -
($1,180,036)           $0            $0            $0            $0            $0
      0         0         0         0         0         0



15        16        17        18        19        20

 0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
 0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
 5.91%     2.95%     0.00%     0.00%     0.00%     0.00%
 4.46%     4.46%     4.46%     4.46%     4.46%     4.46%
 0.00%     0.00%     0.00%     0.00%     0.00%     0.00%
 6.66%     3.33%     0.00%     0.00%     0.00%     0.00%
 5.00%     5.00%     5.00%     5.00%     5.00%     5.00%
 2.56%     2.56%     2.56%     2.56%     2.56%     2.56%
 0.00%     0.00%     0.00%     0.00%     0.00%     0.00%




     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
$84,781   $42,319        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
$68,669   $34,335        $0        $0        $0        $0
$26,611   $26,611   $26,611   $26,611   $26,611   $26,611
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0




     $0        $0        $0        $0        $0        $0
      0         0         0         0         0         0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
      0         0         0         0         0         0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
      0         0         0         0         0         0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
         0            0            0            0            0            0
        $0           $0           $0           $0           $0           $0

  $180,060     $103,264      $26,611      $26,611      $26,611      $26,611

  $72,969      $41,848      $10,784      $10,784      $10,784      $10,784




$1,961,155   $2,120,185   $2,196,657   $2,201,401   $2,206,337   $2,207,102


       $0           $0           $0           $0           $0           $0
       $0           $0           $0           $0           $0           $0
       $0           $0           $0           $0           $0           $0
       $0           $0           $0           $0           $0           $0

$1,961,155   $2,120,185   $2,196,657   $2,201,401   $2,206,337   $2,207,102


       $0           $0           $0           $0           $0           $0
       $0           $0           $0           $0           $0           $0
       $0           $0           $0           $0           $0           $0
       $0           $0           $0           $0           $0           $0

$1,961,155   $2,120,185   $2,196,657   $2,201,401   $2,206,337   $2,207,102




       $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



$1,213,164   $1,213,164   $581,845   $581,845   $581,845     $581,845
        $0   ($631,319)         $0         $0         $0           $0
        $0           $0         $0         $0         $0   ($581,845)
        $0           $0         $0         $0         $0           $0
        $0           $0         $0         $0         $0           $0
        $0           $0         $0         $0         $0           $0
        $0           $0         $0         $0         $0           $0
        $0           $0         $0         $0         $0           $0
$1,213,164     $581,845   $581,845   $581,845   $581,845           $0

  $18,197       $13,463     $8,728     $8,728     $8,728       $4,364
       $0    ($631,319)         $0         $0         $0   ($581,845)
 21            22            23            24            25            26

   0.905         0.900         0.896         0.891         0.887         0.882
       0             0             0             0             0             0


   1.220         1.232         1.245         1.257         1.270         1.282
   1.486         1.516         1.546         1.577         1.608         1.641
   1.486         1.516         1.546         1.577         1.608         1.641

       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
       0.00          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
       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


1.4859        1.5157        1.5460        1.5769        1.6084        1.6406

         $0            $0            $0            $0            $0            $0
         $0            $0            $0            $0            $0            $0
         $0            $0            $0            $0            $0            $0
         $0            $0            $0            $0            $0            $0
         $0            $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         $0.00         $0.00         $0.00         $0.00         $0.00

         $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
        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0
6.0%         6.0%         6.0%         6.0%         6.0%         6.0%

        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0

        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0

        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0
        $0           $0           $0           $0           $0           $0
14.9%        14.9%        14.9%        14.9%        14.9%        14.9%




        $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
      0         0         0         0         0         0



21        22        23        24        25        26

 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%
 2.23%     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%
 2.50%     0.00%     0.00%     0.00%     0.00%     0.00%
 2.56%     2.56%     2.56%     2.56%     2.56%     2.56%
 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        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
$13,305        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0




     $0        $0        $0        $0        $0        $0
      0         0         0         0         0         0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
      0         0         0         0         0         0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
      0         0         0         0         0         0
     $0        $0        $0        $0        $0        $0
     $0        $0        $0        $0        $0        $0
 0     0     0     0     0     0
$0    $0    $0    $0    $0    $0

$0    $0    $0    $0    $0    $0

$0    $0    $0    $0    $0    $0




$0    $0    $0    $0    $0    $0


$0    $0    $0    $0    $0    $0
$0    $0    $0    $0    $0    $0
$0    $0    $0    $0    $0    $0
$0    $0    $0    $0    $0    $0

$0    $0    $0    $0    $0    $0


$0    $0    $0    $0    $0    $0
$0    $0    $0    $0    $0    $0
$0    $0    $0    $0    $0    $0
$0    $0    $0    $0    $0    $0

$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



 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0

 $0    $0    $0    $0    $0    $0
 $0    $0    $0    $0    $0    $0
 27            28            29            30

   0.878         0.873         0.869         0.865
       0             0             0             0


   1.295         1.308         1.321         1.335
   1.673         1.707         1.741         1.776
   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            $0            $0            $0
       0.00          0.00          0.00          0.00
         $0            $0            $0            $0
       0.00          0.00          0.00          0.00
         $0            $0            $0            $0
       0.00          0.00          0.00          0.00
         $0            $0            $0            $0
         $0            $0            $0            $0
         $0            $0            $0            $0


1.6734        1.7069        1.7410        1.7758

         $0            $0            $0            $0
         $0            $0            $0            $0
         $0            $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         $0.00         $0.00         $0.00

         $0            $0            $0            $0

 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
6.0%         6.0%         6.0%         6.0%

        $0           $0           $0           $0
        $0           $0           $0           $0

        $0           $0           $0           $0
        $0           $0           $0           $0

        $0           $0           $0           $0
        $0           $0           $0           $0
        $0           $0           $0           $0
        $0           $0           $0           $0
        $0           $0           $0           $0
14.9%        14.9%        14.9%        14.9%




        $0           $0           $0           $0
        $0           $0           $0           $0
        $0           $0           $0           $0


         0            0            0            0
         -            -            -            -
        $0           $0           $0           $0
      0         0         0         0



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%
 0.00%     0.00%     0.00%     0.00%
 0.00%     0.00%     0.00%     0.00%
 2.56%     2.56%     2.56%     2.56%
 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        $0        $0        $0
     $0        $0        $0        $0
     $0        $0        $0        $0




     $0        $0        $0        $0
      0         0         0         0
     $0        $0        $0        $0
     $0        $0        $0        $0
      0         0         0         0
     $0        $0        $0        $0
     $0        $0        $0        $0
      0         0         0         0
     $0        $0        $0        $0
     $0        $0        $0        $0
 0     0     0     0
$0    $0    $0    $0

$0    $0    $0    $0

$0    $0    $0    $0




$0    $0    $0    $0


$0    $0    $0    $0
$0    $0    $0    $0
$0    $0    $0    $0
$0    $0    $0    $0

$0    $0    $0    $0


$0    $0    $0    $0
$0    $0    $0    $0
$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

$0    $0    $0    $0
$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

$0    $0    $0    $0
$0    $0    $0    $0
$0    $0    $0    $0
$0    $0    $0    $0



 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0
 $0    $0    $0    $0

 $0    $0    $0    $0
 $0    $0    $0    $0
Complex Inputs for Deriving Total Project Capital Cost, if applicable
Sample inputs provided on this tab are illustrative only, all inputs must be pro

Generation Equipment                                           $
Wind Turbine Generator and Blades                          $6,000,000
Tower                                                      $3,000,000
SCADA                                                       $250,000
Cold Weather Package                                        $250,000
FAA Lighting                                                 $30,000
Man-Lift                                                       $0
Transportation to Site                                      $600,000
Sales Tax                                                      $0
Commissioning                                                  $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
placeholder                                                    $0
Total Generation Equipment Cost                           $10,130,000


Click Here to Return to Inputs Worksheet

Balance of Plant                                               $
Mobilization                                                $500,000
Site Survey                                                 $500,000
Clear & Grub                                                $250,000
Site Preparation                                            $750,000
Access Roads                                               $2,500,000
Foundations                                                $2,000,000
Wind Turbine Generator Installation                        $1,500,000
Engineering                                                 $750,000
Sales Tax                                                      $0
O&M Building                               $250,000
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                $9,000,000


Click Here to Return to Inputs Worksheet

Interconnection                                $
Substation                                  $750,000
Transformer                                 $500,000
Metering                                    $250,000
Utility System Improvements                $1,500,000
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
placeholder                                    $0
Total Interconnection Cost                 $3,000,000


Click Here to Return to Inputs Worksheet
Development Costs & Fee                                              $
Site Selection & Evaluation                                      $250,000
Site Acquisition Cost                                             $50,000
Permitting                                                       $350,000
Engineering/Design                                               $200,000
Resource Analysis                                                 $50,000
Other Development Costs                                          $100,000
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
placeholder                                                         $0
Total Development Costs & Fees                                   $1,000,000


Click Here to Return to Inputs Worksheet

Reserves & Financing Costs                                           $
Lender Fee                                                        $346,950
Interest During Construction                                      $318,038
Other Equity & Debt Closing Costs                                    $0
Initial Funding of Debt Service & Working Capital/O&M Reserves   $1,213,164
Total Installed Cost                                             $1,878,151


Click Here to Return to Inputs Worksheet

Total Project Costs

Cost Category                                                        $

Generation Equipment                                             $10,130,000
Balance of Plant                                                    $9,000,000
Interconnection                                                     $3,000,000
Development Costs & Fee                                             $1,000,000
Reserves & Financing Costs                                         $1,878,151
Total Installed Cost                                               $25,008,151


Taxable Entity? (turns on/off ITC and depreciation input cells)       Yes



                                    Year-by-Year Inputs for Market Value of Productio



                                                                  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
nputs must be provided and validated by the user.

         % Eligible for
                             Depreciation Classification
             ITC
            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
            100%                  5-year MACRS
            100%                  5-year MACRS
            100%                  5-year MACRS
            100%                  5-year MACRS
             100%




         % Eligible for
                             Depreciation Classification
             ITC
            100%                   5-year MACRS
              0%                  15-year MACRS
              0%                  15-year MACRS
              0%                  15-year MACRS
            100%                   5-year MACRS
            100%                   5-year MACRS
            100%                   5-year MACRS
            100%                   5-year MACRS
            100%                   5-year MACRS
     0%                 15-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
    81%




% Eligible for
                 Depreciation Classification
    ITC
    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%                 20-year SL
    50%                 20-year SL
    50%                 20-year SL
    50%                 20-year SL
    50%
% Eligible for
                           Depreciation Classification
    ITC
   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
   100%                         5-year MACRS
   100%                         5-year MACRS
   100%                         5-year MACRS
   100%                         5-year MACRS
    100%




% Eligible for
                           Depreciation Classification
    ITC
     0%                        Non-Depreciable
     0%                          20-year SL
     0%                          20-year SL
     0%                        Non-Depreciable
     0%




                 Depreciation Allocation
$ Eligible for                                                   5-year
                                 Cost Category
     ITC                                                         MACRS
  $10,130,000                              Generation Equipment $10,130,000
            $7,250,000                        Balance of Plant     $7,250,000
            $1,500,000                          Interconnection            $0
            $1,000,000               Development Costs & Fee       $1,000,000
                    $0              Reserves & Financing Costs             $0
           $19,880,000                                            $18,380,000




alue of Production, if applicable

           Bundled*
        Market Value of
          Production
           (¢/kWh)
             5.00
             5.10
             5.20
             5.31
             5.41
             5.52
             5.63
             5.74
             5.86
             5.98
             6.09
             6.22
             6.34
             6.47
             6.60
             6.73
             6.86
             7.00
             7.14
             7.28
             7.43
             7.58
             7.73
             7.88
             8.04
             8.20
             8.37
             8.53
               8.71
               8.88
des energy, capacity &
7-year
              15-year MACRS        20-year MACRS
MACRS
         $0                   $0                   $0
$0   $1,500,000   $0
$0           $0   $0
$0           $0   $0
$0           $0   $0
$0   $1,500,000   $0
5-year SL        15-year SL        20-year SL    39-year SL

            $0                $0            $0            $0
$0   $250,000           $0   $0
$0         $0   $3,000,000   $0
$0         $0           $0   $0
$0         $0     $318,038   $0
$0   $250,000   $3,318,038   $0
   Non-
Depreciable
         $0
        $0
        $0
        $0
$1,560,114
$1,560,114

				
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