Title:
Version:
Update Notice:
Author:
For Technical Support, Please
Contact:
For Model Customization,
Please Contact:
Introduction:
User Manual:
Model Architecture:
Entering Inputs: Model
Conventions
Operating the Model:
Understanding the Results:
Summary of Reference Links Several of the input-specific "Notes" on the Inputs worksheet contain hyperlinks. Since these hyperlinks are not operable when placed within the MS Excel
From Inputs Worksheet notes feature, they are duplicated here for the user's convenience.
DSIRE
DSIRE: Tax/Grants
DSIRE: Other Fed Incentives
Summary of Models
Reviewed During the
Development of the CREST
models:
Cost of Renewable Energy Spreadsheet Tool (CREST)
Anaerobic Digestion, 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
form. Once altered, modeling results cannot be warranted by NREL or SEA. For model customization support, please contact
Sustainable Energy Advantage, LLC.
Sustainable Energy Advantage, LLC
Michael Mendelsohn, NREL
(303) 384-7363
michael.mendelsohn@nrel.gov
Sustainable Energy Advantage, LLC
(508) 665-5850
CREST@seadvantage.com
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
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.
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:
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.
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.
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.
http://dsireusa.org/
http://dsireusa.org/incentives/incentive.cfm?Incentive_Code=US02F&re=1&ee=1
http://dsireusa.org/incentives/index.cfm?state=us&re=1&EE=1
These models were reviewed primarily to identify best practices which effectively balance ease of use with flexibility and advanced functionality. In most
cases, the helpful modeling techniques identified are not technology-specific, and have influenced the general design of all three CREST models. Each of the
models listed below is discussed in more detail in the report (please see link at the top of this worksheet).
RETI Cost of Generation Spreadsheet
Vermont Standard Offer Models
RETScreen
Gainesville FIT Model
Solar Advisor Model (SAM)
EU PV Platform
Vote Solar Incentive Comparison Model
Geothermal Electricity Technology Evaluation Model (GETEM)
 Performan

Check

Project Size and Performance Units

Generator Nameplate Capacity kW
Biogas Consumption per Day cubic feet/day
Biogas Consumption per Year cubic feet/year
Energy Content per Cubic Foot BTU/cubic foot
Energy Content per Year MMBTU/year
Electrical Conversion Efficiency %
Heat Rate BTU/kWh
Availability %
Station Service (Parasitic Load) %
Production, Year 1 kWh
### Annual Production Degradation %
### Project Useful Life years

Capital Costs Units

Select Cost Level of Detail
Total Installed Cost $/kW
Generation Equipment $
Balance of Plant $
Interconnection $
Development Costs & Fee $
Reserves & Financing Costs $
Click Here for Complex Input Worksheet
Total Installed Cost (before grants, if applicable) $
Total Installed Cost (before grants, if applicable) $/kW

Operations & Maintenance Units

Select Cost Level of Detail
Fixed O&M Expense, Yr 1 $/kW-yr
Variable O&M Expense, Yr 1 ¢/kWh
O&M Cost Inflation, initial period %
Initial Period ends last day of: year
O&M Cost Inflation, thereafter %
Insurance, Yr 1 (% of Total Cost) %
Insurance, Yr 1 ($) (Provided for reference) $
Project Management Yr 1 $/yr
Feedstock Expense, if applicable $/ton
 Feedstock Expense Escalation Factor %
Feedstock - Quantity tons per year
Water & Sewer Expenses $/yr
Water & Sewer Expense Escalation Factor %
Digestate Disposal (if handled as an expense) $/gallon
Digestate Disposal Escalation Factor %
Digestate - Quantity gallons per year
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 13
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) 55%
Equity (funds balance of hard costs + all soft costs) 45%
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
($/kW-yr) – an annual expense (or revenue) based on generator capacity
($) – 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

Input Value
500 ?
212,696 ?
77,634,078 ?
550 ?
42,699 ?
35% ?
9,749 ?
92% ?
10% ?
3,626,640 ?
0.0% ?
20 ?

Input Value
Simple ?
$7,500 ? ###
$2,000,000 ?
$1,000,000 ?
$150,000 ?
$100,000 ?
$390,156 ?
? ###
$3,750,000 ? ###
$7,500 ?

Input Value
Intermediate ?
$300.00 ?
3.00 ? ###
2.0% ? ###
10 ?
2.0% ?
0.4% ?
$15,000 ? ###
$30,000 ? ###
$0 ?
 2.0% ?
10,000 ?
$10,000 ?
2.0% ?
$0 ?
2.0% ? ###
5,000,000 ? ###
$0 ? ###
0.0% ?
$25,000 ?
0.0% ?
$0 ?

Input Value ###

9 ? ###
5.5% ?
$0 ?

Input Value
55% ?
13 ?
7.00% ? ###
3.0% ?
1.20 ? ###
1.10 ?
Fail ? ###
1.45 ?
1.48 ? ###
Pass ?
45% ?
12.00% ?
7.69% ?
$0 ?

$2,062,500 ?
$1,687,500 ?
$0 ?
$3,750,000 ?

Input Value
Yes ?
 35.0% ?
As Generated ?
8.5% ?
As Generated ?
40.53% ?
see table ==> ?

### ###
### ###
### ###
### ###
### ###
### ###
###

1000 Watts.
kW generator operating at rated capacity for one hour will produce 1 kWh of electricity.

ests have passed or failed.

Operating, Tax & Financing Inputs

Technology Options

Supplemental Revenue Streams: Tipping Fees Units

Tipping Fee - Source #1 $/ton
Quantity Received Each Year tons per year
Tipping Fee - Source #2 $/ton
Quantity Received Each Year tons per year
Tipping Fee - Source #3 $/ton
Quantity Received Each Year tons per year
Digestate (if merchantable for additional revenue) $/gallon
Digestate Revenue Escalation Factor %
Digestate - Quantity gallons per year
Waste Heat -- Heat Capture Efficiency %
Waste Heat -- BTUs available for sale BTU/kWh
Waste Heat -- Selling Price/Avoided Cost $/therm
Waste Heat -- Selling Price Escalation Factor %

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 Incentives
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 PaymentDuration yrs
PBI or REC Escalation Rate (pos. or neg.) %
Additional State Rebates/Grants $/kW
Total $ Cap on State Rebates/Grants $
State Grants Treated as Taxable Income?

Capital Expenditures During Operations (capitalized and depreciated)

1st Equipment Replacement year
1st Replacement Cost ($ in year replaced) $/kW
2nd Equipment Replacement year
2nd Replacement Cost ($ in year replaced) $/kW
3rd Equipment Replacement year
3rd Replacement Cost ($ in year replaced) $/kW
4th Equipment Replacement year
4th Replacement Cost ($ in year replaced) $/kW

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 No
% 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 75.0%
Interconnection 0.0%
Development Costs & Fee 80.0%
Reserves & Financing Costs 0.0%
Click Here for Complex Input Worksheets

or one hour will produce 1 kWh of electricity.

 Notes

Input Value
$30.00 ?
10,000 ?
$0.00 ?
0 ?
$0.00 ?
0 ?
$0.00 ?
1.0% ?
4,000,000 ?
85% ?
5,386 ?
$0.00 ?
2.0% ?

Input Value
20 ?
0.0% ?
0.0% ?

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

Input Value
Performance-Based### ? 1
ITC ?
30% ?
100%
$1,057,500 ?
Tax Credit ?
1.15 ?
100.0%
10 ?
2.0% ?
 $0 ?
Yes ?

Input Value
Performance-Based ?
30% ### ?
100%
1 ?
$0 ?
Cash ### ?
$500,000 ?
No ### ?
1.50 ?
100%
10 ?
2.0% ?
$0 ?
$500,000 ?
Yes ?

7 ?
$0 ?
14 ?
$0 ?
15 ?
$0 ?
20 ?
$0 ?

Input Value

Salvage ?
$0 ?

Input Value

6 ?
$123,390 ?

6 ?
$213,141 ?
 1.5% ?

?
?

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% ?
25.0% 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% ?
?
Summary Results

Results of multiple scenarios may be compared here by using the

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

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

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

Does modeled project meet minimum DSCR requirements?

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

Inputs Summary

Generator Nameplate Capacity kW

Biogas Consumption per Year cubic feet/year
Energy Content per Cubic Foot BTU/cubic foot
Heat Rate BTU/kWh
Availability %
Station Service (Parasitic Load) %
Production, Yr 1 kWh
Project Useful Life Years
Payment Duration for Cost-Based Tariff Years
% of Year 1 Tariff Rate Escalated %

Net Installed Cost (Total Installed Cost less Grants) $

Net Installed Cost (Total Installed Cost less Grants) $/kW

Supplemental Revenue
Tipping Fee - Source #1 $/ton
Quantity Received Each Year tons per year
Tipping Fee - Source #2 $/ton
Quantity Received Each Year tons per year
Tipping Fee - Source #3 $/ton
Quantity Received Each Year tons per year

Operating Expenses, Aggregated, Yr 1 ¢/kWh

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

Target After-Tax Equity IRR %
% Debt (% of hard costs) (mortgage-style amort.) %
Debt Term Years
Interest Rate on Term Debt %
Is owner a taxable entity?
Federal Tax Benefts Used "as generated" or "carried forward"?
State Tax Benefts Used "as generated" or "carried forward"?

Type of Federal Incentive Assumed

Tax Credit- or Cash- Based?

Other Grants or Rebates

Total of Grants or Rebates $

Bonus Depreciation assumed?

Notes: (Users may enter descriptive text about their model run)
s may be compared here by using the "copy" and "paste special - values" feature to transfer values from column D to

n of the COE calculation.

rd to complete the calculation. It Paste Results of Multiple Model
e note for details.
Current Model Run [Insert Scenario Name] [Insert Scenario Name]

11.35
0.0%
0.0%
No, see Inputs
Worksheet

Yes

11.35

500
77,634,078
550
9,749
92%
10%
3,626,640
20
20
0%

$3,750,000
$7,500

$30.00
10,000
$0.00
0
$0.00
 0

(9.68)

45%
12.00%
55%
13
7.00%
Yes
As Generated
As Generated

Performance-Based
Tax Credit

No
NA

No
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]

[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

Project Value Revenue Expenses Debt Service Reserves
Year ¢/kWh $ $ $ $
0
1 11.35 $771,071 ($350,888) ($246,780) $0
2 11.35 $772,159 ($357,906) ($246,780) $0
3 11.35 $773,269 ($365,064) ($246,780) $0
4 11.35 $774,401 ($372,365) ($246,780) $0
5 11.35 $775,555 ($379,812) ($246,780) $0
6 11.35 $776,733 ($387,409) ($246,780) $0
7 11.35 $777,934 ($395,157) ($246,780) $0
8 11.35 $779,160 ($403,060) ($246,780) $0
9 11.35 $780,409 ($411,121) ($246,780) $0
10 11.35 $781,684 ($419,344) ($246,780) $0
11 11.35 $716,672 ($427,731) ($246,780) $0
12 11.35 $716,672 ($436,285) ($246,780) $0
13 11.35 $716,672 ($445,011) ($246,780) $0
14 11.35 $715,746 ($453,911) $0 $123,390
15 11.35 $714,821 ($462,989) $0 $0
16 11.35 $714,821 ($472,249) $0 $0
17 11.35 $714,821 ($481,694) $0 $0
18 11.35 $714,821 ($491,328) $0 $0
19 11.35 $714,821 ($501,154) $0 $0
20 11.35 $713,222 ($511,178) $0 $213,141
21
22
23
24
25
26
27
28
29
30

Cumulative Cash Flow

$2,000,000

$1,500,000

$1,000,000
Flow ($)

$500,000
 $2,000,000

$1,500,000

$1,000,000
Cumulative Cash Flow ($)
$500,000

$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
($500,000)

($1,000,000)

($1,500,000)

($2,000,000)

Project Year
 Federal Federal Tax State Tax
Pre-Tax Taxable State Taxable Benefit/ Benefit/ After Tax Cash
Cash Flow Income Income (Liability) (Liability) Flow
$ $ $ $ $ $
($1,687,500)
$173,403 ($434,348) ($434,348) $179,188 $41,544 $394,135
$167,474 ($860,879) ($860,879) $316,586 $77,891 $561,951
$161,425 ($407,320) ($407,320) $172,152 $39,433 $373,010
$155,256 ($133,896) ($133,896) $85,422 $16,288 $256,966
$148,963 ($130,800) ($130,800) $85,281 $16,123 $250,368
$142,545 $75,771 $75,771 $19,995 ($1,335) $161,204
$135,998 $282,653 $282,653 ($45,374) ($18,818) $71,805
$129,320 $286,870 $286,870 ($45,822) ($19,072) $64,426
$122,508 $291,586 $291,586 ($46,411) ($19,367) $56,730
$115,561 $296,961 $296,961 ($47,193) ($19,716) $48,652
$42,161 $236,734 $236,734 ($75,814) ($20,122) ($53,775)
$33,607 $242,287 $242,287 ($77,592) ($20,594) ($64,580)
$24,881 $248,644 $248,644 ($79,628) ($21,135) ($75,882)
$385,225 $254,969 $254,969 ($81,654) ($21,672) $281,899
$251,831 $244,959 $244,959 ($78,448) ($20,822) $152,562
$242,572 $237,364 $237,364 ($76,016) ($20,176) $146,380
$233,127 $229,578 $229,578 ($73,523) ($19,514) $140,090
$223,493 $219,945 $219,945 ($70,437) ($18,695) $134,360
$213,666 $210,118 $210,118 ($67,290) ($17,860) $128,516
$415,186 $198,497 $198,497 ($63,569) ($16,872) $334,745

Revenue + Tax Benefits / (Liability) v.

Expenses + Cash Obligations
$1,400,000

$1,200,000

$1,000,000
 Expenses + Cash Obligations
$1,400,000

$1,200,000

$1,000,000

$800,000

( $)
0 21 22 23 24 25 26 27 28 29 30
$600,000

$400,000

$200,000

$0
0 1 2 3 4 5 6 7 8 9 101112131415161718192021222324252627282930

Project Year
 Graph Data

Cumulative Cash After Tax Debt Revenue + Tax

Flow IRR Service Benefit/(Liability)
$ % Coverage
($1,687,500)
($1,293,365) NA 1.70 $991,803
($731,414) -29.45% 1.68 $1,166,637
($358,404) -11.16% 1.65 $984,854
($101,438) -2.63% 1.63 $876,111
$148,929 3.24% 1.60 $876,960
$310,133 6.04% 1.58 $795,392
$381,939 7.06% 1.55 $713,742
$446,364 7.85% 1.52 $714,266
$503,094 8.44% 1.50 $714,631
$551,746 8.88% 1.47 $714,776
$497,971 8.43% 1.17 $620,735
$433,391 7.89% 1.14 $618,485
$357,509 7.23% 1.10 $615,909
$639,408 9.20% N/A $612,420
$791,970 9.94% N/A $615,551
$938,349 10.50% N/A $618,629
$1,078,440 10.93% N/A $621,784
$1,212,800 11.27% N/A $625,688
$1,341,316 11.54% N/A $629,670
$1,676,061 12.11% N/A $632,781
$1,676,061
$1,676,061
$1,676,061
$1,676,061
$1,676,061
$1,676,061
$1,676,061
$1,676,061
$1,676,061
$1,676,061

s / (Liability) v.
ations
ations

Expenses + Cash Obligations

Revenue + Tax Benefit/(Liability)

2324252627282930
Graph Data

Expenses + Cash Obligations

$597,668
$604,686
$611,844
$619,145
$626,592
$634,189
$641,937
$649,840
$657,901
$666,124
$674,510
$683,065
$691,791
$330,521
$462,989
$472,249
$481,694
$491,328
$501,154
$298,036
Project/Contract Year

Production Degradation Factor

Electricity Production
Heat Available for Sale
Digestate Revenue Escalation Factor
Waste Heat Selling Rate Escalation Factor

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
Tipping Fees
Digestate (if merchantable for additional revenue)
Sale/Avoided Cost of Waste Heat
Project Revenue, All Sources

Project Expenses
Operating Expense Inflation Factor
Feedstock Escalation Factor
Water & Sewer Escalation Factor
Digestate Disposal Escalation Factor

Fixed O&M Expense

Variable O&M Expense
Insurance
Project Administration
Feedstock Expense
Water & Sewer Expenses
Digestate (if treated as an expense
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), operating loss treatment ==>>

Taxable Income (State), operating loss treatment ==>>

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 $3,525,000
7 Year MACRS $0
15 Year MACRS $56,250
20 Year MACRS $37,500
5 Year SL $0
15 Year SL $0
20 Year SL $37,500
39 Year SL $0
Bonus Depreciation
Non-Depreciable $93,750
Unadjusted
Project Cost Basis $3,750,000
OK
Adjustment to Cost Basis for ITC & 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
3rd Replacement
Depreciation Timing
Depreciation Expense
4th 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 #1 (max funding period, yrs)
Major Equipment Replacement Reserves #2 (max funding period, yrs)
Major Equipment Replacement Reserves #3 (max funding period, yrs)
Major Equipment Replacement Reserves #4 (max funding period, yrs)
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 1.000 1.000

kWh 3,626,640 3,626,640 3,626,640
therms 195,334 195,334 195,334
1.00 1.010 1.020
1.00 1.020 1.040

1.00 1.000 1.000

1.00 1.020 1.040
1.00 1.020 1.040

¢/kWh 100% 11.35 11.35 11.35

¢/kWh 0% 0.00 0.00 0.00
¢/kWh 11.35 11.35 11.35
$ $411,624 $411,624 $411,624
¢/kWh 0.00 0.00 0.00
$ $0 $0 $0
¢/kWh 0.00 0.00 0.00
$ $0 $0 $0
¢/kWh 1.50 1.53 1.56
$ $54,400 $55,488 $56,597
$ $5,048 $5,048 $5,048
$ $300,000 $300,000 $300,000
$ $0 $0 $0
$ $0 $0 $0
$ $771,071 $772,159 $773,269

1.00 1.0200 1.0404

1.00 1.0200 1.0404
1.00 1.0200 1.0404
1.00 1.0200 1.0404

$ ($150,000) ($153,000) ($156,060)

$ ($120,888) ($123,306) ($125,772)
$ ($15,000) ($15,300) ($15,606)
$ ($30,000) ($30,600) ($31,212)
$ $0 $0 $0
$ ($10,000) ($10,200) ($10,404)
$ $0 $0 $0
$ $0 $0 $0
$ ($25,000) ($25,500) ($26,010)
 $ $0 $0 $0
$ ($350,888) ($357,906) ($365,064)
¢/kWh (9.68) (9.87) (10.07)

$ $420,183 $414,253 $408,205

Avg. DSCR Min DSCR
1.48 1.10 1.70 1.68 1.65

($144,375) ($137,207) ($129,537)

$275,808 $277,047 $278,669

($102,405) ($109,573) ($117,243)

$0 $0 $0
$0 $0 $0
$173,403 $167,474 $161,425

($1,687,500) $0 $0 $0
$173,403 $167,474 $161,425
($1,687,500) $173,403 $167,474 $161,425
NA NA NA

($710,156) ($1,137,926) ($685,988)

($434,348) ($860,879) ($407,320)

As Generated ($434,348) ($860,879) ($407,320)

As Generated ($434,348) ($860,879) ($407,320)

$137,482 $274,046 $128,760

$41,544 $77,891 $39,433
$41,706 $42,540 $43,391
$0 $0 $0
($1,687,500) $394,135 $561,951 $373,010
NA -29.4% -11.2%

7.22% Yr 1 COE
12.11% (cents/kWh)
$6,306 11.35
 3,750,000
55%
2,062,500

- ($246,780) ($246,780) ($246,780)

- ($144,375) ($137,207) ($129,537)
- ($102,405) ($109,573) ($117,243)

- 2,062,500 1,960,095 1,850,522

2,062,500 - - -
- ($102,405) ($109,573) ($117,243)
2,062,500 1,960,095 1,850,522 1,733,279

Project Cost Allocation

% After 0 1 2 3
Allocation Adjustments
94% $3,525,000 20.00% 32.00% 19.20%
0% $0 14.29% 24.49% 17.49%
2% $56,250 5.00% 9.50% 8.55%
1% $37,500 3.75% 7.22% 6.68%
0% $0 10.00% 20.00% 20.00%
0% $0 3.33% 6.67% 6.67%
1% $37,500 2.50% 5.00% 5.00%
0% $0 1.28% 2.56% 2.56%
$0 100.00% 0.00% 0.00%
3% $93,750
Adjusted
100% $3,750,000
OK OK

check
$3,525,000 $705,000 $1,128,000 $676,800
$0 $0 $0 $0
$56,250 $2,813 $5,344 $4,809
$37,500 $1,406 $2,707 $2,504
$0 $0 $0 $0
$0 $0 $0 $0
$37,500 $938 $1,875 $1,875
 $0 $0 $0 $0
$0 $0 $0 $0
$93,750
$3,750,000 OK

$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

$710,156 $1,137,926 $685,988

$287,791 $461,144 $277,997

($434,348) ($860,879) ($407,320)

$0 $434,348 $1,295,227
$434,348 $860,879 $407,320
$0 $0 $0
$434,348 $1,295,227 $1,702,547

$0 $0 $0

$0 $434,348 $1,295,227
$434,348 $860,879 $407,320
$0 $0 $0
$434,348 $1,295,227 $1,702,547

$0 $0 $0
 $0 $0 $0
$41,706 $42,540 $43,391

$41,706 $42,540 $43,391

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 $336,531 $336,531 $336,531

$123,390 $0 $0 $0
$213,141 $0 $0 $0
max funding period, yrs) 10 $0 $0 $0 $0
max funding period, yrs) 10 $0 $0 $0 $0
max funding period, yrs) 10 $0 $0 $0 $0
max funding period, yrs) 10 $0 $0 $0 $0
$0 $0 $0 $0
$336,531 $336,531 $336,531 $336,531

$5,048 $5,048 $5,048

$0 $0 $0
 NPV
$6,306
0
10
20
30
40
50
60
70
80
90
100
 4 5 6 7 8 9

1.000 1.000 1.000 1.000 1.000 1.000

3,626,640 3,626,640 3,626,640 3,626,640 3,626,640 3,626,640
195,334 195,334 195,334 195,334 195,334 195,334
1.030 1.041 1.051 1.062 1.072 1.083
1.061 1.082 1.104 1.126 1.149 1.172

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

11.35 11.35 11.35 11.35 11.35 11.35

0.00 0.00 0.00 0.00 0.00 0.00
11.35 11.35 11.35 11.35 11.35 11.35
$411,624 $411,624 $411,624 $411,624 $411,624 $411,624
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
1.59 1.62 1.66 1.69 1.72 1.76
$57,729 $58,884 $60,062 $61,263 $62,488 $63,738
$5,048 $5,048 $5,048 $5,048 $5,048 $5,048
$300,000 $300,000 $300,000 $300,000 $300,000 $300,000
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$774,401 $775,555 $776,733 $777,934 $779,160 $780,409

1.0612 1.0824 1.1041 1.1262 1.1487 1.1717

1.0612 1.0824 1.1041 1.1262 1.1487 1.1717
1.0612 1.0824 1.1041 1.1262 1.1487 1.1717
1.0612 1.0824 1.1041 1.1262 1.1487 1.1717

($159,181) ($162,365) ($165,612) ($168,924) ($172,303) ($175,749)

($128,287) ($130,853) ($133,470) ($136,140) ($138,862) ($141,640)
($15,918) ($16,236) ($16,561) ($16,892) ($17,230) ($17,575)
($31,836) ($32,473) ($33,122) ($33,785) ($34,461) ($35,150)
$0 $0 $0 $0 $0 $0
($10,612) ($10,824) ($11,041) ($11,262) ($11,487) ($11,717)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($26,530) ($27,061) ($27,602) ($28,154) ($28,717) ($29,291)
 $0 $0 $0 $0 $0 $0
($372,365) ($379,812) ($387,409) ($395,157) ($403,060) ($411,121)
(10.27) (10.47) (10.68) (10.90) (11.11) (11.34)

$402,036 $395,743 $389,324 $382,778 $376,100 $369,288

1.63 1.60 1.58 1.55 1.52 1.50

($121,329) ($112,548) ($103,152) ($93,098) ($82,340) ($70,829)

$280,706 $283,195 $286,173 $289,680 $293,760 $298,459

($125,450) ($134,232) ($143,628) ($153,682) ($164,440) ($175,951)

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$155,256 $148,963 $142,545 $135,998 $129,320 $122,508

$0 $0 $0 $0 $0 $0
$155,256 $148,963 $142,545 $135,998 $129,320 $122,508
$155,256 $148,963 $142,545 $135,998 $129,320 $122,508
-29.7% -20.9% -14.7% -10.3% -7.1% -4.7%

($414,603) ($413,996) ($210,401) ($7,027) ($6,890) ($6,873)

($133,896) ($130,800) $75,771 $282,653 $286,870 $291,586

($133,896) ($130,800) $75,771 $282,653 $286,870 $291,586

($133,896) ($130,800) $75,771 $282,653 $286,870 $291,586

$41,163 $40,137 ($26,053) ($92,342) ($93,729) ($95,277)

$16,288 $16,123 ($1,335) ($18,818) ($19,072) ($19,367)
$44,259 $45,144 $46,047 $46,968 $47,907 $48,866
$0 $0 $0 $0 $0 $0
$256,966 $250,368 $161,204 $71,805 $64,426 $56,730
-2.6% 3.2% 6.0% 7.1% 7.8% 8.4%
($246,780) ($246,780) ($246,780) ($246,780) ($246,780) ($246,780)
($121,329) ($112,548) ($103,152) ($93,098) ($82,340) ($70,829)
($125,450) ($134,232) ($143,628) ($153,682) ($164,440) ($175,951)

1,733,279 1,607,828 1,473,596 1,329,968 1,176,286 1,011,846

- - - - - -
($125,450) ($134,232) ($143,628) ($153,682) ($164,440) ($175,951)
1,607,828 1,473,596 1,329,968 1,176,286 1,011,846 835,896

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%

$406,080 $406,080 $203,040 $0 $0 $0

$0 $0 $0 $0 $0 $0
$4,331 $3,898 $3,504 $3,319 $3,319 $3,324
$2,316 $2,142 $1,982 $1,833 $1,696 $1,673
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$1,875 $1,875 $1,875 $1,875 $1,875 $1,875
 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

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

$414,603 $413,996 $210,401 $7,027 $6,890 $6,873

$168,018 $167,772 $85,265 $2,848 $2,792 $2,785

($133,896) ($130,800) $75,771 $282,653 $286,870 $291,586

$1,702,547 $1,836,443 $1,967,244 $1,891,472 $1,608,819 $1,321,949

$133,896 $130,800 $0 $0 $0 $0
$0 $0 ($75,771) ($282,653) ($286,870) ($291,586)
$1,836,443 $1,967,244 $1,891,472 $1,608,819 $1,321,949 $1,030,363

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

$1,702,547 $1,836,443 $1,967,244 $1,891,472 $1,608,819 $1,321,949

$133,896 $130,800 $0 $0 $0 $0
$0 $0 ($75,771) ($282,653) ($286,870) ($291,586)
$1,836,443 $1,967,244 $1,891,472 $1,608,819 $1,321,949 $1,030,363

$0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0
$44,259 $45,144 $46,047 $46,968 $47,907 $48,866

$44,259 $45,144 $46,047 $46,968 $47,907 $48,866

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

$336,531 $336,531 $336,531 $336,531 $336,531 $336,531

$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
$336,531 $336,531 $336,531 $336,531 $336,531 $336,531

$5,048 $5,048 $5,048 $5,048 $5,048 $5,048

$0 $0 $0 $0 $0 $0
 NPV NPV
$6,306 $6,306
10.0 11.0
11.0 11.1
12.0 11.2
13.0 11.3
14.0 11.4
15.0 11.5
16.0 11.6
17.0 11.7
18.0 11.8
19.0 11.9
20.0 12.0
 10 11 12 13 14 15

1.000 1.000 1.000 1.000 1.000 1.000

3,626,640 3,626,640 3,626,640 3,626,640 3,626,640 3,626,640
195,334 195,334 195,334 195,334 195,334 195,334
1.094 1.105 1.116 1.127 1.138 1.149
1.195 1.219 1.243 1.268 1.294 1.319

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

11.35 11.35 11.35 11.35 11.35 11.35

0.00 0.00 0.00 0.00 0.00 0.00
11.35 11.35 11.35 11.35 11.35 11.35
$411,624 $411,624 $411,624 $411,624 $411,624 $411,624
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
1.79 0.00 0.00 0.00 0.00 0.00
$65,013 $0 $0 $0 $0 $0
$5,048 $5,048 $5,048 $5,048 $4,123 $3,197
$300,000 $300,000 $300,000 $300,000 $300,000 $300,000
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$781,684 $716,672 $716,672 $716,672 $715,746 $714,821

1.1951 1.2190 1.2434 1.2682 1.2936 1.3195

1.1951 1.2190 1.2434 1.2682 1.2936 1.3195
1.1951 1.2190 1.2434 1.2682 1.2936 1.3195
1.1951 1.2190 1.2434 1.2682 1.2936 1.3195

($179,264) ($182,849) ($186,506) ($190,236) ($194,041) ($197,922)

($144,472) ($147,362) ($150,309) ($153,315) ($156,382) ($159,509)
($17,926) ($18,285) ($18,651) ($19,024) ($19,404) ($19,792)
($35,853) ($36,570) ($37,301) ($38,047) ($38,808) ($39,584)
$0 $0 $0 $0 $0 $0
($11,951) ($12,190) ($12,434) ($12,682) ($12,936) ($13,195)
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($29,877) ($30,475) ($31,084) ($31,706) ($32,340) ($32,987)
 $0 $0 $0 $0 $0 $0
($419,344) ($427,731) ($436,285) ($445,011) ($453,911) ($462,989)
(11.56) (11.79) (12.03) (12.27) (12.52) (12.77)

$362,341 $288,941 $280,386 $271,661 $261,835 $251,831

1.47 1.17 1.14 1.10 N/A N/A

Year 13
($58,513) ($45,334) ($31,233) ($16,144) $0 $0
$303,828 $243,607 $249,154 $255,516 $261,835 $251,831

($188,267) ($201,446) ($215,547) ($230,635) $0 $0

$0 $0 $0 $0 $123,390 $0
$0 $0 $0 $0 $0 $0
$115,561 $42,161 $33,607 $24,881 $385,225 $251,831

$0 $0 $0 $0 $0 $0
$115,561 $42,161 $33,607 $24,881 $385,225 $251,831
$115,561 $42,161 $33,607 $24,881 $385,225 $251,831
-2.8% -2.2% -1.8% -1.5% 2.0% 3.4%

($6,867) ($6,873) ($6,867) ($6,873) ($6,867) ($6,873)

$296,961 $236,734 $242,287 $248,644 $254,969 $244,959

$296,961 $236,734 $242,287 $248,644 $254,969 $244,959

$296,961 $236,734 $242,287 $248,644 $254,969 $244,959

($97,036) ($75,814) ($77,592) ($79,628) ($81,654) ($78,448)

($19,716) ($20,122) ($20,594) ($21,135) ($21,672) ($20,822)
$49,843 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$48,652 ($53,775) ($64,580) ($75,882) $281,899 $152,562
8.9% 8.4% 7.9% 7.2% 9.2% 9.9%
($246,780) ($246,780) ($246,780) ($246,780) $0 $0
($58,513) ($45,334) ($31,233) ($16,144) $0 $0
($188,267) ($201,446) ($215,547) ($230,635) $0 $0

835,896 647,628 446,182 230,635 - -

- - - - - -
($188,267) ($201,446) ($215,547) ($230,635) $0 $0
647,628 446,182 230,635 - - -

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
$3,319 $3,324 $3,319 $3,324 $3,319 $3,324
$1,673 $1,673 $1,673 $1,673 $1,673 $1,673
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$1,875 $1,875 $1,875 $1,875 $1,875 $1,875
 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

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

$6,867 $6,873 $6,867 $6,873 $6,867 $6,873

$2,783 $2,785 $2,783 $2,785 $2,783 $2,785

$296,961 $236,734 $242,287 $248,644 $254,969 $244,959

$1,030,363 $733,402 $496,667 $254,380 $5,736 $0

$0 $0 $0 $0 $0 $0
($296,961) ($236,734) ($242,287) ($248,644) ($5,736) $0
$733,402 $496,667 $254,380 $5,736 $0 $0

$0 $0 $0 $0 $249,232 $244,959

$1,030,363 $733,402 $496,667 $254,380 $5,736 $0

$0 $0 $0 $0 $0 $0
($296,961) ($236,734) ($242,287) ($248,644) ($5,736) $0
$733,402 $496,667 $254,380 $5,736 $0 $0

$0 $0 $0 $0 $249,232 $244,959
 $0 $0 $0 $0 $0 $0
$49,843 $0 $0 $0 $0 $0

$49,843 $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

$336,531 $336,531 $336,531 $336,531 $336,531 $213,141

$0 $0 $0 $0 ($123,390) $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
$336,531 $336,531 $336,531 $336,531 $213,141 $213,141

$5,048 $5,048 $5,048 $5,048 $4,123 $3,197

$0 $0 $0 $0 ($123,390) $0
Range Min Range Max
11.3 11.4
 16 17 18 19 20 21

1.000 1.000 1.000 1.000 1.000 1.000

3,626,640 3,626,640 3,626,640 3,626,640 3,626,640 0
195,334 195,334 195,334 195,334 195,334 0
1.161 1.173 1.184 1.196 1.208 1.220
1.346 1.373 1.400 1.428 1.457 1.486

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

11.35 11.35 11.35 11.35 11.35 0.00

0.00 0.00 0.00 0.00 0.00 0.00
11.35 11.35 11.35 11.35 11.35 0.00
$411,624 $411,624 $411,624 $411,624 $411,624 $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
$3,197 $3,197 $3,197 $3,197 $1,599 $0
$300,000 $300,000 $300,000 $300,000 $300,000 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$714,821 $714,821 $714,821 $714,821 $713,222 $0

1.3459 1.3728 1.4002 1.4282 1.4568 1.4859

1.3459 1.3728 1.4002 1.4282 1.4568 1.4859
1.3459 1.3728 1.4002 1.4282 1.4568 1.4859
1.3459 1.3728 1.4002 1.4282 1.4568 1.4859

($201,880) ($205,918) ($210,036) ($214,237) ($218,522) $0

($162,699) ($165,953) ($169,272) ($172,658) ($176,111) $0
($20,188) ($20,592) ($21,004) ($21,424) ($21,852) $0
($40,376) ($41,184) ($42,007) ($42,847) ($43,704) $0
$0 $0 $0 $0 $0 $0
($13,459) ($13,728) ($14,002) ($14,282) ($14,568) $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
($33,647) ($34,320) ($35,006) ($35,706) ($36,420) $0
 $0 $0 $0 $0 $0 $0
($472,249) ($481,694) ($491,328) ($501,154) ($511,178) $0
(13.02) (13.28) (13.55) (13.82) (14.10) 0.00

$242,572 $233,127 $223,493 $213,666 $202,045 $0

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

$0 $0 $0 $0 $0 $0
$242,572 $233,127 $223,493 $213,666 $202,045 $0

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $213,141 $0
$0 $0 $0 $0 $0 $0
$242,572 $233,127 $223,493 $213,666 $415,186 $0

$0 $0 $0 $0 $0 $0
$242,572 $233,127 $223,493 $213,666 $415,186 $0
$242,572 $233,127 $223,493 $213,666 $415,186 $0
4.5% 5.3% 5.9% 6.4% 7.2% 7.2%

($5,207) ($3,548) ($3,548) ($3,548) ($3,548) $0

$237,364 $229,578 $219,945 $210,118 $198,497 $0

$237,364 $229,578 $219,945 $210,118 $198,497 $0

$237,364 $229,578 $219,945 $210,118 $198,497 $0

($76,016) ($73,523) ($70,437) ($67,290) ($63,569) $0

($20,176) ($19,514) ($18,695) ($17,860) ($16,872) $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$146,380 $140,090 $134,360 $128,516 $334,745 $0
10.5% 10.9% 11.3% 11.5% 12.1% 12.1%
 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

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

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
$1,659 $0 $0 $0 $0 $0
$1,673 $1,673 $1,673 $1,673 $1,673 $837
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$1,875 $1,875 $1,875 $1,875 $1,875 $938
 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

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

$5,207 $3,548 $3,548 $3,548 $3,548 $0

$2,110 $1,438 $1,438 $1,438 $1,438 $0

$237,364 $229,578 $219,945 $210,118 $198,497 $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

$237,364 $229,578 $219,945 $210,118 $198,497 $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

$237,364 $229,578 $219,945 $210,118 $198,497 $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

$213,141 $213,141 $213,141 $213,141 $213,141 $0

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 ($213,141) $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
$213,141 $213,141 $213,141 $213,141 $0 $0

$3,197 $3,197 $3,197 $3,197 $1,599 $0

$0 $0 $0 $0 ($213,141) $0
 22 23 24 25 26 27

1.000 1.000 1.000 1.000 1.000 1.000

0 0 0 0 0 0
0 0 0 0 0 0
1.232 1.245 1.257 1.270 1.282 1.295
1.516 1.546 1.577 1.608 1.641 1.673

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

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 $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
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

1.5157 1.5460 1.5769 1.6084 1.6406 1.6734

1.5157 1.5460 1.5769 1.6084 1.6406 1.6734
1.5157 1.5460 1.5769 1.6084 1.6406 1.6734
1.5157 1.5460 1.5769 1.6084 1.6406 1.6734

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00 0.00

$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
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
7.2% 7.2% 7.2% 7.2% 7.2% 7.2%

$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
12.1% 12.1% 12.1% 12.1% 12.1% 12.1%
 $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
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0

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

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

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

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

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

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

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

$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

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

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
 28 29 30

1.000 1.000 1.000

0 0 0
0 0 0
1.308 1.321 1.335
1.707 1.741 1.776

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

1.7069 1.7410 1.7758

1.7069 1.7410 1.7758
1.7069 1.7410 1.7758
1.7069 1.7410 1.7758

$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
0.00 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
7.2% 7.2% 7.2%

$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
12.1% 12.1% 12.1%
 $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
0 0 0
$0 $0 $0
$0 $0 $0
0 0 0
$0 $0 $0
$0 $0 $0
0 0 0
$0 $0 $0
$0 $0 $0
0 0 0
$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

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

$0 $0 $0

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

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

$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
$0 $0 $0

$0 $0 $0
$0 $0 $0
Complex Inputs for Deriving Total Project Capital Cost, if applicable
All inputs must be provided and validated by the user.

Generation Equipment $
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
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Generation Equipment Cost $0

Click Here to Return to Inputs Worksheet

Balance of Plant $
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
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Balance of Plant Cost $0

Click Here to Return to Inputs Worksheet

Interconnection $
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
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Interconnection Cost $0
Click Here to Return to Inputs Worksheet

Development Costs & Fee $

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
placeholder $0
placeholder $0
placeholder $0
placeholder $0
Total Development Costs & Fees $0

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Reserves & Financing Costs $

Lender Fee $0
Interest During Construction $0
Other Equity & Debt Closing Costs $0
Initial Funding of Debt Service & Working Capital/O&M Reserves $336,531
Total Installed Cost $336,531

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Total Project Costs

Cost Category $

Generation Equipment $0
Balance of Plant $0
Interconnection $0
Development Costs & Fee $0
Reserves & Financing Costs $336,531
Total Installed Cost $336,531

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
plicable

% Eligible for
Depreciation Classification
ITC
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% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
#DIV/0!

% Eligible for
Depreciation Classification
ITC
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% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
#DIV/0!

% 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
#DIV/0!
% Eligible for
Depreciation Classification
ITC
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% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
#DIV/0!

% 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

#DIV/0! Generation Equipment $0 $0

#DIV/0! Balance of Plant $0 $0
#DIV/0! Interconnection $0 $0
#DIV/0! Development Costs & Fee $0 $0
$0 Reserves & Financing Costs $0 $0
#DIV/0! $0 $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

$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $336,531
$0 $0 $0 $336,531