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Author: Publisher: ISBN: Category : Languages : en Pages :
Book Description
We report that over the past several years, third-party-ownership (TPO) structures for residential photovoltaic (PV) systems have become the predominant ownership model in the US residential market. Under a TPO contract, the PV system host typically makes payments to the third-party owner of the system. Anecdotal evidence suggests that the total TPO contract payments made by the customer can differ significantly from payments in which the system host directly purchases the system. Furthermore, payments can vary depending on TPO contract structure. To date, a paucity of data on TPO contracts has precluded studies evaluating trends in TPO contract cost. This study relies on a sample of 1113 contracts for residential PV systems installed in 2010-2012 under the California Solar Initiative to evaluate how the timing of payments under a TPO contract impacts the ultimate cost of the system to the customer. Furthermore, we evaluate how the total cost of TPO systems to customers has changed through time, and the degree to which contract costs have tracked trends in the installed costs of a PV system. We find that the structure of the contract and the timing of the payments have financial implications for the customer: (1) power-purchase contracts, on average, cost more than leases, (2) no-money-down contracts are more costly than prepaid contracts, assuming a customer's discount rate is lower than 17% and (3) contracts that include escalator clauses cost more, for both power-purchase agreements and leases, at most plausible discount rates. Additionally, all contract costs exhibit a wide range, and do not parallel trends in installed costs over time.
Author: Publisher: ISBN: Category : Languages : en Pages :
Book Description
We report that over the past several years, third-party-ownership (TPO) structures for residential photovoltaic (PV) systems have become the predominant ownership model in the US residential market. Under a TPO contract, the PV system host typically makes payments to the third-party owner of the system. Anecdotal evidence suggests that the total TPO contract payments made by the customer can differ significantly from payments in which the system host directly purchases the system. Furthermore, payments can vary depending on TPO contract structure. To date, a paucity of data on TPO contracts has precluded studies evaluating trends in TPO contract cost. This study relies on a sample of 1113 contracts for residential PV systems installed in 2010-2012 under the California Solar Initiative to evaluate how the timing of payments under a TPO contract impacts the ultimate cost of the system to the customer. Furthermore, we evaluate how the total cost of TPO systems to customers has changed through time, and the degree to which contract costs have tracked trends in the installed costs of a PV system. We find that the structure of the contract and the timing of the payments have financial implications for the customer: (1) power-purchase contracts, on average, cost more than leases, (2) no-money-down contracts are more costly than prepaid contracts, assuming a customer's discount rate is lower than 17% and (3) contracts that include escalator clauses cost more, for both power-purchase agreements and leases, at most plausible discount rates. Additionally, all contract costs exhibit a wide range, and do not parallel trends in installed costs over time.
Author: Publisher: ISBN: Category : Languages : en Pages :
Book Description
We report that over the past several years, third-party-ownership (TPO) structures for residential photovoltaic (PV) systems have become the predominant ownership model in the US residential market. Under a TPO contract, the PV system host typically makes payments to the third-party owner of the system. Anecdotal evidence suggests that the total TPO contract payments made by the customer can differ significantly from payments in which the system host directly purchases the system. Furthermore, payments can vary depending on TPO contract structure. To date, a paucity of data on TPO contracts has precluded studies evaluating trends in TPO contract cost. This study relies on a sample of 1113 contracts for residential PV systems installed in 2010–2012 under the California Solar Initiative to evaluate how the timing of payments under a TPO contract impacts the ultimate cost of the system to the customer. Furthermore, we evaluate how the total cost of TPO systems to customers has changed through time, and the degree to which contract costs have tracked trends in the installed costs of a PV system. We find that the structure of the contract and the timing of the payments have financial implications for the customer: (1) power-purchase contracts, on average, cost more than leases, (2) no-money-down contracts are more costly than prepaid contracts, assuming a customer's discount rate is lower than 17% and (3) contracts that include escalator clauses cost more, for both power-purchase agreements and leases, at most plausible discount rates. Additionally, all contract costs exhibit a wide range, and do not parallel trends in installed costs over time.
Author: Pimjai Hoontrakul Publisher: ISBN: Category : Languages : en Pages : 124
Book Description
This research analyses the California Solar Initiative (CSI) Program data to identify and describe peer effects and price elasticity to adoption affecting the patterns of residential PV adoption. Descriptive statistics and adoption trends are analyzed to explore the impacts of peer effects and third-party owned system on the diffusion of residential solar PV in California. As the residential solar PV technology is still in an early stage of market formation, understanding the patterns of adoption in relatively more mature market can have broad implications for wider diffusion of the technology at the national level. In the first part of the thesis, I build an econometric model to estimate the influence of system cost and peer effects on the rate of diffusion at the zip code-level. The results reveal significant and positive installed base effects in the rate of future adoption. These results provide support to the hypothesis that peer effects help accelerate the adoption of new technologies. The cost-to-customer reduction is negative and significant at the state level. The impact of installed base in inducing new adoption is larger in zip codes with higher overall adoptions. The second part of the thesis presents trends in installation and choice of system capacity of major adoption clusters in California and analyzes the spread of third-party owned systems. Evidence from major adoption clusters in California has shown that growth in leasing adoption exhibits exponential characteristics while growth of customer owned system shows strongly linear feature. This suggests that third-party owned systems play a role in expanding the solar PV market to a significantly large population, especially given that this business would significantly reduces information cost associated with PV adoption. These results offer direct policy and marketing insights that would be useful in speeding up the diffusion of residential PV.
Author: Gregory F. Nemet Publisher: Routledge ISBN: 0429640684 Category : Business & Economics Languages : en Pages : 239
Book Description
Solar energy is a substantial global industry, one that has generated trade disputes among superpowers, threatened the solvency of large energy companies, and prompted serious reconsideration of electric utility regulation rooted in the 1930s. One of the biggest payoffs from solar’s success is not the clean inexpensive electricity it can produce, but the lessons it provides for innovation in other technologies needed to address climate change. Despite the large literature on solar, including analyses of increasingly detailed datasets, the question as to how solar became inexpensive and why it took so long still remains unanswered. Drawing on developments in the US, Japan, Germany, Australia, and China, this book provides a truly comprehensive and international explanation for how solar has become inexpensive. Understanding the reasons for solar’s success enables us to take full advantage of solar’s potential. It can also teach us how to support other low-carbon technologies with analogous properties, including small modular nuclear reactors and direct air capture. However, the urgency of addressing climate change means that a key challenge in applying the solar model is in finding ways to speed up innovation. Offering suggestions and policy recommendations for accelerated innovation is another key contribution of this book. This book will be of great interest to students and scholars of energy technology and innovation, climate change and energy analysis and policy, as well as practitioners and policymakers working in the existing and emerging energy industries.
Author: Publisher: ISBN: Category : Languages : en Pages : 34
Book Description
The deployment of solar photovoltaic (PV) systems has grown rapidly over the last decade, partly because of various government incentives. In the United States, among the largest and longest-running incentives have been those established in California. Building on past research, this report addresses the still-unanswered question: to what degree have the direct PV incentives in California been passed through from installers to consumers? This report helps address this question by carefully examining the residential PV market in California (excluding a certain class of third-party-owned PV systems) and applying both a structural-modeling approach and a reduced-form regression analysis to estimate the incentive pass-through rate. The results suggest an average pass-through rate of direct incentives of nearly 100%, though with regional differences among California counties. While these results could have multiple explanations, they suggest a relatively competitive market and well-functioning subsidy program. Further analysis is required to determine whether similar results broadly apply to other states, to other customer segments, to all third-party-owned PV systems, or to all forms of financial incentives for solar (considering not only direct state subsidies, but also utility electric bill savings and federal tax incentives).
Author: International Renewable Energy Agency IRENA Publisher: International Renewable Energy Agency (IRENA) ISBN: 9292601989 Category : Technology & Engineering Languages : en Pages : 145
Book Description
This study presents options to fully unlock the world’s vast solar PV potential over the period until 2050. It builds on IRENA’s global roadmap to scale up renewables and meet climate goals.
Author: Pere Mir-Artigues Publisher: Springer ISBN: 3319296531 Category : Business & Economics Languages : en Pages : 360
Book Description
This book provides an up-to-date, rigorous analysis of the state of the art of solar photovoltaic (PV) generation. It focuses on the economic analysis of solar PV generation technologies as well as the policies that have been devised and implemented around the globe to support it. It provides the main theoretical tools for understanding the cost of these technologies, and discusses them from both a historical and comparative perspective with respect to other competing technologies (both conventional and renewable). In addition, it presents the conceptual rationale to maximize reader insights into whether and how public support for these technologies is justified as well as the consequences for the economy of different promotion measures. Integrating concepts from different economics disciplines (environmental economics, innovation economics, industrial economics and public economics) into a coherent basis for the analysis of the costs and policies for solar PV electricity, it provides an update to the literature to reflect recent advances in and deployments of solar electricity and the drastic reduction in associated costs.
Author: Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
Capturing the value that solar photovoltaic (PV) systems may add to home sales transactions is increasingly important. Our study enhances the PV-home-valuation literature by more than doubling the number of PV home sales analyzed (22,822 homes in total, 3,951 of which are PV) and examining transactions in eight states that span the years 2002-2013. We find that home buyers are consistently willing to pay PV home premiums across various states, housing and PV markets, and home types; average premiums across the full sample equate to approximately $4/W or $15,000 for an average-sized 3.6-kW PV system. Only a small and non-statistically significant difference exists between PV premiums for new and existing homes, though some evidence exists of new home PV system discounting. A PV green cachet might exist, i.e., home buyers might pay a certain amount for any size of PV system and some increment more depending on system size. The market appears to depreciate the value of PV systems in their first 10 years at a rate exceeding the rate of PV efficiency losses and the rate of straightline depreciation over the asset's useful life. Net cost estimates--which account for government and utility PV incentives--may be the best proxy for market premiums, but income-based estimates may perform equally well if they accurately account for the complicated retail rate structures that exist in some states. Although this study focuses only on host-owned PV systems, future analysis should focus on homes with third-party-owned PV systems.
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Author: Pimjai Hoontrakul
Author: Gregory F. Nemet
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Author: International Renewable Energy Agency IRENA
Author: David A. Bielen
Author: United States. Congress. House. Committee on Armed Services
Author: Pere Mir-Artigues
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