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calculated for an individual energy-consuming but rather for the incremental cost and savings attributabletotheenergy-efficientsystem. Thiscanbeaccomplishedbylevelizingthedifferenceinthe nonfuel (electricity) life-cycle costs of the two systems. For example, consider the energy efficiency example provided in the Total Life-Cycle Cost subsection of Section 4: Alternative A: a 75-watt incandescent light bulb operating 6 hours per night for a total energy requirement of 164.25 kWh per year, an unchanging 6 cents per kWh price of electricity, bulb replacement once a year at a cost of $1 per bulb. me nonfuel costs of this system are $4.03 (1 + M.12 + 1/[1.1212+ I/[l.l2l3 + l/[I.l2l4), or the discounted cost of purchasing a new bulb at the beginning of each year. Alternative B: a 40-watt fluorescent bulb that lasts for the entire 5 years operating under similar conditions for a total energy requirement of 87.6 kWh per year, a $15 initial investment, and a constant price of electricity of 6 cents per kWh. The noslfuel cost of this option is just the $15 cost of the fluorescent bulb at the beginning of the analysis period. With a UCRF of 0.277, the "nominal levelized cost of energy saved" for this example is ([15-4.03]/76.65) x 0.277 = 0.04 $/kWh. This 4 cents per kWh can then be comparedz3to the nominal levelized cost of electricity, or 6 cents24per kWh in this example, to determine whether the energy efficiency investment is economical. In ehis example, the cost per unit required to save energy ($O.O4/kWh) is cheaper than it is to purchase the energy ($0.06/kWh), and thus the more efficient bulb shouldbepurchased. Alternatively,werethecostofelectricitytodropbelow4centsperkWh,themost cost-effective investment would change to alternative A. To gain a better understanding of the concept of nominal and real LCOE, examine Figure 4- 1. It depicts thecostoverthelifeofaninvestmentandtheresultingLCOEinbothnominalandrealterms. Thecash flow lines show how nominal and real costs are equal in the base year, whereas in the future, real costs (i.e.,inflation-adjusted)arelowerthannominalcosts. Likewise,theLCOEislowerinrealtermsthanin nominal. "he choice of real or nominal LCOE depends on the purpose of the analysis. Most short-term studies are shown in current dollars, whereas long-term studies are frequently computed in real dollars to adjust for many years of inflation. A current-dollar analysis will more closely resemble future cash flows (especially when the investment is largely financed), and a constant-dollar analysis paints a clearer picture of actual cost trends. Regardless of the method chosen, the most economical option will not change as long as all options are evaluated using the same method. 22Thereis no reasonable value to use for "Q," the annual output in the LCOE equation. To use the energy consumed by the system would be to penalize (increase the LCOE) for less energy consumption. 23Careshould be taken to ensure that taxes are treated equally for each investment. For this light bulb case,taxesareassumednottoberelevantbecausetheinvestorisahomeowner. Iftheinvestorwerea profit-making firm, the full cost of electricity (6 cents in the example) should be compared with the before-tax LCOE; or, alternatively, the after-tax cost of electricity to the firm ($0.06[1 - TI) should be compared with the LCOE after-tax deductions. 24Since,in this example, the cost of electricity as expressed in nominal dollars does not change, it is the same as the nominal levelized cost of electricity. 50PDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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