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Parabolic-Trough Technology Roadmap January 1999 Parabolic-trough technologies carry many development risks. First, most market opportunities are believed to be in developing countries. These markets often have a large amount of risk because of political and or economic instability, currency exchange rates, the state of maturity of their private power industry, and the general issues of international business in a developing country. The general trend toward competitive markets is causing another key issue to surface—the lack of long-term power purchase agreements. TAXATION POLICIES In the global marketplace, taxation policies have a significant influence on major investment decisions. As a result, taxation policies can indirectly dictate which technologies will succeed. In the case of electric generation technologies in the United States, federal, state, and local tax codes tend to show a preference for expense-intensive technologies such as conventional fossil-fueled power plants over capital-intensive technologies such as parabolic-trough power plants. The special tax incentives that existed in the 1980s pushed the spectrum to the other extreme and encouraged the development of the SEGS plants. There are two general reasons to focus on tax incentives. The first is to encourage the development of the technology because it provides special societal values that would not otherwise be addressed by the marketplace. These include the creation of new jobs, energy resource diversification, and potential environmental benefits. The second reason for special tax incentives is in cases in which the current tax code would unfairly penalize a technology compared to another technology that provides a similar service. Many of the special taxation policies that stimulated trough development in the 1980s have been reduced or eliminated. Federal investment tax credits have been reduced to 10%, although federal law still allows accelerated depreciation of solar equipment. California state investment tax credits were eliminated, as was the solar property tax exclusion. As a result, new CSP technologies will pay a higher tax burden than conventional fossil technologies. ÿ Investment and Production Tax Credits Investment tax credits were a big part of the success of the SEGS projects. Early projects were largely driven by state and federal investment tax credits that were as high as 55% of the total project investment cost. Investment tax credits are intended to encourage the development of new technologies. However, in the case of wind power, investment tax credits resulted in a lot of tax-driven projects that either operated poorly or never operated at all. As a result, electricity production-based tax credits are being used for wind power technologies today. Given the current levels of investment and production tax credits, solar technologies would be better served by switching to the same production-based tax credits that wind technologies currently receive. ÿ Solar Property Tax Exemption At a solar power plant, the solar field can be viewed as a 30-year supply of fuel. Without special tax exemptions, a solar power plant would be forced to pay property tax on the solar field land and equipment. This would be equivalent to a conventional plant having to pay property tax on a 30-year supply of fuel. Because the solar field represents a major portion of the total capital cost of the plant, property tax on this equipment represents a significant cost penalty for solar technologies. In the past, California exempted large-scale CSP technologies from paying property tax on solar-related property. In the LUZ projects, this was assumed to include all land and equipment except those related to the backup fossil-fired systems. This Page 31PDF Image | A Pathway for Sustained Commercial Development and Deployment of Parabolic Trough Technology
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