Title: Cost of Renewable Energy Spreadsheet Tool (CREST)

Version: Solar, version 1.4

Version 1.4 removes CREST's password protection. The authors strongly recommend that you save a copy of the model in its original
Update Notice: form. Once altered, modeling results cannot be warranted by NREL or SEA. For model customization support, please contact
Sustainable Energy Advantage, LLC.

Author: Sustainable Energy Advantage, LLC

For Technical Support, Please Michael Mendelsohn, NREL

(303) 384-7363
Contact: michael.mendelsohn@nrel.gov

Sustainable Energy Advantage, LLC

For Model Customization, (508) 665-5850
Please Contact: CREST@seadvantage.com

Introduction:
The CREST model is a cost-of-energy analysis tool intended to assist policy makers evaluating the appropriate payment rate for a cost-based renewable energy
incentive policy. The model aims to determine the cost-of-energy, or minimum revenue per unit of production needed for a sample (modeled) renewable
energy project to meet its investors' assumed minimum required after-tax rate of return. This model was developed in conjunction with a report entitled
Renewable Energy Cost Modeling: A Toolkit for Establishing Cost-Based Incentives in the United States, developed under contract to the National Renewable
Energy Laboratory. For more information about the factors, issues and policy decisions involved in establishing cost-based rates and incentives, please refer to
the report.
The report, user manual and CREST models are free and available for download at:

http://financere.nrel.gov/finance/content/crest-model

User Manual:
The CREST model comes with a User Manual which describes its design, features, inputs and outputs. The manual is intended to provide an easy to follow
road map to users who might not typically work with financial analyses, to ensure successful utilization of this Cost of Energy tool. The User Manual gives a
"guided tour" of the model architecture, provides an explanation of how to operate the model, compare multiple analyses, and understand the results. The
User Manual is available to download at:
http://financere.nrel.gov/finance/content/crest-model
The remainder of this Introduction worksheet provides an abridged version of the User Manual.

Model Architecture: The CREST model consists of six worksheets: (1) Introduction: An overview of the CREST model, (2) Inputs: The interface for nearly all user-defined
assumptions, (3) Summary Results: A framework for storing the output (results) and associated key inputs of multiple model runs, (4) Annual Cash Flows &
Returns: Provides a summary of the modeled project's annual cash flows, (5) Cash Flow: The formula calculations, or "guts", of the model; derives all project
cash and tax benefits, and (6) Complex Inputs: This worksheet is only used if the user elects to include a detailed breakdown of project costs; this choice is
selected by the user on the Inputs tab. Users should expect to work primarily with the "Inputs" and the "Summary Results" worksheets, although the other
tabs and summaries are also expected to be useful during the policy-making process.

Examples:
Entering Inputs: Model
Conventions 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
Black Text is strictly reserved for cells that are calculated automatically . These cells should not be modified. Calculated Value
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.
 Performance,

Check
Selected Technology

Project Size and Performance Units

Generator Nameplate Capacity kW dc
Net Capacity Factor: Select "State Average" or "Custom"
Net C.F.: If "State Average" method, then select state
Net C.F.: If "Custom" method, then enter Net C.F. % dc
### 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 $/Watt dc
Generation Equipment $
Balance of Plant $
Interconnection $
Development Costs & Fee $
Reserves & Financing Costs $
Click Here for Complex Input Worksheet
Total Installed Cost (before rebates/grants, if any) $
Total Installed Cost (before rebates/grants, if any) $/Watt dc

Operations & Maintenance Units

Select Cost Level of Detail
Fixed O&M Expense, Yr 1 $/kW-yr dc
Variable O&M Expense, Yr 1 /kWh
O&M Cost Inflation, initial period %
Initial Period ends last day of: year
O&M Cost Inflation, thereafter %
Insurance, Yr 1 (% of Total Cost) %
Insurance, Yr 1 ($) (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 Term years
### Interest Rate on Term Debt %
### Lender's Fee (% of total borrowing) %
Required Minimum Annual DSCR
Actual Minimum DSCR, occurs in Year 18
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) 43%
Equity (funds balance of hard costs + all soft costs) 57%
Total Value of Grants (excl. pmt in lieu of ITC, if applicable) 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 ra
(DC) direct current the unidirectional flow of electric charge
(AC) alternating current the multidirectional flow of electric charge
($/kW-yr) an annual expense (or revenue) based on generator capacity
($) All CREST model values are in nominal dollars
(/kWh) cents per kilowatt hour
(%) an input with units expressed as a percentage
(years or year) an input applicable to a specified duration or project year
($/yr) inputs measured in dollars and applied annually
(months) designates the number of months to which an input applies
Pass/Fail denotes whether the two debt service coverage ratio tests have passed or failed.
 Performance, Cost, Operating, Tax & Financing Inputs

Notes Check
Photovoltaic ?

Input Value
2,000 ? ###
State Average ?
CO ?
15.0% ?
17.7% ?
3,101,354 ?
0.5% ? ###
25 ? ###

Input Value
Intermediate ?
$3.60 ?
$3,500,000 ?
$2,000,000 ? ###
$500,000 ? ###
$1,000,000 ?
$389,914 ?
?
$7,389,914 ? ###
$3.69 ? ###

Input Value
Intermediate ?
$6.50 ?
0.00 ?
1.6% ?
10 ? ###
1.6% ? ###
0.4% ? ###
$28,000 ?
$0 ?
$50,000 ?
 -10.0% ?
$5,000 ?
3.0% ? ###
$29,820 ? ###

Input Value
6 ?
5.0% ?
$87,500 ?

Input Value ###

45% ?
18 ? ###
7.00% ?
3.0% ?
1.20 ?
2.48 ?
Pass ?
1.45 ?
2.58 ?
Pass ?
55% ?
12.00% ?
8.66% ?
$0 ?

$3,150,000 ?
$4,239,914 ?
$0 ?
$7,389,914 ?

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

rator capacity

or project year

put applies
ratio tests have passed or failed.
, Operating, Tax & Financing Inputs

Technology Options
Solar Thermal
Photovoltaic
Electric

Cost-Based Tariff Rate Structure Units

Payment Duration for Cost-Based Tariff years
% of Year-One Tariff Rate Escalated %
Cost-Based Tariff Escalation Rate %

Forecasted Market Value of Production; applies after Incentive Expiration

Select Market Value Forecast Methodology
Value of energy, capacity & RECs, Yr 1 /kWh
Market Value Escalation Rate %

Federal Incentives Units

Select Form of Federal Incentive
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 Utilization or Availability Factor, if applicable %
PBI Duration yrs
PBI Escalation Rate %
Additional Federal Grants (Other than Section 1603) $
Federal Grants Treated as Taxable Income?

State Rebates, Tax Credits and/or REC Revenue Units

Select Form of State Incentive
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?
Annual $ Cap on Performance-Based Incentive $
If cash, is state PBI or REC taxable?
PBI or REC Rate /kWh
PBI Utilization Factor, if applicable %
PBI or REC Payment Duration yrs
PBI or REC Escalation Rate (pos. or neg.) %
Additional State Rebates/Grants $/Watt
Total $ Cap on State Rebates/Grants $
State Rebates/Grants Treated as Taxable Income?

Capital Expenditures During Operations: Inverter Replacement

1st Equipment Replacement year
1st Replacement Cost ($ in year replaced) $/Watt dc
2nd Equipment Replacement year
2nd Replacement Cost ($ in year replaced) $/Watt dc

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 50.0%
Interconnection 0.0%
Development Costs & Fee 80.0%
Reserves & Financing Costs 0.0%
Click Here for Complex Input Worksheets
pacity for one hour will produce 1 kWh of electricity.
 Notes

Input Value
25 ?
0.0% ?
0.0% ?

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

Input Value
Neither ### ?
Cash Grant ?
30% ?
100% ###
$1,548,000 ?
Tax Credit ?
2.30 ?
100.0%
10 ?
2.0% ?
$0 ?
Yes ?

Input Value
Neither ?
30%
### ?
100%
5 ?
$0 ?
Cash ### ?
$0 ?
 Yes ### ?
1.50 ? 1
100.0%
10 ?
2.0% ?
$0.00 ?
$500,000 ?
Yes ?

Input Value
10 ?
$0.235 ?
20 ?
$0.235 ?

Input Value

Operations ?
$0 ?

Input Value

6 ?
$156,575 ?

6 ?
$51,339 ?
2.0% ?

?
?
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% ?
50.0% 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% ?
?
Lookup for State Average Capacity
Factor

State List DC Capacity

factor

AK 9.0%
AL 15.1%
AR 15.1%
AZ 19.4%
CA 18.0%
CO 17.7%
CT 13.7%
DE 14.5%
FL 16.0%
GA 15.3%
HI 16.9%
IA 13.8%
ID 16.2%
IL 14.0%
IN 13.7%
KS 16.4%
KY 14.0%
LA 15.1%
MA 13.3%
MD 14.6%
ME 13.1%
MI 13.2%
MN 13.5%
MO 14.9%
MS 15.3%
MT 15.0%
NC 15.3%
ND 14.2%
NE 15.8%
NH 13.2%
NJ 14.5%
NM 19.5%
NV 18.6%
NY 13.3%
OH 13.2%
OK 16.5%
OR 14.6%
PA 13.5%
RI 13.8%
SC 15.8%
SD 14.8%
TN 14.9%
TX 16.2%
UT 17.9%
VA 14.9%
VT 12.9%
WA 13.2%
WI 13.7%
WV 13.1%
WY 17.1%
Summary Results

Results of multiple scenarios may be compared here by using the "copy

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 Current Model Run

Net Year-One Cost of Energy (COE) /kWh 32.05

Annual Escalation of Year-One COE % 0.0%
Percentage of Tariff Escalated % 0.0%

Yes
Does modeled project meet minimum DSCR requirements?

Yes
Does modeled project meet average DSCR requirements?
Did you confirm that all minimum required inputs have green check cells?

Net Nominal Levelized Cost of Energy /kWh 32.05

Inputs Summary
Selected Technology Photovoltaic
Generator Nameplate Capacity kW dc 2,000
Net Capacity Factor, Yr 1 0 17.7%
Production, Yr 1 kWh 3,101,354
Project Useful Life Years 25
Payment Duration for Cost-Based Tariff Years 25
% of Year 1 Tariff Rate Escalated % 0%

Net Installed Cost (Total Installed Cost less Grants) $ $7,389,914

Net Installed Cost (Total Installed Cost less Grants) $/Watt $3.69

Operating Expenses, Aggregated, Yr 1 /kWh (4.06)

% Equity (% hard costs) (soft costs also equity funded) % 55%

Target After-Tax Equity IRR % 12.00%
% Debt (% of hard costs) (mortgage-style amort.) % 45%
Debt Term Years 18
Interest Rate on Term Debt % 7.00%
Is owner a taxable entity? Yes
Federal Tax Benefts Used "as generated" or "carried forward"? As Generated
State Tax Benefts Used "as generated" or "carried forward"? As Generated
Type of Federal Incentive Assumed Neither
Tax Credit- or Cash- Based? Tax Credit

Other Grants or Rebates No

Total of Grants or Rebates $ NA

Bonus Depreciation assumed? Yes

Notes: User-Defined
ere by using the "copy" and "paste special - values" feature to transfer values from column D to columns F through O

Paste Results of Multiple Model Runs Below

[Insert Scenario Name] [Insert Scenario Name] [Insert Scenario Name]

lumn D to columns F through O

Model Runs Below

[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 Debt Pre-Tax

Project Value Revenue Expenses Service Reserves Cash Flow
Year /kWh $ $ $ $ $
0
1 32.05 $998,664 ($125,820) ($313,150) ($52,222) $507,473
2 32.05 $994,739 ($121,406) ($313,150) ($52,222) $507,961
3 32.05 $990,838 ($117,506) ($313,150) ($52,222) $507,961
4 32.05 $986,962 ($114,068) ($313,150) ($52,222) $507,523
5 32.05 $983,111 ($111,048) ($313,150) ($52,222) $506,691
6 32.05 $979,284 ($108,406) ($313,150) ($52,222) $505,507
7 32.05 $975,482 ($106,105) ($313,150) ($52,222) $504,005
8 32.05 $971,704 ($104,112) ($313,150) ($52,222) $502,220
9 32.05 $967,950 ($102,399) ($313,150) ($52,222) $500,178
10 32.05 $958,997 ($100,939) ($313,150) $0 $544,908
11 32.05 $950,069 ($99,709) ($313,150) ($52,222) $484,988
12 32.05 $946,386 ($98,686) ($313,150) ($52,222) $482,328
13 32.05 $942,727 ($97,852) ($313,150) ($52,222) $479,503
14 32.05 $939,092 ($97,190) ($313,150) ($52,222) $476,530
15 32.05 $935,480 ($96,684) ($313,150) ($52,222) $473,424
16 32.05 $931,891 ($96,321) ($313,150) ($52,222) $470,199
17 32.05 $928,326 ($96,087) ($313,150) ($52,222) $466,867
18 32.05 $924,783 ($95,971) ($313,150) ($52,222) $463,440
19 32.05 $919,698 ($95,965) $0 $104,353 $928,086
20 32.05 $909,414 ($96,057) $0 $0 $813,356
21 32.05 $900,195 ($96,242) $0 $0 $803,954
22 32.05 $895,699 ($96,510) $0 $0 $799,189
23 32.05 $891,226 ($96,856) $0 $0 $794,370
24 32.05 $886,775 ($97,273) $0 $0 $789,502
25 32.05 $881,833 ($97,758) $0 $51,339 $835,415
26
27
28
29
30

Cumulative Cash Flow

$8,000,000

$6,000,000

$4,000,000
Flow ($)
 $8,000,000

$6,000,000

$4,000,000
Cumulative Cash Flow ($)

$2,000,000

$0
0 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

($2,000,000)

($4,000,000)

($6,000,000)

Project Year
 Federal Federal Tax State Tax
Taxable State Taxable Benefit/ Benefit/ After Tax Cash Cumulative
Income Income (Liability) (Liability) Flow Cash Flow
$ $ $ $ $ $
($4,239,914) ($4,239,914)
($3,594,282) ($3,594,282) $1,151,069 $305,514 $1,964,056 ($2,275,859)
($236,248) ($236,248) $75,659 $20,081 $603,700 ($1,672,158)
$103,639 $103,639 ($33,190) ($8,809) $465,961 ($1,206,197)
$311,192 $311,192 ($99,659) ($26,451) $381,412 ($824,785)
$320,500 $320,500 ($102,640) ($27,243) $376,808 ($447,977)
$478,420 $478,420 ($153,214) ($40,666) $311,627 ($136,350)
$635,563 $635,563 ($203,539) ($54,023) $246,443 $110,094
$643,510 $643,510 ($206,084) ($54,698) $241,437 $351,530
$651,855 $651,855 ($208,757) ($55,408) $236,014 $587,545
$561,534 $561,534 ($179,831) ($47,730) $317,346 $904,891
$509,331 $509,331 ($163,113) ($43,293) $278,582 $1,183,472
$579,670 $579,670 ($185,639) ($49,272) $247,417 $1,430,889
$626,564 $626,564 ($200,657) ($53,258) $225,588 $1,656,477
$638,225 $638,225 ($204,392) ($54,249) $217,889 $1,874,366
$677,792 $677,792 ($217,063) ($57,612) $198,749 $2,073,115
$744,281 $744,281 ($238,356) ($63,264) $168,579 $2,241,694
$784,733 $784,733 ($251,311) ($66,702) $148,854 $2,390,548
$800,452 $800,452 ($256,345) ($68,038) $139,057 $2,529,605
$815,860 $815,860 ($261,279) ($69,348) $597,459 $3,127,064
$711,482 $711,482 ($227,852) ($60,476) $525,028 $3,652,092
$649,617 $649,617 ($208,040) ($55,217) $540,696 $4,192,789
$708,949 $708,949 ($227,041) ($60,261) $511,888 $4,704,676
$740,226 $740,226 ($237,057) ($62,919) $494,394 $5,199,070
$735,358 $735,358 ($235,498) ($62,505) $491,498 $5,690,568
$757,003 $757,003 ($242,430) ($64,345) $528,639 $6,219,207
$6,219,207
$6,219,207
$6,219,207
$6,219,207
$6,219,207

Revenue + Tax Benefits / (Liability) v.

Expenses + Cash Obligations
$3,000,000

$2,500,000

$2,000,000
 Expenses + Cash Obligations
$3,000,000

$2,500,000

$2,000,000

$1,500,000 Expenses + Cash Ob

Revenue + Tax Benefit
( $)

25 26 27 28 29 30 $1,000,000

$500,000

$0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
-$500,000

Project Year
 Graph Data

After Tax Debt Revenue + Tax Benefit/

Expenses + Cash Obligations
IRR Service (Liability)
% Coverage

NA 2.62 $2,455,247 $491,191

-32.56% 2.62 $1,090,479 $486,778
-19.21% 2.62 $948,839 $482,878
-11.02% 2.62 $860,852 $479,440
-5.05% 2.62 $853,228 $476,420
-1.34% 2.61 $785,405 $473,778
0.97% 2.61 $717,920 $471,476
2.81% 2.60 $710,921 $469,484
4.27% 2.60 $703,785 $467,771
5.82% 2.74 $731,435 $414,089
6.90% 2.55 $743,662 $465,081
7.68% 2.54 $711,475 $464,058
8.27% 2.53 $688,812 $463,224
8.75% 2.52 $680,451 $462,562
9.12% 2.51 $660,805 $462,056
9.40% 2.50 $630,272 $461,693
9.60% 2.49 $610,313 $461,459
9.77% 2.48 $600,400 $461,343
10.37% N/A $589,071 ($8,388)
10.79% N/A $621,085 $96,057
11.14% N/A $636,938 $96,242
11.41% N/A $608,397 $96,510
11.63% N/A $591,249 $96,856
11.81% N/A $588,771 $97,273
11.98% N/A $575,057 $46,418

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

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)

Taxable Income (State)

Federal Income Taxes Saved / (Paid), before ITC/PTC

State Income Taxes Saved / (Paid), before ITC/PTC
Cash Benefit of Federal ITC, Cash Grant, or PTC
Cash Benefit of State ITC and/or PTC
After-Tax Cash Flow to Equity
Running IRR (After Tax)

Pre-Tax (Cash-only) Equity IRR (over defined Useful Life)

After Tax Equity IRR (over defined Useful Life)
Net Present Value @ 12.00% (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 $5,160,000
7 Year MACRS $0
15 Year MACRS $570,000
20 Year MACRS $0
5 Year SL $0
15 Year SL $1,050,000
20 Year SL $314,957
39 Year SL $0
Bonus Depreciation
Non-Depreciable $294,957
Unadjusted
Project Cost Basis $7,389,914
OK
Adjustments for ITC, ITC Grant and non-taxable grants $0

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
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
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 3

1.00 0.995 0.990

kWh 3,101,354 3,085,847 3,070,418

1.00 1.000 1.000

1.00 1.020 1.040
1.00 1.020 1.040

/kWh 100% 32.05 32.05 32.05

/kWh 0% 0.00 0.00 0.00
/kWh 32.05 32.05 32.05
$ $993,984 $989,014 $984,069
/kWh 0.00 0.00 0.00
$ $0 $0 $0
/kWh 0.00 0.00 0.00
$ $0 $0 $0
/kWh 0.00 0.00 0.00
$ $0 $0 $0
$ $4,681 $5,725 $6,769
$ $998,664 $994,739 $990,838

1.00 1.0160 1.0323

$ ($13,000) ($13,208) ($13,419)

$ $0 $0 $0
$ ($28,000) ($28,448) ($28,903)
$ $0 $0 $0
$ ($50,000) ($45,000) ($40,500)
$ ($5,000) ($5,080) ($5,161)
$ ($29,820) ($29,670) ($29,522)
$ ($125,820) ($121,406) ($117,506)
/kWh (4.06) (3.93) (3.83)

$ $872,845 $873,333 $873,333

Avg. DSCR Min DSCR
2.58 2.48 2.62 2.62 2.62

($220,500) ($214,015) ($207,075)

$652,345 $659,318 $666,257

($92,650) ($99,135) ($106,075)

 ($52,222) ($52,222) ($52,222)
$0 $0 $0
$507,473 $507,961 $507,961

($4,239,914) $0 $0 $0
$507,473 $507,961 $507,961
($4,239,914) $507,473 $507,961 $507,961
NA NA NA

($4,246,627) ($895,566) ($562,619)

($3,594,282) ($236,248) $103,639

operating loss treatment ==>> As Generated ($3,594,282) ($236,248) $103,639

operating loss treatment ==>> As Generated ($3,594,282) ($236,248) $103,639

$1,151,069 $75,659 ($33,190)

$305,514 $20,081 ($8,809)
$0 $0 $0
$0 $0 $0
($4,239,914) $1,964,056 $603,700 $465,961
NA -32.6% -19.2%

11.64% Yr 1 COE
11.98% (cents/kWh)
($3,081) 32.05

7,000,000
45%
3,150,000

- ($313,150) ($313,150) ($313,150)

- ($220,500) ($214,015) ($207,075)
- ($92,650) ($99,135) ($106,075)

- 3,150,000 3,057,350 2,958,215

 3,150,000 - - -
- ($92,650) ($99,135) ($106,075)
3,150,000 3,057,350 2,958,215 2,852,140

Project Cost Allocation

% After 0 1 2 3
Allocation Adjustments
70% $2,580,000 20.00% 32.00% 19.20%
0% $0 14.29% 24.49% 17.49%
8% $285,000 5.00% 9.50% 8.55%
0% $0 3.75% 7.22% 6.68%
0% $0 10.00% 20.00% 20.00%
14% $525,000 3.33% 6.67% 6.67%
4% $157,479 2.50% 5.00% 5.00%
0% $0 1.28% 2.56% 2.56%
$3,694,957 100.00% 0.00% 0.00%
4% $147,479
Adjusted
100% $7,389,914
OK OK

check
$2,580,000 $516,000 $825,600 $495,360
$0 $0 $0 $0
$285,000 $14,250 $27,075 $24,368
$0 $0 $0 $0
$0 $0 $0 $0
$525,000 $17,483 $35,018 $35,018
$157,479 $3,937 $7,874 $7,874
$0 $0 $0 $0
$3,694,957 $3,694,957 $0 $0
$147,479
$7,389,914 OK

$470,000 $0 $0 $0
0 0 0
$0 $0 $0
$470,000 $0 $0 $0
0 0 0
$0 $0 $0
 $4,246,627 $895,566 $562,619

$1,720,945 $362,928 $228,001

($3,594,282) ($236,248) $103,639

$0 $3,594,282 $3,830,530
$3,594,282 $236,248 $0
$0 $0 ($103,639)
$3,594,282 $3,830,530 $3,726,892

$0 $0 $0

$0 $3,594,282 $3,830,530
$3,594,282 $236,248 $0
$0 $0 ($103,639)
$3,594,282 $3,830,530 $3,726,892

$0 $0 $0

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

$0 $0 $0

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

N/A N/A N/A

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

$0 $207,914 $260,136 $312,359

$156,575 $0 $0 $0
$51,339 $0 $0 $0
$0 $52,222 $52,222 $52,222
$0 $0 $0 $0
$207,914 $260,136 $312,359 $364,581

$4,681 $5,725 $6,769

$52,222 $52,222 $52,222

NPV
($3,081)
0
10
20
30
40
50
60
70
80
90
100
 4 5 6 7 8 9

0.985 0.980 0.975 0.970 0.966 0.961

3,055,066 3,039,791 3,024,592 3,009,469 2,994,421 2,979,449

1.000 1.000 1.000 1.000 1.000 1.000

1.061 1.082 1.104 1.126 1.149 1.172
1.061 1.082 1.104 1.126 1.149 1.172

32.05 32.05 32.05 32.05 32.05 32.05

0.00 0.00 0.00 0.00 0.00 0.00
32.05 32.05 32.05 32.05 32.05 32.05
$979,149 $974,253 $969,382 $964,535 $959,712 $954,913
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
$7,814 $8,858 $9,903 $10,947 $11,992 $13,036
$986,962 $983,111 $979,284 $975,482 $971,704 $967,950

1.0488 1.0656 1.0826 1.0999 1.1175 1.1354

($13,634) ($13,852) ($14,074) ($14,299) ($14,528) ($14,760)

$0 $0 $0 $0 $0 $0
($29,366) ($29,835) ($30,313) ($30,798) ($31,291) ($31,791)
$0 $0 $0 $0 $0 $0
($36,450) ($32,805) ($29,525) ($26,572) ($23,915) ($21,523)
($5,244) ($5,328) ($5,413) ($5,500) ($5,588) ($5,677)
($29,374) ($29,228) ($29,081) ($28,936) ($28,791) ($28,647)
($114,068) ($111,048) ($108,406) ($106,105) ($104,112) ($102,399)
(3.73) (3.65) (3.58) (3.53) (3.48) (3.44)

$872,894 $872,063 $870,879 $869,377 $867,591 $865,550

2.62 2.62 2.61 2.61 2.60 2.60

($199,650) ($191,705) ($183,204) ($174,107) ($164,375) ($153,960)

$673,245 $680,358 $687,675 $695,270 $703,217 $711,590

($113,500) ($121,445) ($129,946) ($139,042) ($148,775) ($159,189)

($52,222) ($52,222) ($52,222) ($52,222) ($52,222) ($52,222)
$0 $0 $0 $0 $0 $0
$507,523 $506,691 $505,507 $504,005 $502,220 $500,178

$0 $0 $0 $0 $0 $0
$507,523 $506,691 $505,507 $504,005 $502,220 $500,178
$507,523 $506,691 $505,507 $504,005 $502,220 $500,178
-24.1% -15.0% -8.7% -4.3% -1.0% 1.4%

($362,052) ($359,858) ($209,255) ($59,706) ($59,706) ($59,735)

$311,192 $320,500 $478,420 $635,563 $643,510 $651,855

$311,192 $320,500 $478,420 $635,563 $643,510 $651,855

$311,192 $320,500 $478,420 $635,563 $643,510 $651,855

($99,659) ($102,640) ($153,214) ($203,539) ($206,084) ($208,757)

($26,451) ($27,243) ($40,666) ($54,023) ($54,698) ($55,408)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$381,412 $376,808 $311,627 $246,443 $241,437 $236,014
-11.0% -5.0% -1.3% 1.0% 2.8% 4.3%

($313,150) ($313,150) ($313,150) ($313,150) ($313,150) ($313,150)

($199,650) ($191,705) ($183,204) ($174,107) ($164,375) ($153,960)
($113,500) ($121,445) ($129,946) ($139,042) ($148,775) ($159,189)

2,852,140 2,738,641 2,617,196 2,487,250 2,348,208 2,199,432

 - - - - - -
($113,500) ($121,445) ($129,946) ($139,042) ($148,775) ($159,189)
2,738,641 2,617,196 2,487,250 2,348,208 2,199,432 2,040,243

4 5 6 7 8 9

11.52% 11.52% 5.76% 0.00% 0.00% 0.00%

12.49% 8.93% 8.92% 8.93% 4.46% 0.00%
7.70% 6.93% 6.23% 5.90% 5.90% 5.91%
6.18% 5.71% 5.29% 4.89% 4.52% 4.46%
20.00% 20.00% 10.00% 0.00% 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%

$297,216 $297,216 $148,608 $0 $0 $0

$0 $0 $0 $0 $0 $0
$21,945 $19,751 $17,756 $16,815 $16,815 $16,844
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$35,018 $35,018 $35,018 $35,018 $35,018 $35,018
$7,874 $7,874 $7,874 $7,874 $7,874 $7,874
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
 $362,052 $359,858 $209,255 $59,706 $59,706 $59,735

$146,722 $145,832 $84,801 $24,196 $24,196 $24,208

$311,192 $320,500 $478,420 $635,563 $643,510 $651,855

$3,726,892 $3,415,699 $3,095,199 $2,616,779 $1,981,215 $1,337,705

$0 $0 $0 $0 $0 $0
($311,192) ($320,500) ($478,420) ($635,563) ($643,510) ($651,855)
$3,415,699 $3,095,199 $2,616,779 $1,981,215 $1,337,705 $685,850

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

$3,726,892 $3,415,699 $3,095,199 $2,616,779 $1,981,215 $1,337,705

$0 $0 $0 $0 $0 $0
($311,192) ($320,500) ($478,420) ($635,563) ($643,510) ($651,855)
$3,415,699 $3,095,199 $2,616,779 $1,981,215 $1,337,705 $685,850

$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

$364,581 $416,803 $469,025 $521,248 $573,470 $625,692

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$52,222 $52,222 $52,222 $52,222 $52,222 $52,222
$0 $0 $0 $0 $0 $0
$416,803 $469,025 $521,248 $573,470 $625,692 $677,914

$7,814 $8,858 $9,903 $10,947 $11,992 $13,036

$52,222 $52,222 $52,222 $52,222 $52,222 $52,222

NPV NPV
($3,081) ($3,081)
30.0 32.0
31.0 32.1
32.0 32.2
33.0 32.3
34.0 32.4
35.0 32.5
36.0 32.6
37.0 32.7
38.0 32.8
39.0 32.9
40.0 33.0
 10 11 12 13 14 15

0.956 0.951 0.946 0.942 0.937 0.932

2,964,552 2,949,729 2,934,981 2,920,306 2,905,704 2,891,176

1.000 1.000 1.000 1.000 1.000 1.000

1.195 1.219 1.243 1.268 1.294 1.319
1.195 1.219 1.243 1.268 1.294 1.319

32.05 32.05 32.05 32.05 32.05 32.05

0.00 0.00 0.00 0.00 0.00 0.00
32.05 32.05 32.05 32.05 32.05 32.05
$950,139 $945,388 $940,661 $935,958 $931,278 $926,622
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
$8,858 $4,681 $5,725 $6,769 $7,814 $8,858
$958,997 $950,069 $946,386 $942,727 $939,092 $935,480

1.1536 1.1720 1.1908 1.2098 1.2292 1.2489

($14,996) ($15,236) ($15,480) ($15,728) ($15,979) ($16,235)

$0 $0 $0 $0 $0 $0
($32,300) ($32,817) ($33,342) ($33,875) ($34,417) ($34,968)
$0 $0 $0 $0 $0 $0
($19,371) ($17,434) ($15,691) ($14,121) ($12,709) ($11,438)
($5,768) ($5,860) ($5,954) ($6,049) ($6,146) ($6,244)
($28,504) ($28,362) ($28,220) ($28,079) ($27,938) ($27,799)
($100,939) ($99,709) ($98,686) ($97,852) ($97,190) ($96,684)
(3.40) (3.38) (3.36) (3.35) (3.34) (3.34)

$858,058 $850,360 $847,700 $844,875 $841,902 $838,796

2.74 2.55 2.54 2.53 2.52 2.51

($142,817) ($130,894) ($118,136) ($104,485) ($89,878) ($74,249)

$715,241 $719,466 $729,564 $740,390 $752,023 $764,546

($170,333) ($182,256) ($195,014) ($208,665) ($223,271) ($238,900)

 $470,000 ($52,222) ($52,222) ($52,222) ($52,222) ($52,222)
($470,000) $0 $0 $0 $0 $0
$544,908 $484,988 $482,328 $479,503 $476,530 $473,424

$0 $0 $0 $0 $0 $0
$544,908 $484,988 $482,328 $479,503 $476,530 $473,424
$544,908 $484,988 $482,328 $479,503 $476,530 $473,424
3.5% 4.9% 6.0% 6.9% 7.6% 8.2%

($153,706) ($210,135) ($149,894) ($113,826) ($113,798) ($86,754)

$561,534 $509,331 $579,670 $626,564 $638,225 $677,792

$561,534 $509,331 $579,670 $626,564 $638,225 $677,792

$561,534 $509,331 $579,670 $626,564 $638,225 $677,792

($179,831) ($163,113) ($185,639) ($200,657) ($204,392) ($217,063)

($47,730) ($43,293) ($49,272) ($53,258) ($54,249) ($57,612)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$317,346 $278,582 $247,417 $225,588 $217,889 $198,749
5.8% 6.9% 7.7% 8.3% 8.8% 9.1%

($313,150) ($313,150) ($313,150) ($313,150) ($313,150) ($313,150)

($142,817) ($130,894) ($118,136) ($104,485) ($89,878) ($74,249)
($170,333) ($182,256) ($195,014) ($208,665) ($223,271) ($238,900)

2,040,243 1,869,910 1,687,654 1,492,640 1,283,976 1,060,704

 - - - - - -
($170,333) ($182,256) ($195,014) ($208,665) ($223,271) ($238,900)
1,869,910 1,687,654 1,492,640 1,283,976 1,060,704 821,804

10 11 12 13 14 15

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.90% 5.91% 5.90% 5.91% 5.90% 5.91%
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% 6.66% 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
$16,815 $16,844 $16,815 $16,844 $16,815 $16,844
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$35,018 $35,018 $34,965 $34,965 $34,965 $34,965
$7,874 $7,874 $7,874 $7,874 $7,874 $7,874
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$470,000 $0 $0 $0 $0 $0
1 2 3 4 5 6
$94,000 $150,400 $90,240 $54,144 $54,144 $27,072
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
 $153,706 $210,135 $149,894 $113,826 $113,798 $86,754

$62,290 $85,157 $60,745 $46,128 $46,117 $35,157

$561,534 $509,331 $579,670 $626,564 $638,225 $677,792

$685,850 $124,315 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($561,534) ($124,315) $0 $0 $0 $0
$124,315 $0 $0 $0 $0 $0

$0 $385,016 $579,670 $626,564 $638,225 $677,792

$685,850 $124,315 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($561,534) ($124,315) $0 $0 $0 $0
$124,315 $0 $0 $0 $0 $0

$0 $385,016 $579,670 $626,564 $638,225 $677,792

$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

$677,914 $207,914 $260,136 $312,359 $364,581 $416,803

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($470,000) $52,222 $52,222 $52,222 $52,222 $52,222
$0 $0 $0 $0 $0 $0
$207,914 $260,136 $312,359 $364,581 $416,803 $469,025

$8,858 $4,681 $5,725 $6,769 $7,814 $8,858

($470,000) $52,222 $52,222 $52,222 $52,222 $52,222

Range Min Range Max

32.0 32.1

$2,965
 16 17 18 19 20 21

0.928 0.923 0.918 0.914 0.909 0.905

2,876,720 2,862,336 2,848,024 2,833,784 2,819,615 2,805,517

1.000 1.000 1.000 1.000 1.000 1.000

1.346 1.373 1.400 1.428 1.457 1.486
1.346 1.373 1.400 1.428 1.457 1.486

32.05 32.05 32.05 32.05 32.05 32.05

0.00 0.00 0.00 0.00 0.00 0.00
32.05 32.05 32.05 32.05 32.05 32.05
$921,989 $917,379 $912,792 $908,228 $903,687 $899,168
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
$9,903 $10,947 $11,992 $11,470 $5,727 $1,027
$931,891 $928,326 $924,783 $919,698 $909,414 $900,195

1.2688 1.2891 1.3098 1.3307 1.3520 1.3736

($16,495) ($16,759) ($17,027) ($17,299) ($17,576) ($17,857)

$0 $0 $0 $0 $0 $0
($35,527) ($36,096) ($36,673) ($37,260) ($37,856) ($38,462)
$0 $0 $0 $0 $0 $0
($10,295) ($9,265) ($8,339) ($7,505) ($6,754) ($6,079)
($6,344) ($6,446) ($6,549) ($6,654) ($6,760) ($6,868)
($27,660) ($27,521) ($27,384) ($27,247) ($27,111) ($26,975)
($96,321) ($96,087) ($95,971) ($95,965) ($96,057) ($96,242)
(3.35) (3.36) (3.37) (3.39) (3.41) (3.43)

$835,571 $832,239 $828,812 $823,733 $813,356 $803,954

2.50 2.49 2.48 N/A N/A N/A

Year 18
($57,526) ($39,633) ($20,486) $0 $0 $0
$778,044 $792,606 $808,326 $823,733 $813,356 $803,954

($255,623) ($273,517) ($292,663) $0 $0 $0

($52,222) ($52,222) ($52,222) $104,353 $470,000 $0
$0 $0 $0 $0 ($470,000) $0
$470,199 $466,867 $463,440 $928,086 $813,356 $803,954

$0 $0 $0 $0 $0 $0
$470,199 $466,867 $463,440 $928,086 $813,356 $803,954
$470,199 $466,867 $463,440 $928,086 $813,356 $803,954
8.7% 9.1% 9.5% 10.1% 10.5% 10.8%

($33,764) ($7,874) ($7,874) ($7,874) ($101,874) ($154,337)

$744,281 $784,733 $800,452 $815,860 $711,482 $649,617

$744,281 $784,733 $800,452 $815,860 $711,482 $649,617

$744,281 $784,733 $800,452 $815,860 $711,482 $649,617

($238,356) ($251,311) ($256,345) ($261,279) ($227,852) ($208,040)

($63,264) ($66,702) ($68,038) ($69,348) ($60,476) ($55,217)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$168,579 $148,854 $139,057 $597,459 $525,028 $540,696
9.4% 9.6% 9.8% 10.4% 10.8% 11.1%

($313,150) ($313,150) ($313,150) $0 $0 $0

($57,526) ($39,633) ($20,486) $0 $0 $0
($255,623) ($273,517) ($292,663) $0 $0 $0

821,804 566,180 292,663 - - -

 - - - - - -
($255,623) ($273,517) ($292,663) $0 $0 $0
566,180 292,663 - - - -

16 17 18 19 20 21

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.95% 0.00% 0.00% 0.00% 0.00% 0.00%
4.46% 4.46% 4.46% 4.46% 4.46% 2.23%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.33% 0.00% 0.00% 0.00% 0.00% 0.00%
5.00% 5.00% 5.00% 5.00% 5.00% 2.50%
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
$8,408 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$17,483 $0 $0 $0 $0 $0
$7,874 $7,874 $7,874 $7,874 $7,874 $3,937
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0
7 8 9 10 11 12
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $470,000 $0
0 0 0 0 1 2
$0 $0 $0 $0 $94,000 $150,400
 $33,764 $7,874 $7,874 $7,874 $101,874 $154,337

$13,683 $3,191 $3,191 $3,191 $41,284 $62,545

$744,281 $784,733 $800,452 $815,860 $711,482 $649,617

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

$744,281 $784,733 $800,452 $815,860 $711,482 $649,617

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

$744,281 $784,733 $800,452 $815,860 $711,482 $649,617

$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

$469,025 $521,248 $573,470 $625,692 $521,339 $51,339

$0 $0 $0 ($156,575) $0 $0
$0 $0 $0 $0 $0 $0
$52,222 $52,222 $52,222 $52,222 ($470,000) $0
$0 $0 $0 $0 $0 $0
$521,248 $573,470 $625,692 $521,339 $51,339 $51,339

$9,903 $10,947 $11,992 $11,470 $5,727 $1,027

$52,222 $52,222 $52,222 ($104,353) ($470,000) $0
 22 23 24 25 26 27

0.900 0.896 0.891 0.887 0.882 0.878

2,791,490 2,777,532 2,763,645 2,749,826 0 0

1.000 1.000 1.000 1.000 1.000 1.000

1.516 1.546 1.577 1.608 1.641 1.673
1.516 1.546 1.577 1.608 1.641 1.673

32.05 32.05 32.05 32.05 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00
32.05 32.05 32.05 32.05 0.00 0.00
$894,672 $890,199 $885,748 $881,319 $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
$1,027 $1,027 $1,027 $513 $0 $0
$895,699 $891,226 $886,775 $881,833 $0 $0

1.3956 1.4180 1.4406 1.4637 1.4871 1.5109

($18,143) ($18,433) ($18,728) ($19,028) $0 $0

$0 $0 $0 $0 $0 $0
($39,077) ($39,703) ($40,338) ($40,983) $0 $0
$0 $0 $0 $0 $0 $0
($5,471) ($4,924) ($4,431) ($3,988) $0 $0
($6,978) ($7,090) ($7,203) ($7,318) $0 $0
($26,840) ($26,706) ($26,572) ($26,440) $0 $0
($96,510) ($96,856) ($97,273) ($97,758) $0 $0
(3.46) (3.49) (3.52) (3.56) 0.00 0.00

$799,189 $794,370 $789,502 $784,075 $0 $0

N/A N/A N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0
$799,189 $794,370 $789,502 $784,075 $0 $0

$0 $0 $0 $0 $0 $0
 $0 $0 $0 $51,339 $0 $0
$0 $0 $0 $0 $0 $0
$799,189 $794,370 $789,502 $835,415 $0 $0

$0 $0 $0 $0 $0 $0
$799,189 $794,370 $789,502 $835,415 $0 $0
$799,189 $794,370 $789,502 $835,415 $0 $0
11.1% 11.3% 11.5% 11.6% 11.6% 11.6%

($90,240) ($54,144) ($54,144) ($27,072) $0 $0

$708,949 $740,226 $735,358 $757,003 $0 $0

$708,949 $740,226 $735,358 $757,003 $0 $0

$708,949 $740,226 $735,358 $757,003 $0 $0

($227,041) ($237,057) ($235,498) ($242,430) ($0) $0

($60,261) ($62,919) ($62,505) ($64,345) ($0) $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$511,888 $494,394 $491,498 $528,639 $0 $0
11.4% 11.6% 11.8% 12.0% 12.0% 12.0%

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

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

22 23 24 25 26 27

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% 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% 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
$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 14 15 16 17 18
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
3 4 5 6 7 8
$90,240 $54,144 $54,144 $27,072 $0 $0
 $90,240 $54,144 $54,144 $27,072 $0 $0

$36,570 $21,942 $21,942 $10,971 $0 $0

$708,949 $740,226 $735,358 $757,003 $0 $0

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

$708,949 $740,226 $735,358 $757,003 $0 $0

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

$708,949 $740,226 $735,358 $757,003 $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

$51,339 $51,339 $51,339 $51,339 $0 $0

$0 $0 $0 $0 $0 $0
$0 $0 $0 ($51,339) $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$51,339 $51,339 $51,339 $0 $0 $0

$1,027 $1,027 $1,027 $513 $0 $0

$0 $0 $0 ($51,339) $0 $0
 28 29 30

0.873 0.869 0.865

0 0 0

1.000 1.000 1.000

1.707 1.741 1.776
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 $0 $0
0.00 0.00 0.00
$0 $0 $0
0.00 0.00 0.00
$0 $0 $0
0.00 0.00 0.00
$0 $0 $0
$0 $0 $0
$0 $0 $0

1.5351 1.5596 1.5846

$0 $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 $0 $0

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
11.6% 11.6% 11.6%

$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
12.0% 12.0% 12.0%

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

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

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%
2.56% 2.56% 2.56%
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
19 20 21
$0 $0 $0
$0 $0 $0
9 10 11
$0 $0 $0
$0 $0 $0

$0 $0 $0

$0 $0 $0

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

$0 $0 $0

$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

$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

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

$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 $
Solar Panels $3,500,000
Transportation/Delivery $500,000
Mounting Hardware $800,000
Installation Labor $200,000
Inverters $1,000,000
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
Total Generation Equipment Cost $6,000,000

Click Here to Return to Inputs Worksheet

Balance of Plant $
Site Survey & Preparation $175,000
Balance of Facility / Electrical Collection System $2,150,000
Maintenance Building $0
Access Roads $100,000
Spare Parts $25,000
Commissioning $50,000
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Balance of Plant Cost $2,500,000

Click Here to Return to Inputs Worksheet

Interconnection $
Substation $200,000
Transformer $50,000
Metering $25,000
Utility System Improvements $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Interconnection Cost $275,000
Click Here to Return to Inputs Worksheet

Development Costs & Fee $

Site Selection & Evaluation $100,000
Site Acquisition Cost $10,000
Permitting $350,000
Engineering/Design $500,000
Resource Analysis $20,000
Other Development Costs $300,000
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 $1,280,000

Click Here to Return to Inputs Worksheet

Reserves & Financing Costs $

Lender Fee $135,743
Interest During Construction $125,688
Other Equity & Debt Closing Costs $0
Initial Funding of Debt Service & Working Capital/O&M Reserves $207,914
Total Installed Cost $469,344

Click Here to Return to Inputs Worksheet

Total Project Costs

Cost Category $

Generation Equipment $6,000,000

Balance of Plant $2,500,000
Interconnection $275,000
Development Costs & Fee $1,280,000
Reserves & Financing Costs $469,344
Total Installed Cost $10,524,344

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

Year-by-Year Inputs for Market Value of Production,

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
pplicable
inputs 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% 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
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%

% Eligible for
Depreciation Classification
ITC
100% 20-year SL
100% 5-year MACRS
0% 20-year SL
100% 20-year SL
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
 100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%

% 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% 15-year SL
100% 20-year SL
100% 5-year MACRS
100% 5-year MACRS
100% 20-year SL
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%

% 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 7-year
Cost Category
ITC MACRS MACRS

$6,000,000 Generation Equipment $5,800,000 $0

$2,500,000 Balance of Plant $2,225,000 $0
$137,500 Interconnection $0 $0
$1,280,000 Development Costs & Fee $1,150,000 $0
$0 Reserves & Financing Costs $0 $0
$9,917,500 $9,175,000 $0

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 &
15-year MACRS 20-year MACRS 5-year SL

$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
 Non-
15-year SL 20-year SL 39-year SL
Depreciable

$200,000 $0 $0 $0
$0 $275,000 $0 $0
$0 $275,000 $0 $0
$100,000 $30,000 $0 $0
$0 $125,688 $0 $343,657
$300,000 $705,688 $0 $343,657