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SolarShare Toronto
Project Description
Location Toronto
Rated Power DC (kW) 200
Type (Residential or Commercial)
Commercial
Solar Resource
Yield (kWh/kW/yr) 1,200
Annual Decrease in Yield -0.8%
Availability 100%
Array Efficiency 100%
Cost
Specific Cost ($/kW) $8,000
Installed Cost $1,600,000
Total Installed Cost $1,600,000
Financing Terms
Equity to Debt 20%
Return on Equity 13.0%
Term of Debt 10
Interest on Debt 7.0%
Discount Rate (nominal) 8.2%
Inflation Rate (General) 2.5%
Inflation Rate (Energy) 3.0%
Equity $320,000
Debt $1,280,000
Results
Determines yield. IRR-20 yr 1.8%
Note that some projects are rated in kW AC. IRR-30 yr 8.8%
Determines tax treatment. ROE-20 yr 2%
ROE-30 yr 18%
NPV-20 yr ($185,466)
See tab: Yield Examples NPV-30 yr $37,843
Allowance for cell degradation over time. PI-20 yr -0.58
Allowance for downtime to perform maintenance. PI-30 yr 0.12
Any other losses not included in Yield estimate.
SolarShare Project
$3,000,000
$2,500,000
Cumulative Cash Flow
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
($500,000)
($1,000,000)
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34
Year
Cash Flow
Year 0 1 2 3
Income
Revenue from Generation $0 $103,200 $102,374 $101,555
Provincial Sales Tax Rebate $177,600
Expenses
Equity Investment $320,000
Federal Sales Tax $96,000
Provincial Sales Tax $177,600
Annual Reoccurring Costs $0 $19,200 $19,680 $20,172
Debt Repayment $0 $182,243 $182,243 $182,243
Before Tax
Profit (Loss) ($593,600) $79,357 ($99,549) ($100,860)
Cumulative Profit (Loss) ($593,600) ($514,243) ($613,792) ($714,652)
After Tax
After Tax Value of Depreciation $144,400 $216,600 $108,300 $54,150
After Tax Value of Interest Expense $0 $32,346 $30,005 $27,500
After Tax Value of Annual Reoccurring Costs $0 $6,931 $7,104 $7,282
IRR-20 yr 1.8%
IRR-30 yr 8.8%
ROE-20 yr 2% Annualized
ROE-30 yr 18% Annualized
NPV-20 yr ($185,466) Using WACC
NPV-30 yr $37,843 Using WACC
PI-20 yr -0.58 NPV/Equity Investment
PI-30 yr 0.12 NPV/Equity Investment
4 5 6 7 8 9 10
Year 0 1 2 3 4 5
$0 ### ### ### ### ###
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 31 32 33 34 35
### ### ### ### ### ### ### ###
Commercial Deductions
146 73 37 18 9 5 2 1 1 0
146 73 37 18 9 5 2 1 1 0
53 26 13 7 3 2 1 0 0 0
0 0 0 0 0 0 0 0 0 0
9,322 9,555 9,794 10,038 10,289 10,547 10,810 11,081 ### ###
23 24 25 26 27 28 29 30 31 32 33 34 35
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0
### ### ### ### ### ### ### ### ### ### ### ### ###
Annual Generation Revenue
Solar Resource
Rated Power DC (kW) 200
Yield (kWh/kW/yr) 1,200
Annual Decrease in Yield -0.8%
Availability 100%
Array Efficiency 100%
Revenue
Gross Revenue $0 ### $99,994 $99,194 $98,400
Federal Production Payment $0 $2,400 $2,381 $2,362 $2,343
Federal Buy-Down Payment $0
$97,613 ### ### ### ### ### ### ### ### ### ###
$2,324 $2,306 $2,287 $2,269 $2,251 $2,233 $0 $0 $0 $0 $0
$99,937 ### ### ### ### ### ### ### ### ### ###
16 17 18 19 20 21 22 23 24 25 26
### ### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ### ###
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
### ### ### ### ### ### ### ### ### ### ###
27 28 29 30 31 32 33 34 35
### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ###
7 8 9 10 11 12 13 14 15 16 17
### ### ### ### ### ### ### ### ### ### ###
18 19 20 21 22 23 24 25 26 27 28
### ### ### ### ### ### ### ### ### ### ###
18 19 20 21 22 23 24 25 26 27 28
### ### ### ### ### ### ### ### ### ### ###
29 30 31 32 33 34 35
### ### ### ### ### ### ###
29 30 31 32 33 34 35
### ### ### ### ### ### ###
Federal Tax Credits, Buy-Downs, or Production Payments
Debt ###
Term 10
Interest on Debt 7.0%
Year 0 1 2 3 4 5
Beginning Balance $0 ### ### ### ### ###
Principal Payment $0 ($92,643) ($99,128) ($106,067) ### ###
Closing Balance $0 ### ### $982,161 ### ###
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total
34 35
$0 $0 ###
$0 $0 ###
$0 $0 ###
$0 $0 ###
$0 $0 $542,432
Solar Radiation & Yields on Tilted Surface
Canada
Toronto, ON 1,450 1,217 1,089 RetScreen
Toronto, ON/Sanyo 1,180 RetScreen
Toronto, ON 1,486 1,083 NREL
Wiarton, ON 1,590 1,345 RetScreen
Ottawa, ON 1,490 1,262 RetScreen
Ottawa, ON 1,580 1,166 NREL
France
Nice, France 1,790 1,457 RetScreen
Italy
Rome 1,400 RetScreen
Spain
Madrid 1,442 RetScreen
USA
Bakersfield, CA 1,965 1,637 RetScreen
Bakersfield, CA 2,124 1,461 NREL
Sacramento, CA 1,920 1,599 RetScreen
Average, CA 1,500 RetScreen
Salem, OR 1,500 1,253 RetScreen
Bend, OR 1,590 1,328 RetScreen
Average, OR 1,168 RetScreen
Albany, NY 1,540 1,318 RetScreen
New York, NY 1,353 RetScreen
New York, NY 1,218 NREL
Madison, WI 1,375 RetScreen
Milwaulkee, WI 1,500 1,350 RetScreen
Milwaulkee, WI 1,653 1,227 NREL
Eau Claire, WI 1,367 RetScreen
Minneapolis, MN1,730 1,286 NREL
Source:
RETScreen
® Solar
Resource
and System
Load
Calculation -
Photovoltaic
Project
http://rredc
.nrel.gov/s
olar/codes_
algs/PVWA
TTS/
Average
generation
from solar in
California in
2005 ~1,500
kWh/kW is
~203 GWh.
CEC-300-
2006-009-F.
Average
generation
from solar in
California is
1,150
kWh/kW,
Measured
Performance
of California
Buydown
Program,
Residential
PV Systems,
Regional
Economic
Research.
Average
generation
for Oregon
~1,168
kWh/kW.
ODOE,
Christopher
Dymond.
Annual Reoccurring (Running) Costs
Average
Total Installed Cost ###
Total Expenses 68,771 1.2%