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For nonutility investments, the approach is a little less clear. If the costs or benefits associated with the externality cannot be measured, the analyst may have no choice but to leave them out of a quantitative analysis and simply mention them in a qualitative analysis. If it is deemed necessary to quantify the externality, the analyst may go one step further and express the externality in units other than money, such as units of particulates per unit of output in the case of pollution. This method at least provides the decision maker with information about the size of the externality. If the analysis requires further quantitative measures, it may be necessary to assign a dollar mount to the costs and benefits. In this case, the values arrived at by state commissions for utility applications may be usable. After all, an e m h i o n such as sulfur dioxide has the same cost (to society) regardless of its source. If similar costs and benefits have not been valued by the state commission, it may be necessary toestablisha"willingnesstopay"inordertoreceivethebenefitorforegothecost. Surveys,experiments, simulation,andsooncanbeusedtoarriveatawillingnesstopay. Willingnesstoacceptpaymentmay also have to be considered because the amount of money a person is willing to pay to receive a benefit or forego a cost may be entirely different than the amount of money a person is willing to accept to incur acostorforegoabenefit. Anotherapproachistomakeanalogiesbetweensimilarproducts. Forexample, the value of public land use could be estimated by prices paid in recent private land sales nearby. It is also a good idea to conduct a sensitivity analysis of the results with respect to the measured cost and benefitsoftheexternalities. Manytimesthevaluesassignedtospecificexternalitiesareprovidedasa range, and a sensitivity analysis on this range of values should be performed. In some cases, the inclusion of such costs and benefits will reinforce the results of the analysis i n the absence of the costs and benefits. In these cases, they may be appropriate to exclude. Again, judgment from the analyst is needed. Perhaps this level of detail is not warranted or perhaps the externality at issue will not make a difference in the ultimate decision. Regardless of the stance taken, both a qualitative discussion and a sensitivity analysis is recommended. Government Investments Recall from the Discount Rates subsection in Section 2 that discount rates are calculated annually by the federal government for use in analyses associated with government projects and, more specifically, government projects dealing with conservation and renewable energy systems. The 1995 value, in real terms, for all federal projects that have the option to use energy conservation or renewable energy is 3%. For many government investments, the perspective should be broadened to include not only the costs and benefits to the government and any direct beneficiaries but also to indirect beneficiaries. For example, government research on photovoltaics will benefit everyone, not just the photovoltaic industry and its customers, because increased photovoltaic use will reduce overall demand, thus reducing prices of conventionalfuels. However,someeconomicevaluationsofgovernmentinvestmentswillrequireaprivate investor perspective. For example, once the government makes the decision to sponsor photovoltaic research, an economic evaluation fi-om a private investor perspective should be performed to determine if the new technology will succeed in the marketplace. Another point is that "government"includes more than the federal arena. It includes city, county, and state governments, which may need to account for factors such as investment tax credits. Backup and Hybrid Systems Itisimportanttoconsiderallcostsintheanalyticprocess. Ifanoptionrequiresabackupunit,thecost (capital,operation,maintenance,andsoforth)andoutputofthebackupunitshouldbeincluded. Asan 74PDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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