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At least 217 records · Page 12

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DOE OSTI2017

Bookending the Opportunity to Lower Wind’s LCOE by Reducing the Uncertainty Surrounding Annual Energy Production

Reducing the performance risk surrounding a wind project can potentially lead to a lower weighted-average cost of capital (WACC), and hence a lower levelized cost of energy (LCOE), through an advantageous shift in capital structure, and possibly also a reduction in the cost of capital. Specifically, a reduction in performance risk will move the 1-year P99 annual energy production (AEP) estimate closer to the P50 AEP estimate, which in turn reduces the minimum debt service coverage ratio (DSCR) required by lenders, thereby allowing the project to be financed with a greater proportion of low-cost debt. In addition, a reduction in performance risk might also reduce the cost of one or more of the three sources of capital that are commonly used to finance wind projects: sponsor or cash equity, tax equity, and/or debt. Preliminary internal LBNL analysis of the maximum possible LCOE reduction attainable from reducing the performance risk of a wind project found a potentially significant opportunity for LCOE reduction of ~$10/MWh, by reducing the P50 DSCR to its theoretical minimum value of 1.0 (Bolinger 2015b, 2014) and by reducing the cost of sponsor equity and debt by one-third to one-half each (Bolinger 2015a, 2015b). However, with FY17 funding from the U.S. Department of Energy’s Atmosphere to Electrons (A2e) Performance Risk, Uncertainty, and Finance (PRUF) initiative, LBNL has been revisiting this “bookending” exercise in more depth, and now believes that its earlier preliminary assessment of the LCOE reduction opportunity was overstated. This reassessment is based on two new-found understandings: (1) Due to ever-present and largely irreducible inter-annual variability (IAV) in the wind resource, the minimum required DSCR cannot possibly fall to 1.0 (on a P50 basis), and (2) A reduction in AEP uncertainty will not necessarily lead to a reduction in the cost of capital, meaning that a shift in capital structure is perhaps the best that can be expected (perhaps along with a modest decline in the cost of cash equity as new investors enter the market).

17 WIND ENERGY↗

DOE OSTI2018

Assessing the PACE of California residential solar deployment: Impacts of Property Assessed Clean Energy programs on residential solar photovoltaic deployment in California, 2010-2015

A new study by Berkeley Lab found that residential Property Assessed Clean Energy (R-PACE) programs increased deployment of residential solar photovoltaic (PV) systems in California, raising it by about 7-12% in cities that adopt these programs. R-PACE is a financing mechanism that uses a voluntary property tax assessment, paid off over time, to facilitate energy improvements and, in some jurisdictions, water and resilience measures. While previous studies demonstrated that early, regional R-PACE programs increased solar PV deployment, this new analysis is the first to demonstrate these impacts from the large, statewide R-PACE programs dominating the California market today, which use private capital to fund the upfront costs of the improvements. Berkeley Lab estimated the impacts using econometric techniques on two samples: -Large cities only, allowing annual demographic and economic data as control variables -All California cities, without these annual data Analysis of both samples controls for several factors other than R-PACE that would be expected to drive solar PV deployment. We infer that on average, cities with R-PACE programs were associated with greater solar PV deployment in our study period (2010-2015). In the large cities sample, solar PV deployment in jurisdictions with R-PACE programs was higher by 1.1 watts per owner-occupied household per month, or 12%. Across all cities, solar PV deployment in jurisdictions with R-PACE programs was higher by 0.6 watts per owner-occupied household per month, or 7%. The large cities results are statistically significant at conventional levels; the all-cities results are not. The estimates imply that the majority of solar PV deployment financed by R-PACE programs would likely not have occurred in their absence. Results suggest that R-PACE programs have increased PV deployment in California even in relatively recent years, as R-PACE programs have grown in market share and as alternate approaches for financing solar PV have developed. The U.S. Department of Energy’s Building Technologies Office supported this research.

14 SOLAR ENERGY↗

DOE OSTI2022

Transforming Public Housing with Deep Energy Retrofits

Open Market ESCO’s (OME) Transforming Public Housing through Deep Energy Retrofits project demonstrated new design and financing solutions for implementing deep energy retrofits (DERs) in occupied low-income multifamily housing. The Project performed an integrated project delivery process, including designing low-carbon retrofit solution packages, construction pricing, and financing. The Project developed a constructible and financeable DER scope for a 102-unit extremely low-income multifamily property in Boston. This Project demonstrated a replicable approach for streamlining and implementing DER projects in occupied housing, including real solutions for overcoming design complexities and cost barriers.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

DOE OSTI2025

Clean Energy Revolving Loan Funds: International Experience [Slides]

Tunisia’s Energy Transition Fund (FTE), created in 2013, was established to promote energy efficiency and renewable energy projects in the public and private sectors. To overcome financing challenges related to the energy transition, Tunisia’s National Agency for Energy Conservation (ANME) seeks both to strengthen available financial resources and to develop innovative financing structures. Revolving Loan Funds (RLFs) are one such innovative financing structure, used by countries around the world to foster the development of distributed clean energy projects. This report aims to inform policy makers and various stakeholders on the opportunity to design an RLF by drawing on successful experiences from other countries. Specifically, this report provides analytical support for discussions with ANME and its partners to develop an RLF in the context of Tunisia. It outlines the 12 essential steps for establishing a RLF and includes detailed case studies demonstrating successful RLF implementation across various contexts.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

DOE OSTI2026

Coalition for Community-Supported Affordable Geothermal Energy Systems (C2SAGES)

The C2SAGES project evaluated the feasibility of a community geothermal system for the planned Windy Ridge affordable housing development in Hinesburg, Vermont. Led by GTI Energy with Vermont Gas Systems, LN Consulting, NREL, and Frontier Energy, the work assessed technical design, energy performance, costs, business models, community engagement, maintenance, workforce development, and permitting. The proposed system was designed to serve 100% of the development’s heating, cooling, and domestic hot water loads. Compared with a baseline using air-source heat pumps and natural gas water heating, the geothermal system was estimated to reduce HVAC and domestic hot water energy use by about 45% to 48%, lower operating and maintenance costs, and reduce 30-year life-cycle costs by 37% for Phase 1 and 10% for Phase 2. Technical testing and modeling indicated that the Windy Ridge site is suitable for a community-scale geothermal system. The project also developed borehole field layouts, piping concepts, pump house designs, controls, maintenance plans, and supporting engineering drawings. The business model analysis found that first cost, ownership structure, and customer affordability remain major deployment challenges. Utility-led maintenance and operation were viewed favorably, but traditional utility cost-recovery models may require subsidy or revised financing structures to be practical for affordable housing. Community engagement highlighted the need for clear public education, transparent financing, reliable long-term maintenance, trained technicians, and the potential to pair geothermal systems with weatherization. Overall, the report concludes that community geothermal is technically feasible and offers meaningful energy, emissions, and life-cycle cost benefits, but broader deployment will depend on workable financing models and workforce readiness.

15 GEOTHERMAL ENERGY↗

DOE OSTI2022

Advancing Clean Energy Equity

This year’s Financial Innovations Roundtable (June 16-17, 2022) focused on advancing clean energy equity and was co-hosted by the University of New Hampshire's Carsey School of Public Policy and the Federal Reserve Bank of New York. Clean energy technologies are better than ever, with costs continuing to decline. Yet the low-income and under-resourced communities – particularly communities of color, Native communities, and other traditionally marginalized populations – that are disproportionately impacted by climate and severe weather-related events lag in clean energy investments. Community Development Financial Institutions (CDFIs) have a long track record of providing access to capital to low- and moderate-income communities nationwide. Green Banks, established at state and local levels, use innovative financing to attract private capital and incentivize investments in clean and renewable energy. Together, the nation's network of more than 1,300 CDFIs and 21 Green Banks have the financing expertise and deep market understanding and relationships to finance a transition to clean energy. This event explored how Green Banks and CDFIs can funnel creditworthy projects to market and efficiently raise capital for them. Building on the Carsey School White Paper, Clean Energy Project Development for Low-Income Communities: Strengthening the Ecosystem for Delivering Solar Energy and Deep Efficiency Retrofits (Hangen, 2022), the FIR sought to identify options and create opportunities for Green Banks, CDFIs, and impact investors to collaborate in offering a range of products, approaches, and tools to better serve communities and individuals who have thus far been left out of the transition to clean energy. The event had 101 participants from a variety of sectors including CDFIs, Green Banks, mission-driven clean energy organizations, government agencies, banks, and impact investment professionals.

14 SOLAR ENERGY↗

DOE OSTI2016

Decommissioning costs - some international perspectives and initiatives. Presentation for Panel discussion. Session No. 024: 'Getting a Handle on Decommissioning Costs - a Global Perspective'

Financing for decommissioning: Are the cost estimates valid? Are the financing arrangements suitable? Are the fund management systems appropriate? Cost estimates are estimated, analysed and updated on a regular basis, but cost comparisons are not straight-forward. There is an incomplete understanding of variability between estimates. Multiple internal and external factors impact estimates: Institutional, legal and policy, purpose, Strategies and plans, overall context, Facility characteristics and history Contingencies and risk, Limited actual cost data. The financing arrangements: there exists a range of systems in place for the implementation of Funding Policy and Strategy, but there are Considerable variations in: Calculating funding requirements, contributions/provisions, Allocating risks and requirements for securities Managing funds and accounting, adjusting the system, Managing disbursements, Reporting and supervision. All cost estimates for future decommissioning activities include considerable uncertainties. These uncertainties will gradually diminish with growing experience from current and planned projects. Different costing methods have different data requirements. Their reliability depends on the extent to which various data are available and applicable to the specific case being considered. Independent of the assessment method, some uncertainty is inevitable in all estimates of future costs. Analysis of the costing method may be useful in order to locate the key uncertainties in each specific estimate. NEA's Decommissioning Cost Estimation Group (DCEG) was Created in 2008 to foster the exchange of information and experience. It Aims to enhance the credibility, reliability, and auditability of the cost estimation process. It Helps define international good practices in decommissioning cost estimation. However, some major challenges remain. Weaknesses in: Understanding relations between estimates and actual costs, Lack of relevant cost data, sharing data. How might be addressed: Improved sharing of cost data, Systematic analyses of estimates and actual costs, Developing benchmarking approaches.

12 MANAGEMENT OF RADIOACTIVE AND NON-RADIOACTIVE W↗

DOE OSTI2018

Germany's First Steps in the Restarted Site Selection Process - 18015

After the Fukushima event in 2011 Germany has decided to phase out nuclear power. Subsequently, it seemed to be politically attractive also to achieve a broad consensus with respect to final disposal of the high-active heat-generating waste after a long societal conflict lasting for decades. Germany has then decided to start a new site selection program for the determination of a site for high-active and heat-generating waste. In 2013, an overall parliamentary consensus could be achieved to agree on a new Repository Site Selection Act. This law has then been evaluated by a commission and the Repository Site Selection Act became amended. Besides, also organization and responsibilities became adapted as well as the financing system. A fund has been installed, which was financed by the utilities, to secure the availability of money to finance the whole process. In the meanwhile, the organizations for licensing of interim storage and final disposal facilities (BfE), for the operation of interim storage facilities for spent fuel, high-active waste and low and intermediate level waste (BGZ) and for site investigation, construction, operation and decommissioning of repositories for spent fuel and high-active waste as well as for low and intermediate level waste (BGE) had been founded and the site investigation process has just started. (authors)

12 MANAGEMENT OF RADIOACTIVE AND NON-RADIOACTIVE W↗

DOE OSTI2019

Challenges in Interim and Final Storage of HLW in Germany - 19060

12 MANAGEMENT OF RADIOACTIVE AND NON-RADIOACTIVE W↗

DOE OSTI2013

Master Limited Partnerships and Real Estate Investment Trusts: Opportunities and Potential Complications for Renewable Energy

Master Limited Partnerships (MLPs) and Real Estate Investment Trusts (REITs) are two proposed investment vehicles which have the potential to lower renewable energy assets' high cost of capital; a critical factor in the Department of Energy's goal for renewable energy to achieve grid-parity with traditional sources of electric generation. Due to current U.S. federal income tax laws, regulations, and administrative interpretations, REITs and MLPs cannot finance a significant portion of the cost of renewable energy assets. Efforts are underway to alter these rules by changing the definition of 'real property' (REIT) and 'qualified income' (MLP). However, even with rule changes, both investment vehicles have structural challenges to efficiently finance renewable energy assets. Among them are 1) effectively utilizing the U.S. federal income tax incentives; 2) administratively structuring the investments to not be overly onerous or complicated, given the potential for pooling a relatively large amount of small assets; and 3) attracting and retaining a large enough investment community to participate in the funding opportunities. This report summarizes these challenges so that if proposed federal changes are made, stakeholders have an understanding of the possible outcomes.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

DOE OSTI2012

Techno-Economics for Conversion of Lignocellulosic Biomass to Ethanol by Indirect Gasification and Mixed Alcohol Synthesis

This techno-economic study investigates the production of ethanol and a higher alcohols coproduct by conversion of lignocelluosic biomass to syngas via indirect gasification followed by gas-to-liquids synthesis over a precommercial heterogeneous catalyst. The design specifies a processing capacity of 2,205 dry U.S. tons (2,000 dry metric tonnes) of woody biomass per day and incorporates 2012 research targets from NREL and other sources for technologies that will facilitate the future commercial production of cost-competitive ethanol. Major processes include indirect steam gasification, syngas cleanup, and catalytic synthesis of mixed alcohols, and ancillary processes include feed handling and drying, alcohol separation, steam and power generation, cooling water, and other operations support utilities. The design and analysis is based on research at NREL, other national laboratories, and The Dow Chemical Company, and it incorporates commercial technologies, process modeling using Aspen Plus software, equipment cost estimation, and discounted cash flow analysis. The design considers the economics of ethanol production assuming successful achievement of internal research targets and nth-plant costs and financing. The design yields 83.8 gallons of ethanol and 10.1 gallons of higher-molecular-weight alcohols per U.S. ton of biomass feedstock. A rigorous sensitivity analysis captures uncertainties in costs and plant performance.

09 BIOMASS FUELS↗

DOE OSTI2011

Feasibility Study of Solar Photovoltaics on Landfills in Puerto Rico (Second Study)

This report presents the results of an assessment of the technical and economic feasibility of deploying a solar photovoltaics (PV) system on landfill sites in Puerto Rico. The purpose of this report is to assess the landfills with the highest potential for possible solar PV installation and estimate cost, performance, and site impacts of three different PV options: crystalline silicon (fixedtilt), crystalline silicon (single-axis tracking), and thin film (fixed tilt). The report outlines financing options that could assist in the implementation of a system. According to the site production calculations, the most cost-effective system in terms of return on investment is the thin-film fixed-tilt technology. The report recommends financing options that could assist in theimplementation of such a system. The landfills and sites considered in this report were all determined feasible areas in which to implement solar PV systems.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

DOE OSTI2015

Vulnerability and adaptation to severe weather events in the American southwest

Climate change can induce changes in the frequency of severe weather events representing a threat to socio-economic development. It is thus of uttermost importance to understand how the vulnerability to the weather of local communities is determined and how adaptation public policies can be effectively put in place. We focused our empirical analysis on the American Southwest. Results show that, consistently with the predictions of an investment model, economic characteristics signaling local economic growth in the near future decrease the level of vulnerability. We also show that federal governments transfers and grants neither work to support recovery from and adaptation to weather events nor to distribute their costs over a broader tax base. Finally, we show that communities relying on municipal bonds to finance adaptation and recovery policies can benefit from local acknowledgment of the need for such policies and that they do not have to pay lenders a premium for the risk induced by weather events. In conclusion, our findings suggest that determinants of economic growth support lower vulnerability to the weather and increase options for financing adaptation and recovery policies, but also that only some communities are likely to benefit from those processes.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

DOE OSTI2023

The enduring role of contracts for difference in risk management and market creation for renewables

Governments procure renewables through a variety of mechanisms. Contracts for difference (CfDs) have been used for more than 50% of the global offshore wind supply. The payments awarded through CfDs are sometimes labelled subsidies, suggesting that they support uneconomic activity. Here, in this study, we argue that the primary role of CfDs is rather risk management by creating a market for electricity supply at stable long-term prices. Similar to its use in other sectors of the economy, this contract type transforms a variable to a fixed price to reallocate volatility risks. Such long-term contracts are often necessary for renewables financing due to limited hedging options in existing markets. Our perspective could imply a shift in perception towards CfDs as a fundamental and lasting market feature. We hope to stimulate a timely discussion about the impact of greater CfD diffusion on electricity market mechanisms, risk allocation and the potential for combining fragmented streams of energy finance, market and policy research.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

DOE OSTI2013

Morris County Improvement Authority, Morris County, New Jersey Renewable Energy Initiative

The Morris County Improvement Authority (Authority), a public body corporate and politic of the State of New Jersey and created and controlled by the County, at the direction of the County and through the Program guaranteed by the County, financed 3.2 MW of solar projects (Solar Projects) at fifteen (15) sites for seven (7) local government units (Local Units) in and including the County. The Program uses a Power Purchase Agreement (PPA) structure, where the Solar Developer constructs, operates and maintains all of the Solar Projects, for the benefit of the Local Units and the Authority, for the maximum State law allowable PPA period of fifteen (15) years. Although all fifteen (15) sites were funded by the Authority, only the Mennen Arena site was considered for the purposes of the required local match funding for this grant. Specifically at the Mennen Arena site, the Authority financed 1.6 MW of solar panels. On October 18, 2013, the DOE Grant was drawn down following completion of the necessary application documents and final execution of an agreement memorializing the contemplated transaction by the Local Units, the County, The Authority and the solar developer. The proceeds of the DOE Grant were then applied to reduce the PPA price to all Local Units across the program and increase the savings from approximately 1/3 to almost half off the existing and forecasted utility pricing over the fifteen (15) year term, without adversely affecting all of the other benefits. With the application of the rate buy down, the price of electricity purchased under the PPA dropped from 10.9 to 7.7 cents/kWh. This made acquisition of renewable energy much more affordable for the Local Units, and it enhanced the success of the program, which will encourage other counties and local units to develop similar programs.

14 SOLAR ENERGY↗

DOE OSTI2013

Colorado Better Buildings Project. Final Report

The Colorado Better Buildings project intended to bring new and existing energy efficiency model programs to market with regional collaboration and funding partnerships. The goals for Boulder County and its program partners were to advance energy efficiency investments, stimulate economic growth in Colorado and advance the state’s energy independence. Collectively, three counties set out to complete 9,025 energy efficiency upgrades in 2.5 years and they succeeded in doing so. Energy efficiency upgrades have been completed in more than 11,000 homes and businesses in these communities. Boulder County and its partners received a $25 million BetterBuildings grant from the U.S. Department of Energy under the American Recovery and Reinvestment Act in the summer of 2010. This was also known as the Energy Efficiency and Conservation Block Grants program. With this funding, Boulder County, the City and County of Denver, and Garfield County set out to design programs for the residential and commercial sectors to overcome key barriers in the energy upgrade process. Since January 2011, these communities have paired homeowners and business owners with an Energy Advisor – an expert to help move from assessment to upgrade with minimal hassle. Pairing this step-by-step assistance with financing incentives has effectively addressed many key barriers, resulting in energy efficiency improvements and happy customers. An expert energy advisor guides the building owner through every step of the process, coordinating the energy assessment, interpreting results for a customized action plan, providing a list of contractors, and finding and applying for all available rebates and low-interest loans. In addition to the expert advising and financial incentives, the programs also included elements of social marketing, technical assistance, workforce development and contractor trainings, project monitoring and verification, and a cloud-based customer data system to coordinate among field advisors and across local governments and local service vendors. A portion of the BetterBuildings grant went to the Metro Mayors Caucus (MMC) who worked in partnership with the Denver Regional Council of Governments (DRCOG) to conduct a series of 10 energy efficiency workshops for local government officials and other interested parties. The workshops helped showcase lessons learned on energy efficiency and helped guide other local governments in the establishment of similar programs. The workshops covered a wide range of energy efficiency and renewable energy topics such as clean energy finance, social mobilization and communications, specific case studies of Colorado towns, energy efficiency codes, net zero buildings and solar power. Since the programs launched in January 2011, these communities have collectively spurred economic investments in energy efficiency, achieved greater than 5:1 leveraging of grant funds, saved energy and reduced greenhouse gas emissions, provided trainings for a robust local energy contractor network, and proved out viable and replicable program models that local utilities and other communities are adopting, with long lasting market transformation.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

DOE OSTI2016

Solar Asset Management Software

Ra Power Management (RPM) has developed a cloud based software platform that manages the financial and operational functions of third party financed solar projects throughout their lifecycle. RPM’s software streamlines and automates the sales, financing, and management of a portfolio of solar assets. The software helps solar developers automate the most difficult aspects of asset management, leading to increased transparency, efficiency, and reduction in human error. More importantly, our platform will help developers save money by improving their operating margins.

14 SOLAR ENERGY↗

DOE OSTI2018

Solar Lending Practices by Community and Regional Financial Institutions

This report examines the experiences and perspectives of community and regional financial institutions (CRFI), including community banks and credit unions, that have developed and launched photovoltaic (PV) financing products, including the evolution of the products and their performance. This information could assist other CRFIs that are considering participating in or expanding their role in PV financing.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗