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