2009美国工业用光伏产业投资机会评估（2009.1）

Finacing Non-Residential Photovoltiac Projects：Options and Implications

SEIA出，共83页

Table of Contents
Executive Summary....................................................................................................................... i
1. Introduction............................................................................................................................. 1
2. Policy Support for Non-Residential PV Deployment ........................................................... 5
2.1 Federal Policy Support for Non-Residential PV Deployment ............................................. 5
2.1.1 Federal Investment Tax Credit...................................................................................... 5
2.1.2 Accelerated Tax Depreciation....................................................................................... 6
2.1.3 Clean Renewable Energy Bonds (CREBs) ................................................................... 7
2.2 State and Local Policy Support for PV Deployment ........................................................... 8
2.2.1 Net Metering ................................................................................................................. 8
2.2.2 Cash Incentives ............................................................................................................. 9
2.2.3 State Tax Incentives.................................................................................................... 10
2.2.4 Set-Asides or Multipliers within State RPS Policies .................................................. 10
2.3 Policy Summary................................................................................................................. 11
3. Financing Options for Taxable Non-Residential Site Hosts .............................................. 12
3.1 Balance Sheet Finance ....................................................................................................... 13
3.2 Leasing.............................................................................................................................. 13
3.2.1 Capital Lease............................................................................................................... 15
3.2.2 Operating Lease .......................................................................................................... 15
3.3 Power Purchase Agreements (PPA)................................................................................... 17
3.4 Choosing a Structure.......................................................................................................... 20
4. Financing Options for Tax-Exempt Non-Residential Site Hosts....................................... 22
4.1 Balance Sheet Finance ....................................................................................................... 22
4.2 Tax-Advantaged Debt ........................................................................................................ 22
4.2.1 Municipal Bonds......................................................................................................... 22
4.2.2 Clean Renewable Energy Bonds (CREBs) ................................................................. 23
4.3 Tax-Exempt Lease ............................................................................................................. 23
4.4 Service Contract (PPA)...................................................................................................... 24
4.5 Pre-Paid Service Contract (PPA) ....................................................................................... 25
4.6 Choosing a Structure.......................................................................................................... 26
5. The Impact of Financing Structure on the Cost of Solar Energy...................................... 27
5.1 Overview of Pro Forma Financial Models and Assumptions............................................ 27
5.2 Generic Modeling Results.................................................................................................. 31
5.3 California-Specific Modeling Results................................................................................ 34
5.3.1 Base-Case California Results...................................................................................... 34
5.3.2 California Scenario Analysis ...................................................................................... 37
5.3.3 California Sensitivity Analysis ................................................................................... 38
5.4 A Very Brief Look at Other Markets ................................................................................. 42
6. Policy Implications................................................................................................................. 44
6.1 Federal............................................................................................................................... 44
6.2 State................................................................................................................................... 45
7. Conclusions............................................................................................................................ 47
References ................................................................................................................................... 48
Appendix A: Glossary of Acronyms and Terms ..................................................................... 51
Appendix B: California Scenario Analysis – Leverage and CBIs ......................................... 56
Appendix C: How Developers Finance PV Projects Used in PPAs....................................... 60
C.1 Introduction ....................................................................................................................... 60
C.2 Overview of Three Financing Approaches ....................................................................... 60
C.2.1 Outright Sale and Buyback ........................................................................................ 60
C.2.2 Special Allocation Partnership................................................................................... 60
C.2.3 Operating Lease.......................................................................................................... 61
C.3 Partnership versus Operating Lease .................................................................................. 62
C.4 Differences Between Wind and PV May Influence Choice of Financing Structure......... 64
Appendix D: Utility-Scale Solar – Larger Projects, Similar Financing Strategies.............. 66
List of Figures, Tables, and Text Boxes
Figure 1. Annual and Cumulative Grid-Connected PV Capacity in the U.S. .......................1
Figure 2. Annual Grid-Connected PV Capacity in the U.S. By Host Type...........................2
Figure 3. Choosing a Finance Structure: Taxable Site Hosts ..............................................21
Figure 4. Sensitivity to Changes in Installed Cost .................................................................38
Figure 5. Sensitivity to PBI Levels...........................................................................................39
Figure 6. Sensitivity to Bond Interest Rates ...........................................................................40
Figure 7. Sensitivity to Flip Date .............................................................................................41
Figure 8. Sensitivity to Tax Investor Return Targets............................................................41
Table 1. Base-Case Results for Taxable Site Hosts (No State Incentive) .............................32
Table 2. Base-Case Results for Tax-Exempt Site Hosts (No State Incentive) .....................33
Table 3. Non-Residential Incentive Schedule for California Solar Initiative......................34
Table 4. Base-Case Results for Taxable Site Hosts in California.........................................35
Table 5. Base-Case Results for Tax-Exempt Site Hosts in California .................................36
Text Box 1: Cast of Characters................................................................................................12
Text Box 2. Operating Leases versus Capital Leases ............................................................14
Text Box 3. Challenges to Third-Party Ownership ...............................................................19