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Funding Currently the Town has $200,000 in federal funds available for geothermal development. In addition The Business Energy Tax Credit Program through the State of Oregon allows money to be used for renewable energy in lieu of tax payments by private companies. The Town utilized this source of funding when installing the geothermal system to the Department of Corrections facility. This funding is available up to 35% of project costs. The tax credits are a good option for the Town and a $200,000 value will be used for the cost analysis. Other funding is available from the Energy Trust of Oregon, U.S. Department of Agriculture, U.S. Department of Energy, Oregon Economic Development Renewable Energy Program and others. Private funding may be available from organizations such as The Climate Trust, which are interested in renewable energy and carbon reduction. The Town, being a municipal organization, has many options for funding that is otherwise not available to the private sector. Agency funding of grants and low interest loans will be the best alternative for the Town. Lakeview is familiar with working with these agencies and has a track record of success with them. Interest Rates Current loan possibilities from USDA, Oregon Economic Development, and others indicate a rate between 4.5 and 5% for loans termed at 20 to 30 years. In the 2005 Report “Factors Affecting Costs of Geothermal Power Development” the Geothermal Energy Association cited 5.5% as the most common for 100% financing of municipal owned utilities. For the financial analysis of this report a 5% rate will be used as it is within the state funding agency requirements. Cost Analysis The cost analysis is based on a 20 year financial life of the equipment. Longer loan periods are available to the Town, but may run past the life of the equipment. Projected electricity costs are noted by PacifiCorp within this timeline. A cost analysis showing profits was prepared for Option # 3, the 100% well water cooling, and Option # 2, the open tower alternative. Gross income from power sales was projected using a power output of 1,000,000 kWh per year for open tower cooling and 884,000 kWh per year for well water cooling. This is a conservative estimate to allow for down time and variations in power output. The gross income projections are illustrated in Table 8 and Table 9. Lakeview Geothermal Power Generation Facility Feasibility Study 17PDF Image | LAKEVIEW GEOTHERMAL POWER GENERATION FACILITY FEASIBILITY
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