Get documents about "Simple Loan Templates
Description
Simple Loan Templates document sample
Document Sample
Commonwealth Solar Residential Solar Photovoltaic Calculator
The following calculator is intended to provide residential customers with only a rough estimate of solar photovoltaic system sizing and pricing. Customers should
consult installers for more information. Further disclaimer information is below.
Key
Entry Cells
Calculation Cells (Not for Entry)
What is your annual electricity use?
The average home in Massachusetts consumes about 8,000 kilowatt-hours per (kWh) year. You can determine your annual electricity use by looking at your electricity
bill and totaling the kWh that you use each month for a year. Typically this information is located on the lower left corner of your electricity bill.
Enter your annual electricity usage (default is 8,000 kWh)? 8,000 kWh
How much will a typical solar system generate (assuming an optimal fixed south facing free from shading location)?
The following table estimates how much of your electricity use can be offset by solar systems of different sizes. It is important to note that while residential customers
can apply for rebates for systems as large as they want, the maximum size that is used in the calculation of a residential rebate is 5 kilowatts (kW) or 5,000 watts (w).
Percent of
Estimated Average
Optimal Annual Percent of your Customer Annual
System Size Generation (kWh) Annual Usage Usage
1 kW (~100 sqft of panels) 1200 15% 15%
2 kW 2400 30% 30%
3 kW 3600 45% 45%
4 kW 4800 60% 60%
5 kW 6000 75% 75%
How much will a solar system cost?
Typical residential systems cost about $9,250 per kWh installed. Some systems cost less and others cost more depending upon equipment and installation variables.
Customers should consult installers for more accurate cost estimates.
What size system are you interested in? (default is 2.5 kW) 5.4 kW
5,400 watts (w)
How much will your system cost $/kW (default is $9,250 per kW)? $9,250 per kW
Estimated total installed cost $49,950
1
How do I estimate my rebate and system cost after rebate and tax credits?
Typical rebates for residential customers cover between 20% and 50% of system costs depending on the characteristics of the household and project. At a minimum,
all eligible customers qualify for $2.00 per watt, or $2,000 per kilowatt. In addition, residential customers may be eligible for up to $3,000 in federal and state tax
incentives. Customers should consult with installers for more accurate cost estimates and information on rebate adders. Customers may also consult the
Section 3, page 6 of the Small Renewables Solicitation for more information on eligibility requirements for various rebate adders. For details on
assumptions behind this estimate, please consult the second sheet of this workbook.
$ 2.00 $ 2.00
Will you qualify for the MA Company Component Adder? No extra $.25/watt $ -
Do you think you qualify for the Moderate Home Value Adder? No extra $1.25/watt $ -
Moderate Income Adders (you can only qualify for one of the following Income Adders)
Do you think you qualify for the Moderate Household Income Adder for <=$91,552? No extra $1.00/watt $ -
Do you think you qualify for the Moderate Household Income Adder for <= $76,296? No extra $2.00/watt $ -
Do you think you will be able to benefit from the Federal and State Solar Tax Incentives? Yes
Estimated Rebate (Size basis is capped at 5 kW for residential customers) $ 10,000.00 Total
$ 2.00 per watt
Total Installed Cost $ 49,950
Rebate $ 10,000
Estimated Tax Incentives $ 3,000
Net System Cost after rebate and $3,000 in federal and state tax incentives $36,950
How much do you think that the price of electricity will increase each year? (default is 5%) 5%
Estimated Simple Payback (assuming optimal production) 20 Years
Estimated Rate of Return (assuming optimal production) 3.2%
How else can I save energy at my home?
Check out www.masssave.com for more energy saving tips and rebates.
The solar calculator is intended to provide residential customers considering the purchase and installation of solar energy equipment with a general
understanding of possible financial implications of such purchase and installation. Those interested in learning more about the financial implications of the
purchase and installation of solar energy equipment are urged to consult their own tax and financial experts. The information contained in this spreadsheet
may not be relied on by anyone for any purposes. Furthermore, the information contained in this model does not necessarily reflect the views of the
Massachusetts Technology Collaborative or the Commonwealth of Massachusetts, and reference to any specific method does not constitute an implied or
expressed recommendation or endorsement. Neither the Massachusetts Technology Collaborative nor the Commonwealth of Massachusetts make any
warranties or representations, expressed or implied, as to the usefulness, completeness, or accuracy of any processes, methods or other information
contained, described, disclosed, or referred to in this model. Finally, neither the Massachusetts Technology Collaborative nor the Commonwealth of
Massachusetts makes any representation that the use of any product, apparatus, process, method, or other information will not infringe on privately owned
2
Residential Solar Photovoltaic Project Simple Financial Model (1/04/08)
DATA ENTRY AND FINANCIAL SUMMARY
Key Tax Assumptions
Entry Cells Federal Tax Credit $ 2,000
Calculation Cells (Not for Entry) State Tax Deduction $ 1,000
Pulls Data from Another Sheet
Financing Assumptions
Project and Customer Cost Assumptions 100% Cash or 100% Loan Cash Cash
Solar Photovoltaic System Size 5,400 Watts (DC STC) Effective Loan Interest Rate 7% Loan
Total System Cost/Watt $ 9.25 $/Watt (DC STC) Loan Period 10 Years (must be equal to or less than project life)
Total System Cost $ 49,950 Net Cost $ 39,150
Loan $ -
MTC Rebate Assumptions Customer Discount Rate 5%
MTC Solar Rebate $ 2.00 $/Watt (DC STC)
Scenario A Rebate $ 10,800 Solar Project Financial Analysis Summary
Net Present Value $ (7,107)
Project Performance and Savings/ Cost Assumptions Simple Payback Year 20
Annual Net Capacity Factor 14.0% kW (DC STC) to kWh AC Estimated Rate of Return 3.2%
Annual Production Degradation 0.50% %
Project Life 25 Years
Electricity Revenue (Avoided Costs) $ 0.20 $/kWh
Electricity Revenue (Avoided Costs) Annual Adjustor 5.0% %
Renewable Energy Certificate (REC) Revenue $ 0.05 $/kWh
REC Revenue Annual Adjustor 0.0% %
REC Revenue Term 5 Years (must be equal to or less than project life)
Annual Operations and Maintenance Cost $ - $/Year
Annual Operations and Maintenance Adjustor 3.0% %
Future Inverter Replacement Cost $ 0.75 $/Watt (DC STC)
Inverter Life, Replace Every X Years 15 Year (must be equal to or less than project life)
PRO FORMA AND PRODUCTION
Start-Up Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
Project Output 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Annual Generation (kWh) 6,623 6,589 6,556 6,524 6,491 6,459 6,426 6,394 6,362 6,330 6,299 6,267 6,236 6,205 6,174 6,143 $ 6,112 6,082 6,051 6,021
Scenario A: Non-Taxable Rebate; Pro Forma Project Economics
CASH FLOW STATEMENT
Initial PV Cost $ (39,150)
Tax Credits
State Tax Credit $ 1,000
Federal Tax Credit $ 2,000
Total Tax Credits $ 3,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Revenue
Electricity Revenue (Avoided Cost) $ 1,325 $ 1,384 $ 1,446 $ 1,510 $ 1,578 $ 1,649 $ 1,722 $ 1,799 $ 1,880 $ 1,964 $ 2,052 $ 2,144 $ 2,240 $ 2,340 $ 2,445 $ 2,554 $ 2,668 $ 2,788 $ 2,913 $ 3,043
REC Revenue $ 331 $ 329 $ 328 $ 326 $ 325 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Revenue (Avoided Costs) $ 1,656 $ 1,713 $ 1,774 $ 1,837 $ 1,903 $ 1,649 $ 1,722 $ 1,799 $ 1,880 $ 1,964 $ 2,052 $ 2,144 $ 2,240 $ 2,340 $ 2,445 $ 2,554 $ 2,668 $ 2,788 $ 2,913 $ 3,043
Expenses
Operations & Maintenance Costs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Inverter Replacement Cost $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (4,050) $ - $ - $ - $ - $ -
Loan Payments $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (4,050) $ - $ - $ - $ - $ -
Annual Cash Flow $ (39,150) $ 4,656 $ 1,713 $ 1,774 $ 1,837 $ 1,903 $ 1,649 $ 1,722 $ 1,799 $ 1,880 $ 1,964 $ 2,052 $ 2,144 $ 2,240 $ 2,340 $ (1,605) $ 2,554 $ 2,668 $ 2,788 $ 2,913 $ 3,043
Cumulative Cash Flow $ (39,150) $ (34,494) $ (32,781) $ (31,008) $ (29,171) $ (27,268) $ (25,620) $ (23,897) $ (22,098) $ (20,218) $ (18,254) $ (16,202) $ (14,058) $ (11,818) $ (9,478) $ (11,084) $ (8,529) $ (5,861) $ (3,073) $ (161) $ 2,882
DEBT SCHEDULES
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
Scenario A Loan: Debt Schedule 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Beginning Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Debt Service $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Principle $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Ending Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Disclaimer: This Unofficial Cash Flow Model is intended to provide residential entities that are considering the purchase and installation of solar energy equipment with a general understanding of possible financial implications of such purchase and installation. Those entities
interested in learning more about the financial implications of the purchase and installation of solar energy equipment are urged to consult their own tax and financial experts. The information contained in the Unofficial Cash Flow Model may not be relied on by anyone for any
purposes. Furthermore, the information contained in this model does not necessarily reflect the views of the Massachusetts Technology Collaborative or the Commonwealth of Massachusetts, and reference to any specific method does not constitute an implied or expressed
recommendation or endorsement of it. Neither the Massachusetts Technology Collaborative nor the Commonwealth of Massachusetts make any warranties or representations, expressed or implied, as to the usefulness, completeness, or accuracy of any processes, methods or
other information contained, described, disclosed, or referred to in this model. Finally, neither the Massachusetts Technology Collaborative nor the Commonwealth of Massachusetts makes any representation that the use of any product, apparatus, process, method, or other
information will not infringe privately owned property rights and assumes no liability of any kind or nature for any loss, injury, or damage directly or indirectly resulting from, or occurring in connection with, the use of information contained, described, disclosed, or referred to in
a394884c-822c-414e-a58d-3d1c6210eece.xls 3
MA Company Component Adder Return to Calculator
Home Value Adder Return to Calculator
Moderate Household Income Return to Calculator
For more information on the adders, consult the Commonwealth Solar Handbook:
http://www.masstech.org/solar
