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All sourcesNASA NTRSDOE OSTI
DOE OSTI2018

Appendix B: Commercial Solar Financing Options

As the solar photovoltaic (PV) market in the United States has evolved, so too have the financing mechanisms associated with it. This appendix provides a snapshot of the current commercial solar financing arena and an overview of existing financing mechanisms. While there is significant overlap in solar financing options among the residential, government, and commercial sectors, this report focuses on options and considerations for commercial entities only. Traditional solar financing models are being adapted to encompass increasingly complex relationships between solar energy consumers and solar development. This guide explores the variety of financing options available to commercial entities, ranging from the historical mainstays of the solar financing spectrum - third-party ownership (TPO) models, which include power purchase agreements (PPAs) and leases, in addition to loans and cash purchases - to relatively more recent additions, including property-assessed clean energy (PACE) financing, performance contracting, and green bonds, among others. This appendix ('Appendix B. Commercial Solar Financing Options') is one chapter in the Environmental Protection Agency's broader Guide to Purchasing Green Power, which provides a detailed overview of green power markets and procurement.

14 SOLAR ENERGY↗
DOE OSTI2012

Energy Department Helps Advance Island Clean Energy Goals (Fact Sheet)

This U.S. Department of Energy (DOE) Office of Energy Efficiency and Renewable Energy (EERE) fact sheet highlights a June 2012 solar power purchase agreement between the Virgin Islands Water and Power Authority and three corporations. The fact sheet describes how financial support from DOE and technical assistance from DOE's National Renewable Energy Laboratory enabled the U.S. Virgin Islands torealistically assess its clean energy resources and identify the most viable and cost-effective solutions to its energy challenges--resulting in a $65 million investment in solar energy in the territory.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗
DOE OSTI2012

NREL's Renewable Energy Development Expertise Reduces Project Risks (Fact Sheet)

This National Renewable Energy Laboratory (NREL) success story fact sheet highlights a June 2012 solar power purchase agreement between the Virgin Islands Water and Power Authority and three corporations. The fact sheet describes how technical assistance from DOE's National Renewable Energy Laboratory enabled the U.S. Virgin Islands to realistically assess its clean energy resources and identify the most viable and cost-effective solutions to its energy challenges--resulting in a $65 million investment in solar energy in the territory.

14 SOLAR ENERGY↗
DOE OSTI2023

LH CO 2 MENT Colorado Project (Final Report)

The objective of Electricore’s pre-FEED project “LH CO 2 MENT COLORADO PROJECT” is to accelerate the implementation of a 1.5 million tonnes per year (TPY), and first-of-a-kind (FOAK) at world scale, Svante VeloxoTherm™ carbon capture plant. This project represents a quantum leap to a large-scale facility that will launch Svante’s carbon capture technology into the next era of accomplishments and market acceptance. By completing the Front-End Loading (FEL) Feasibility Study Report (FEL-2) for a fit-for-purpose design at the HOLCIM cement plant, located near Florence Colorado, USA, this technology can be proven as the future of large-scale deployment for carbon capture and storage. This carbon capture plant was designed with the goal of reaching a target of near Net Zero Emissions by capturing 90% of the carbon dioxide (CO 2 ) emissions from the HOLCIM cement plant and from the boiler which produces steam required to regenerate the adsorbent. Additionally, this project will be leveraging a renewable Power Purchase Agreement (PPA) using solar energy to acquire power at the target price of 0.04 $/kWh or less. In its current configuration CO 2 emissions from the HOLCIM cement plant is around 700 – 800 kg/ton of clinker produced. The proposed new carbon capture plant will allow a reduction of CO 2 emissions to about 100 kg/ton of clinker produced. The scope of work consists of the process design and capital & operating cost estimation (Class IV) for a total plant capacity of 4,750 TPD of pipeline grade CO 2 . The Svante VeloxoTherm™ technology is comprised of a Rotary Adsorption Machine (RAM) for intensified Thermal Swing Adsorption (TSA) using Structured Adsorbent Beds (SABs) and related Balance of Plant (BOP), including CO 2 compression. A business case (financial analysis) evaluation has been undertaken for the Owner’s management review. Recommendations on how best to proceed to the next stage of the project have been conveyed and are documented within this report. This analysis has relied on a detailed and comprehensive Project Financial Model, evaluating the Total Project IRR (after tax, unlevered, and including all forecast 45Q PTCs and 100% tax efficiency) – the project financial analysis (as opposed to standard TEA analysis) only considered a 12 year plant economic lifetime as a result of 45Q being the sole driver considered at this stage. The Total Project IRR was evaluated across a large number of potential scenarios. The evaluation demonstrated that if the 45Q PTD is increased to $85/MT for sequestration, there are a large number of feasible scenarios which demonstrate economic returns.

01 COAL, LIGNITE, AND PEAT↗
DOE OSTI2017

Charting the Emergence of Corporate Procurement of Utility-Scale PV

Corporations and other institutions have contracted for more than 2300 MW of off-site solar, using power purchase agreements, green tariffs, or bilateral deals with utilities. This paper examines the benefits, challenges, and outlooks for large-scale off-site solar purchasing in the United States. Pathways differ based on where they are available, the hedge value they can provide, and their ease of implementation. The paper features case studies of an aggregate PPA (Massachusetts Institute of Technology, Boston Medical Center, and Post Office Square), a corporation exiting their incumbent utility (MGM Resorts), a utility offering large scale renewables to corporate customers (Alabama Powers Renewable Procurement Program), and a company with approval to sell energy into wholesale markets (Google Energy Inc.).

29 ENERGY PLANNING, POLICY, AND ECONOMY↗
DOE OSTI2011

Financing Solar PV at Government Sites with PPAs and Public Debt (Brochure)

Historically, state and local governmental agencies have employed one of two models to deploy solar photovoltaic (PV) projects: (1) self-ownership (financed through a variety of means) or (2) third-party ownership through a power purchase agreement (PPA). Morris County, New Jersey, administrators recently pioneered a way to combine many of the benefits of self-ownership and third-party PPAsthrough a bond-PPA hybrid, frequently referred to as the Morris Model. At the request of the Department of Energy's Solar Market Transformation group, NREL examined the hybrid model. This fact sheet describes how the hybrid model works, assesses the model's relative advantages and challenges as compared to self-ownership and the third-party PPA model, provides a quick guide to projectimplementation, and assesses the replicability of the model in other jurisdictions across the United States.

14 SOLAR ENERGY↗
DOE OSTI2020

Development of high concentration photovoltaics (HCPV) power plants in the US Southwest: Economic assessment and sensitivity analysis

High concentration photovoltaic (HCPV) technologies offer several advantages over typical PV systems. In this study, a detailed economic assessment and sensitivity analysis of deploying HCPV plants in the US southwest is performed. To do this, a 20 MWdc HCPV power plant is designed using the System Advisor Model (SAM) and is evaluated from both technical and financial aspects. The sensitivity analysis shows that reducing the installed cost per capacity of the HCPV system can significantly improve the economics and reduce the levelized cost of electricity (LCOE) and levelized power purchase agreement (LPPA). Also, providing proper incentives including both investment tax credits (ITC) and production tax credit (PTC), loan debt ratio, and interest rate are among the most influential parameters. The analysis shows that with the 30% ITC, the LCOE, and LPPA of the designed HCPV projects are between $65.4/MWh and $69.3/MWh and between $71.0/MWh and $75.2/MWh, respectively. The estimated LCOE and LPPA values are almost 50% higher than the utility-scale PV projects. If proper funding is provided to continue the support of the HCPV system, they would become more economical and competitive with PV plants. Federal and state government policies must also be established to advocate HCPV systems.

14 SOLAR ENERGY↗
DOE OSTI2022

Electricity Costs and Carbon Implications for CO 2 -to-Fuels in Selected Locations in 2030

With the growing interest in converting carbon dioxide (CO 2 ) to fuels and products to reduce overall greenhouse gas emissions and extend carbon from biogenic and other sources, the development of carbon capture and utilization (CO2U) technologies and industry is crucial. The Markets, Resources, and Environmental and Energy Justice of CO 2 -to-Fuels Technologies (short title: MarkeRs & EEJ) project supports this goal by assessing the resource and market potential and infrastructure requirements for mid-term (-2030) and long-term (-2050) deployment of CO2U technologies. The overall project analyzes CO2U economic and resource requirements as well as sustainability and environmental and energy justice (EEJ) metrics. This report focuses on short-term (-2030) aspects of the project. It identifies three CO2U locations in the Midwestern United States and quantifies the costs for potential electricity resources and marginal emissions for each site in the near term (e.g., 2030). We focus on four electricity purchase options, including retail rate, physical power purchase agreement (PPA), financial PPA, and real-time pricing (RTP), for each of the three sites and consider potential policies such as production tax credits (PTCs). We also assess time-dependent hourly marginal electricity costs and the marginal emission rates using modeled scenarios from Cambium (Gagnon et al. 2021).The results of the analysis are expected to inform other projects within the U.S. Department of Energy's CO 2 -to-Fuels Consortium, especially the Economics and Sustainability of CO 2 Utilization Technologies with Techno-Economic Analysis and Life Cycle Analysis (TEA/LCA) project, led by Michael Wang of Argonne National Laboratory and Ling Tao of the National Renewable Energy Laboratory. The project results are also expected to inform the investment and technology communities and policymakers at the U.S. Department of Energy, state, and regional levels and guide investment by government and industry in research and development portfolios.

09 BIOMASS FUELS↗
DOE OSTI2017

Pathways for Off-site Corporate PV Procurement

Through July 2017, corporate customers contracted for more than 2,300 MW of utility-scale solar. This paper examines the benefits, challenges, and outlooks for large-scale off-site solar purchasing through four pathways: power purchase agreements, retail choice, utility partnerships (green tariffs and bilateral contracts with utilities), and by becoming a licensed wholesale seller of electricity. Each pathway differs based on where in the United States it is available, the value provided to a corporate off-taker, and the ease of implementation. The paper concludes with a discussion of future pathway comparison, noting that to deploy more corporate off-site solar, new procurement pathways are needed.

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 OSTI2015

Is $50/MWh solar for real? Falling project prices and rising capacity factors drive utility-scale PV toward economic competitiveness

Recently announced low-priced power purchase agreements (PPAs) for US utility-scale photovoltaic (PV) projects suggest $50/MWh solar might be viable under certain conditions. To explore this possibility, this paper draws on an increasing wealth of empirical data to analyze trends in three of the most important PPA price drivers: upfront installed project prices, operations, and maintenance (O&M) costs, and capacity factors. Average installed prices among a sample of utility-scale PV projects declined by more than one third (from 5.8/W AC to 3.7/WAC) from the 2007–2009 period through 2013, even as costlier systems with crystalline-silicon modules, sun tracking, and higher inverter loading ratios (ILRs) have constituted an increasing proportion of total utility-scale PV capacity (all values shown here are in 2013 dollars). Actual and projected O&M costs from a very small sample of projects appear to range from $20–$40/kW AC -year. Furthermore, the average net capacity factor is 30% for projects installed in 2012, up from 24% for projects installed in 2010, owing to better solar resources, higher ILRs, and greater use of tracking among the more recent projects. Based on these trends, a pro-forma financial model suggests that $50/MWh utility-scale PV is achievable using a combination of aggressive-but-achievable technical and financial input parameters (including receipt of the 30% federal investment tax credit). Although the US utility-scale PV market is still young, the rapid progress in the key metrics documented in this paper has made PV a viable competitor against other utility-scale renewable generators, and even conventional peaking generators, in certain regions of the country.

14 SOLAR ENERGY↗
DOE OSTI2019

Performance Assurance Planning: Continuous Design-Level Performance of Each Energy Conservation Measure in a Utility Energy Service Contract is Fundamental to Achieving Projected Results

An energy savings performance contract energy sales agreement (ESPC ESA) is a project structure, similar to a power purchase agreement, that uses the multiyear ESPC authority to implement renewable energy projects (referred to as ESA energy conservation measures [ECMs]) on federal buildings or land. The ESA ECM is initially privately owned for tax-incentive purposes, and the federal agency purchases the electricity it produces. An ESPC ESA is one of the most cost-effective methods for implementing on-site distributed energy projects at civilian federal agency sites.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗
DOE OSTI2019

Energy Savings Performance Contract Energy Sales Agreements

An energy savings performance contract energy sales agreement (ESPC ESA) is a project structure, similar to a power purchase agreement, that uses the multiyear ESPC authority to implement renewable energy projects (referred to as ESA energy conservation measures [ECMs]) on federal buildings or land. The ESA ECM is initially privately owned for tax-incentive purposes, and the federal agency purchases the electricity it produces. An ESPC ESA is one of the most cost-effective methods for implementing on-site distributed energy projects at civilian federal agency sites.

energy savings performance contract↗
DOE OSTI2015

Geothermal Risk Reduction via Geothermal/Solar Hybrid Power Plants. Final Report

There are numerous technical merits associated with a renewable geothermal-solar hybrid plant concept. The performance of air-cooled binary plants is lowest when ambient temperatures are high due to the decrease in air-cooled binary plant performance that occurs when the working fluid condensing temperature, and consequently the turbine exhaust pressure, increases. Electrical power demand is generally at peak levels during periods of elevated ambient temperature and it is therefore especially important to utilities to be able to provide electrical power during these periods. The time periods in which air-cooled binary geothermal power plant performance is lowest generally correspond to periods of high solar insolation. Use of solar heat to increase air-cooled geothermal power plant performance during these periods can improve the correlation between power plant output and utility load curves. While solar energy is a renewable energy source with long term performance that can be accurately characterized, on shorter time scales of hours or days it can be highly intermittent. Concentrating solar power (CSP), aka solar-thermal, plants often incorporate thermal energy storage to ensure continued operation during cloud events or after sunset. Hybridization with a geothermal power plant can eliminate the need for thermal storage due to the constant availability of geothermal heat. In addition to the elimination of the requirement for solar thermal storage, the ability of a geothermal/solar-thermal hybrid plant to share a common power block can reduce capital costs relative to separate, stand-alone geothermal and solar-thermal power plant installations. The common occurrence of long-term geothermal resource productivity decline provides additional motivation to consider the use of hybrid power plants in geothermal power production. Geothermal resource productivity decline is a source of significant risk in geothermal power generation. Many, if not all, geothermal resources are subject to decreasing productivity manifested in the form of decreasing production fluid temperature, flow rate, or both during the life span of the associated power generation project. The impacts of geothermal production fluid temperature decline on power plant performance can be significant; a reduction in heat input to a power plant not only decreases the thermal energy available for conversion to electrical power, but also adversely impacts the power plant efficiency. The impact of resource productivity decline on power generation project economics can be equally detrimental. The reduction in power generation is directly correlated to a reduction in revenues from power sales. Further, projects with Power Purchase Agreement (PPA) contracts in place may be subject to significant economic penalties if power generation falls below a specified default level. While the magnitude of PPA penalties varies on a case-by-case basis, it is not unrealistic for these penalties to be on the order of the value of the deficit power sales such that the utility may purchase the power elsewhere. This report evaluates the use of geothermal/solar-thermal hybrid plant technology for mitigation of resource productivity decline, which has not been a primary topic of investigation in previous analyses in the open literature.

14 SOLAR ENERGY↗
DOE OSTI2022

GeoRePORT Protocol Volume VI: Resource Size Assessment Tool

GeoRePORT is based on the concept that a geothermal system can be described both in terms of the quality of the geothermal resource as it relates to the potential to extract heat ("Resource Grade") and the progress of research and development over the lifetime of the project ("Project Progress"). Resource grade and project progress are reported for three assessment categories: geologic, technical, and socio-economic. Each category has specific criteria and guidelines for assessing both resource grade and project progress, as outlined in each of the following assessment tools (and associated colors): (1) Geological Assessment Tool (representative colors: reds, oranges, browns); (2) Technical Assessment Tool (representative colors: blues, purples); (3) Socio-Economic Assessment Tool (representative colors: greens, yellows). Additionally, users may need to estimate the project size (often reported in MWe or MWth). The resource size assessment tool (RSAT) is an essential addition to GeoRePORT due to the economic and legal context of geothermal development. In order to utilize a geothermal resource, a competitive Power Purchase Agreement (PPA), or similar, often must be obtained, for which the resource's power capacity must be demonstrated. To determine that a geothermal heat or power project is worthy of development, investors or other funding mechanisms often require information on the anticipated heat and/or power potential of the reservoir. They might also be interested in the certainty of that estimate. However, proving the existence and size of a geothermal resource is comparatively expensive and risky relative to other renewable technologies; it can cost developers 5 to 10 million USD to demonstrate a financially viable geothermal resource (Young et al. 2017). GeoRePORT aims to address this barrier to development by providing a consistent and clear assessment of resource quality and certainty. The RSAT will enable GeoRePORT users to not only qualitatively report on a given a resource, but also to compare standard methodologies for quantitatively estimating a resource size in terms of potential heat and/or power output.

15 GEOTHERMAL ENERGY↗
DOE OSTI2014

Use of a Geothermal-Solar Hybrid Power Plant to Mitigate Declines in Geothermal Resource Productivity

Many, if not all, geothermal resources are subject to decreasing productivity manifested in the form of decreasing brine temperature, flow rate, or both during the life span of the associated power generation project. The impacts of resource productivity decline on power plant performance can be significant; a reduction in heat input to a power plant not only decreases the thermal energy available for conversion to electrical power, but also adversely impacts the power plant conversion efficiency. The reduction in power generation is directly correlated to a reduction in revenues from power sales. Further, projects with Power Purchase Agreement (PPA) contracts in place may be subject to significant economic penalties if power generation falls below the default level specified. A potential solution to restoring the performance of a power plant operating from a declining productivity geothermal resource involves the use of solar thermal energy to restore the thermal input to the geothermal power plant. There are numerous technical merits associated with a renewable geothermal-solar hybrid plant in which the two heat sources share a common power block. The geo-solar hybrid plant could provide a better match to typical electrical power demand profiles than a stand-alone geothermal plant. The hybrid plant could also eliminate the stand-alone concentrated solar power plant thermal storage requirement for operation during times of low or no solar insolation. This paper identifies hybrid plant configurations and economic conditions for which solar thermal retrofit of a geothermal power plant could improve project economics. The net present value of the concentrated solar thermal retrofit of an air-cooled binary geothermal plant is presented as functions of both solar collector array cost and electricity sales price.

14 SOLAR ENERGY↗
DOE OSTI2013

TidGen Power System Commercialization Project

ORPC Maine, LLC, a wholly-owned subsidiary of Ocean Renewable Power Company, LLC (collectively ORPC), submits this Final Technical Report for the TidGen® Power System Commercialization Project (Project), partially funded by the U.S. Department of Energy (DE-EE0003647). The Project was built and operated in compliance with the Federal Energy Regulatory Commission (FERC) pilot project license (P-12711) and other permits and approvals needed for the Project. This report documents the methodologies, activities and results of the various phases of the Project, including design, engineering, procurement, assembly, installation, operation, licensing, environmental monitoring, retrieval, maintenance and repair. The Project represents a significant achievement for the renewable energy portfolio of the U.S. in general, and for the U.S. marine hydrokinetic (MHK) industry in particular. The stated Project goal was to advance, demonstrate and accelerate deployment and commercialization of ORPC’s tidal-current based hydrokinetic power generation system, including the energy extraction and conversion technology, associated power electronics, and interconnection equipment capable of reliably delivering electricity to the domestic power grid. ORPC achieved this goal by designing, building and operating the TidGen® Power System in 2012 and becoming the first federally licensed hydrokinetic tidal energy project to deliver electricity to a power grid under a power purchase agreement in North America. Located in Cobscook Bay between Eastport and Lubec, Maine, the TidGen® Power System was connected to the Bangor Hydro Electric utility grid at an on-shore station in North Lubec on September 13, 2012. ORPC obtained a FERC pilot project license for the Project on February 12, 2012 and the first Maine Department of Environmental Protection General Permit issued for a tidal energy project on January 31, 2012. In addition, ORPC entered into a 20-year agreement with Bangor Hydro Electric Company on January 1, 2013 for up to 5 megawatts at a price of $215/MWh, escalating at 2.0% per year.

16 TIDAL AND WAVE POWER↗
DOE OSTI2020

SAM™ (System Advisor Model™) [SWR-16-02, SWR-10-13]

See the SAM™ website to build a desktop version of the National Laboratory of the Rockies' (NLR's) System Advisor Model™ (SAM). https://sam.nlr.gov/ The System Advisor Model™ (SAM™) is a free techno-economic software model that facilitates decision-making for people in the renewable energy industry: -Project managers and engineers -Policy analysts -Technology developers -Researchers SAM can model many types of renewable energy systems: -Photovoltaic systems, from small residential rooftop to large utility-scale systems -Battery storage with Lithium ion, lead acid, or flow batteries for front-of-meter or behind-the-meter applications -Concentrating Solar Power systems for electric power generation, including parabolic trough, power tower, and linear Fresnel -Industrial process heat from parabolic trough and linear Fresnel systems -Wind power, from individual turbines to large wind farms -Marine energy wave and tidal systems -Solar water heating -Fuel cells -Geothermal power generation -Biomass combustion for power generation -High concentration photovoltaic systems SAM's financial models are for the following types of projects: -Residential and commercial projects where the renewable energy system is on the customer side of the electric utility meter (behind the meter), and power from the system is used to reduce the customer's electricity bill. -Power purchase agreement (PPA) projects where the system is connected to the grid at an interconnection point, and the project earns revenue through power sales. The project may be owned and operated by a single owner or by a partnership involving a flip or leaseback arrangement. -Third party ownership where the system is installed on the customer's (host) property and owned by a separate entity (developer), and the host is compensated for power generated by the system through either a PPA or lease agreement. For a more detailed description of SAM, see Blair et al. (2018), System Advisor Model (SAM) General Description (Version 2017.9.5), NREL/TP-6A20-70414. https://www.nrel.gov/docs/fy18osti/70414.pdf

Ryberg, David↗