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to for-profit firms with profits fiom other activities against which the tax deductions can be applied. The after-tax cost is most relevant to energy-saving investments in which no energy product is produced for saletocustomers. Thebefore-tax-required-revenueformulaisapplicabletoprofit-seekingfirmsthatdesire to know how much they will have to charge for the energy they are supplying in order to recover their costs, as well as make their desired return (as defined by -the discount rate used in the fixed-charge rate calculation). Any comparison between two investments should be conducted on the same tax basis, i.e., both with no tax, or both on a cost-after-tax basis, or both on a before-tax-revenue-required basis. Note that the distinction between the formulas for the cost-after-tax-deductions and the required-revenue formulaissimplythedivisionoftheformerbythemarginalincometaxrate. Itisalsointerestingtonote that the no-tax formula and required-revenue formula would be identical if there were no tax credit and if the present value of depreciation [b V$(l + a>"w]ere equal to unity (i.e., if it were d, = 0 or Vo= 1). The fixed charge rate can be calculated on either ;e real or nominal basis by using a red or nominal discountrateintheuniformcapitalrecoveryfactor. RegardlessofwhichisusedfortheUCRFportion of the FCR, the discount rate employed to calculate the present value of depreciation in the FCR calculation should be a nominal discount rate because depreciation in each year is calculated in nominal dollars. Financing Introduction Financialmarketsprovidethemechanismthroughwhichfirmsobtainfunding. Sourcesoffundingcan come from commercial banks, savings and loans, finance companies, insurance companies, pension funds, investment funds, investment bankers, brokers, dealers, households, governments, and other business firms. Funds are raised fiom these external sources and allocated to specific projects and assets. The cash flow cycle i s then managed, and the finds are eventually returned to the financial sources (Weston and Brigham 1981). A financial transaction results in the creation of both an asset and a liability. The creation and transfer oftheseassetsandliabilitiesformfinancialmarkets. Thesefinancialtransferscanbeintheformofloans, bonds, common stock, and preferred stock. When the obligations bought and sold have a maturity of less than 1 year, they are known as money markets, when the maturities are more than 1 year, they are known as capital markets. It is important for the analyst to understand the two forms of financing: project specific and corporate. Project-specific financing can be defined as the arrangement of debt, equity, and credit enhancement for the construction or refinancing of a particular facility in a capital-intensive industry where lenders base credit appraisals on the projected revenues from the facility rather than on the assets or credit of the promoter of the facility. This financing relies on the assets of the facility, including revenue-producing contracts and cash flow, as collateral for the debt (") 1992). In contrast, internal or equity financing (corporate financing) can be characterized by the use of corporate credit and the general assets of the corporationasthebasisforcreditandcollateral. Unlikeproject-specificfinancing,itisnottiedtoany specific projects. Discussion Financing is very much related to portfolio analysis and risk. A company wishes to have the optimum portfolio of financial assets and liabilities. In other words, it does not wish to obtain 100%of financing 24PDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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