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Usingthedatafromthepreviousexamplebutthistimeassuminganannualoutputof 1000unitsperyear and a nominal discount rate of 12%, the LCOE is equal to (TeCC/Q) (UCRF). The UCRF for thk example is [o.n(i + 0.12)~] [(I + 0.12)~- 11 = 0.277 . (4-8) Thus, the LCOE is equal to $10,705 / 1,000 x 0.277 = $2.97. Although $2.97 is the levelized after-tax cost, the before-tax revenues required to cover all costs is $16,220 / 1,000 x 0.277 = $4.50 SO $2.97 / (1 - 0.34) = $4.503 . (4-9) This means that if the energy units are sold for $4.50 per unit in current dollars over the next 5 years and the company sells 1000 energy units per year of operation, the investor wiIl be able to pay the applicable income tax, earn 12% after taxes, and recoup the initial investment and annual O&M costs. SupposethataconstantdollarLCOEwasrequiredforthisexample. Theonlydifferencerequiredisto calculate the UCRF using a real discount rate, which in this case is 8.74% (carrying forward the previous assumptionofa12%nominaldiscountratewith3%inflation). TheUCRFthenbecomes [0.0874(1+0.0X74)s]/ [(l+0.0874)5- 11= 0.255 . (4-10) Thus, the LCOE is equal to $16,220 / 1,000 x 0.255 = $4.14. This constant dollar example illustrates a shortcut LCOE calculation. The shortcut methodology for estimating the before-tax-revenues-requiredLCOE requires the assumptions that the project not only have constant output, but also constant.O&M and no financing. If these assumptions can be made, the shortcut can be used with the application of the following formula: Where: LCOE = I xFCR +- O&M QQ (4-11) LCOE = levelized cost of energy I = initial investment FCR = fixed charge rate, in this case the before-tax revenues required FCR (see Section 2, Fixed Charge Rate subsection) Q = annualoutput O&M = annual O&M and fuel costs for the plant. Continuing with the before-tax-revenues-required example with constant output and an FCR of 0.284, which can be calculated from the formula provided in the Fixed Charge Rate subsection in Section 2, the quick estimate of before-tax-revenues-requiredLCOE can be calculated as: LCOE = (10,000 x 0.284) / 1,000 + (1,300 / 1,000) = $4.14 , (4-12) which is the same as the LCOE calculated from the TLCC. If the investment is an energy efficiency investment, LCOE only makes sense i n the context of the energy saved, Although TLCCs can be calculated for each energy-consuming system, LCOE should not be 49PDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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