![](media/image1.png)

###### Executive Summary

The CEC sought to have an improved understanding of the factors that
contribute to the great variation in individual renewable electricity
technology cost data. This variation exists in both the data for the
cost of installed generating capacity (\$/W) and for the cost of
production of electricity (\$/kWh) from renewable technologies. The CEC
was also interested in better understanding the reasons for the cost
differential that exists between renewable electricity generation
technologies and documenting the present cost range for each technology.
Finally, the CEC was interested in understanding why the cost data for
some renewable technologies have varied significantly over time.

The CEC engaged the Delphi Group to conduct an analysis of the various
factors that contribute to these different areas of variation. For the
purpose of this analysis, the CEC was interested in the most commonly
employed low impact renewable electricity technologies in North America.
These include:

-   Wind power;

-   Photovoltaics;

-   Geothermal;

-   Small-scale hydropower; and

-   Biomass derived electricity.

A variety of factors were found to contribute to the variability of cost
data for applications of the same renewable electricity technologies.
These include :

-   Feasibility Study Costs;

-   Economies of Scale;

-   Equipment/technology Options;

-   Installation Requirements and Site Characteristics;

-   Financing Terms;

-   Cost of Land;

-   Impact Assessment and Permitting;

-   Project Renewable Resource Characteristics and Capacity Factors;

-   Operating and Maintenance costs;

-   Fuel Costs;

-   Property Taxation and Land Lease Costs;

-   Co-products and Co-benefits;

-   Transmission and Grid Connection Costs; and

-   Government Policy Factors

For the purpose of this study, two categories of cost impacting factors
were created:

i)- factors that directly affect the cost of electricity produced; and

ii)- factors that indirectly affect the cost of electricity by reducing
the perceived or effective cost to the project developer or owner.

Factors that directly affect the cost of electricity are factors that
have a direct impact on the capital cost of a project (and as such the
installed capacity cost and generating cost of a project) or the factors
that have a direct impact on the operating cost of a project (and
consequently the generating cost only). Factors that indirectly affect
the cost of renewable electricity are generally policy factors that lead
to a reduction of the effective cost of various elements of a project.

The following tables illustrate the range of electricity generation
capacity costs and electricity generating costs for each renewable
energy technology. These costs are based on the range of costs sited in
various literature sources (a listing of which is provided for each
technology in this report). Capacity costs include all feasibility
study, design, planning and engineering, equipment, shipping/transport,
construction and installation and grid connection costs. Generating
costs include all capital, operating and maintenance costs.

**Table ES1** -- Summary Cost Ranges for Large Scale Wind Power

  ----------------------------------------- -----------------------------
  **Large Scale Wind Power**                

  **Installed Capacity Cost Range           **1,000 to 2,007**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.05 to 0.15**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table ES2 -- Summary Cost Ranges for Photovoltaic** Power

  ----------------------------------------- -----------------------------
  **Photovoltaic Power**                    

  **Installed Capacity Cost Range           **4,600 -- 19,500**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **\>0.18**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table ES3 -- Summary Cost Ranges for Biomass** Power

  ----------------------------------------- -----------------------------
  **Biomass Power**                         

  **Installed Capacity Cost Range           **1,300 -- 2,000**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.035 -- 0.155**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table ES4 -- Summary Cost Ranges for Hydropower**

  ----------------------------------------- -----------------------------
  **Hydropower**                            

  **Installed Capacity Cost Range           **735 -- 7,866**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.026 -- 0.195**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table ES5 -- Summary Cost Ranges for Geothermal** Power

  ----------------------------------------- -----------------------------
  **Geothermal Power**                      

  **Installed Capacity Cost Range           **1,150 -- 5,000**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.03 -- 0.155**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

The particularly significant cost variation over time associated with
some renewable electricity technologies was found to be the result of
increased commercialization and maturity of markets for these
technologies in recent years. In principal, there are considered to be
two generations of commercialized renewable electricity technologies if
we consider technology development over the last 120 years. First
generation technologies emerged from the industrial revolution at the
end of the 19^th^ century and include hydropower, biomass combustion and
geothermal plants. Biomass combustion technologies and geothermal
technologies generally use steam turbines to generate electricity. For
smaller scale applications, internal combustion engines are used to
generate electricity from biomass. Steam turbine and internal combustion
engines are very mature. Hence, capital costs and electricity generating
costs for these technologies have not changed significantly with
reference to other conventional fossil fuel and nuclear based platforms
over the years. Similarly, hydropower turbines are also a very well
established technology with a track record spanning more than a century.
Hydro projects, when appropriately sited have been economical for many
years and even represent the lowest cost electricity available in many
jurisdictions. Therefore, unlike photovoltaics and wind turbines, the
costs of biomass, hydro and geothermal electricity are not on a steep
technology-driven downward curve due to their technical maturity.
Photovoltaics and wind turbines are considered to be a part of the
second generation renewable technologies. Second generation technologies
are only recently starting to be broadly commercialized as a result of
research, development and demonstration efforts which started in the
late seventies. The initial investment in these technologies was
prompted by energy security concerns linked to the oil price crises of
that time period, but the continued focus on these technologies was
mainly due to their potential environmental benefits. Innovations and
ramp-up to commercialization for these two second generation
technologies has led to a major decrease in associated installed
capacity and generating costs over the past 3 decades.

###### Table of Contents

[1.0 Background 1](#background)

[2.0 Terminology 1](#terminology)

[2.1 Cost VS Price 2](#cost-vs-price)

[2.2 Capital Costs 2](#capital-costs)

[2.3 Operating and Maintenance Costs
2](#operating-and-maintenance-costs)

[2.4 Installed Capacity Cost 3](#installed-capacity-cost)

[2.5 Electricity Generating Cost 3](#electricity-generating-cost)

[3.0 Factors Affecting Renewable Electricity Costs
5](#factors-affecting-renewable-electricity-costs)

[3.1 Factors that Have a Direct Impact on Project Capital Cost
5](#factors-that-have-a-direct-impact-on-project-capital-cost)

[3.1.1 Feasibility Study Cost Variability
5](#feasibility-study-cost-variability)

[3.1.2 Capacity/Economies of Scale 6](#capacityeconomies-of-scale)

[3.1.3 Plant Availability 7](#plant-availability)

[3.1.4 Equipment Cost and Technology Selection Factors
7](#equipment-cost-and-technology-selection-factors)

[3.1.5 Cost of Land 9](#cost-of-land)

[3.1.6 Construction and Location/Installation Variables
9](#construction-and-locationinstallation-variables)

[3.1.7 Equipment Lifetime and Decommissioning Requirements
10](#equipment-lifetime-and-decommissioning-requirements)

[3.1.8 Impact Assessment and Permitting
10](#impact-assessment-and-permitting)

[3.2 Factors that Have a Direct Impact on Net Cost of Generating
Electricity
11](#factors-that-have-a-direct-impact-on-net-cost-of-generating-electricity)

[3.2.1 Quality of Renewable Energy Resource and Capacity Factors
11](#quality-of-renewable-energy-resource-and-capacity-factors)

[3.2.2 Operations and Maintenance 13](#operations-and-maintenance)

[3.2.3 Fuel Costs 14](#fuel-costs)

[3.2.4 Transmission Costs 15](#transmission-costs)

[3.2.5 Financing Costs 15](#financing-costs)

[3.2.6 Co-products and Co-benefits 16](#co-products-and-co-benefits)

[3.2.7 Land Leases and Property Taxes
16](#land-leases-and-property-taxes)

[3.3 Factors that Have an Indirect Impact the Cost of Electricity
18](#factors-that-have-an-indirect-impact-the-cost-of-electricity)

[3.3.1 Capital Grants 18](#capital-grants)

[3.3.2 Consumer Grants/Rebates 18](#consumer-grantsrebates)

[3.3.3 Corporate Tax Incentives 19](#__RefHeading___Toc160430566)

[3.3.4 Production Tax Credits 19](#production-tax-credits)

[3.3.5 Property Tax Exemptions 21](#property-tax-exemptions)

[3.3.6 Sales Tax Rebates 21](#sales-tax-rebates)

[3.3.7 Personal Income Tax Incentives
21](#personal-income-tax-incentives)

[3.3.8 Loan Programs and Third Party Finance
21](#loan-programs-and-third-party-finance)

[3.3.9 Emissions Credits 22](#emissions-credits)

[3.3.10 Government RD&D Support Programs
22](#government-rdd-support-programs)

[4.0 Evolution of Renewable Electricity Generation Costs over Time
23](#evolution-of-renewable-electricity-generation-costs-over-time)

[5.0 Renewable Electricity Costs 29](#renewable-electricity-costs)

[5.1 Wind 29](#wind)

[5.2 Photovoltaics 35](#photovoltaics)

[5.3 Biomass 42](#biomass)

[5.4 Hydropower 47](#hydropower)

[5.5 Geothermal 52](#geothermal)

[6.0 References 58](#references)

# Background

The CEC is seeking to have an improved understanding of the factors that
contribute to the great variation in individual renewable electricity
technology cost data. This variation exists in both the data for the
cost of installed generating capacity and for the cost of production of
electricity from renewable technologies. The CEC is also interested in
better understanding the reasons for the cost differential that exists
between renewable electricity generation technologies. Finally, the CEC
is also interested in understanding why the cost data for some renewable
technologies have varied significantly over time.

For the purpose of this study, the CEC is interested in the most
commonly employed low impact renewable electricity technologies in North
America. These include:

-   Wind power

-   Solar photovoltaics

-   Geothermal

-   Small-scale hydropower

-   Biomass derived electricity

In order to provide this understanding, the CEC hired the Delphi Group
to document the present installed cost and generating cost of each
renewable electricity type and the various factors that contribute to
the great range of cost data that is typically cited for each type. The
Delphi Groups was also hired to provide an explanation of why the cost
associated with some renewable electricity technologies has varied
significantly over time.

More specifically, cost data to be documented will include both the
capital and installation costs associated to the installation of actual
capacity for generation, typically provided in \$/W(capacity), and the
production cost, which is the cost of producing electricity over the
lifetime of a given project, typically provided in \$/kWh. The main
factors that affect these costs and that will be documented in this
report include:

-   Equipment/technology Options;

-   Installation Requirements and Site Characteristics;

-   Financing Terms;

-   Project Renewable Resource Characteristics;

-   Capacity Factors;

-   Operating and Maintenance costs;

-   Transmission and Grid Connection Requirements; and

-   Government Policy Factors

These are all discussed in further detail in the following sections.

# Terminology

Before proceeding to the analysis of cost data for renewable electricity
generation and generation technologies and the factors that influence
them, several terminology distinctions or clarifications are
appropriate. These include the distinction between "cost" and "price"
and the definition of capital costs, fixed costs, variable costs,
installed capacity cost and electricity generating cost for the purpose
of this study.

## Cost VS Price

Price typically refers to the amount paid by the consumer for a
particular good or service. This generally includes not only the cost of
producing the good or the service but also the profit margin required by
the seller to ensure the rate of return they desire. Cost generally
refers to all expenses incurred throughout the production of a
particular good, in this case the generating plant or the electricity
from this plant. However, most cost data include price data, since most
power project developers or power producers purchase materials and
equipment at a price and not at cost. Wherever possible, this report
will focus on providing cost data for installed equipment capacity and
for electricity generation, however, profit margins are inevitably
included in cost data since equipment and services employed to design,
build and operate renewable electricity generation facilities are always
provided at a price (with profit built in) rather than at cost to a
project developer.

Therefore, when referring to the cost of installed generating capacity,
figures will be essentially the same as the price paid by the project
developer for the purchase and construction of the generating facility.
The "price" of installed generating capacity would only come into play
if the project developer was looking to sell the generating facility at
a profit. Similarly, wherever possible cost data for electricity
produced from renewables will be based on capital, financing and
operating and maintenance costs (which may include price data) to the
project developer, whereas the electricity price would also include the
mark-up of electricity for profit when the electricity is sold to a
utility or and directly to an end user.

## Capital Costs

Capital costs are costs incurred on the purchase of
[land](http://en.wikipedia.org/wiki/Real_property) and equipment and
installation and construction services to be used to reach the point of
producing
[goods](http://en.wikipedia.org/wiki/Good_(economics_and_accounting)),
in this case renewable electricity. Capital cost also include
feasibility studies, project design, permitting and legal costs incurred
to reach the point of initial production. In other words, capital costs
represent the total cost needed to bring a project to a commercially
operable status.

Capital costs do not include [labor](http://en.wikipedia.org/wiki/Labor)
costs except for the labor used for feasibility analysis, project design
and construction. Typically, capital costs are one-time expenses,
although payment may be spread out over many years depending on
financing arrangements. Capital costs are generally fixed for a given
unit of installed electricity generating capacity (i.e., they don't
change over the lifetime of the project), although they do vary from
project to project based on equipment configurations and project site
specifics. Capital costs also do not vary depending on the actual level
of electricity output occurring from a project. Capital costs can be
tied to electricity plant capacity expansions, but these will not be a
factor in the cost data reviewed in the present study \[**1**\].

## Operating and Maintenance Costs

Operating costs are the recurring
[expenses](http://en.wikipedia.org/wiki/Expense) which are related to
the operation of a business, or a device, component, piece of equipment
or facility. In the case of a renewable electricity generation project
or business, it is the amount of
[resources](http://en.wikipedia.org/wiki/Resource_(project_management))
used or cost incurred by an
[organization](http://en.wikipedia.org/wiki/Organization) just to
maintain existence. These costs include overhead costs, which can
include the payment of rent on the office space a business occupies or
lease for land on which a generating plant is sited, administrative
employee wages, insurance costs, financing costs such as interest or
other financing charges, taxes, equipment depreciation etc., depending
on the renewable electricity project. They also include non-overhead
costs like [supplies](http://en.wikipedia.org/wiki/Supplies), such as
biomass feedstocks used to create the electricity, and in some cases
employee wages.

Operating costs generally fall into two broad categories:

-   Fixed costs, which are the same whether the operation is closed, or
    running at 100% of capacity. Fixed costs are expenses whose total
    does not change in proportion to the activity of a business, within
    the relevant time period or scale of production. Fixed costs
    include, but are not limited to, overheads (rent, insurance, and
    such) and can include direct costs such as payroll (particularly
    salaries).

-   Variable costs, which may increase depending on whether more
    production is done, and how it is done. For electricity projects,
    the most significant variable cost is typically the cost of fuel,
    however, with the exception of biomass projects, fuel is free (in
    the form of geothermal energy, wind or the sun's rays) for renewable
    electricity projects.

Because renewable electricity projects also entail the use of devices,
components and pieces of equipment to make up overall generating
facilities, maintenance costs must also be considered. Maintenance costs
are incurred to keep equipment operating at an optimal level of
performance. These costs included those associated with routine
recurring work required to keep a
[facility](http://en.wikipedia.org/wiki/Facility)
([plant](http://en.wikipedia.org/wiki/Plant), building, structure,
utility [system](http://en.wikipedia.org/wiki/System), or other real
property) in such condition that it may be continuously used, at its
original or designed capacity and efficiency for its intended purpose.
These costs also include the corresponding administrative, managerial,
and supervision costs associated with this work. In the most simple
[production function](http://en.wikipedia.org/wiki/Production_function),
total operating and maintenance cost is equal to fixed costs plus
variable costs plus maintenance costs. \[**2--4**\].

## Installed Capacity Cost

The installed capacity cost, also sometimes referred to as the
"overnight cost" for a renewable electricity project is typically
represented as dollars per unit of installed power generating capacity
(\$/W). This cost is calculated by totaling all capital costs incurred
to bring the project to the point of production and dividing this total
by the total installed rated capacity of electricity generating
equipment. The capital costs usually includes the following:

-   Project feasibility studies;

-   Engineering design;

-   Impact assessment and permitting;

-   Equipment procurement of fabrication;

-   Site preparation (including site services and access roads);

-   Plant construction and installation;

-   Grid connection;

-   Project management; and

-   Commissioning and start-up \[**5, 6**\].

## Electricity Generating Cost

Each technology used to produce electricity has specific characteristics
which can vary significantly from one to another. Among these
characteristics: equipment cost, construction time, electrical output,
lifetime and operation and maintenance requirements. Due to these
differences it is very difficult to perform a comparison between
different technologies by only considering one of those characteristics.
Furthermore, comparison of installed capacity costs alone can be
misleading as some technologies have high initial capital costs but
require very little operating and maintenance expenditures over their
lifetime while other technologies demonstrate the reverse phenomenon.
Fossil fuel plants, for example, have some of the lowest up-front
capital costs but incur significant maintenance and fuel costs for the
entire life of the plant. Conversely, photovoltaic projects entail high
up-front capital costs but require minimal additional expenditures over
their lifetime due to almost negligible operating and maintenance
requirements. In order to provide a better overall lifecycle comparison
between technologies, the electricity generating cost is a more
representative figure.

The electricity generating cost for a given project, which is also
frequently referred to as the levelized cost of power production, is
typically presented in dollars per unit of electricity produced
(\$/kWh). The levelized cost of power production is the average cost of
power production over the life of a power plant, taking into account all
capital expenses and operating and maintenance costs. It is determined
by dividing the total life-cycle costs, usually in present dollar
values, by the estimated amount of electricity, in kWh, the project will
produce over its operating life \[**7, 8**\].

# Factors Affecting Renewable Electricity Costs

For the purpose of this study, two categories of cost impacting factors
are discussed:

i)- factors that directly affect the cost of electricity produced; and

ii)- factors that indirectly affect the cost of electricity by reducing
the perceived or effective cost to the project developer or owner.

Factors that directly affect the cost of electricity are factors that
have a direct impact on the capital cost of a project (and as such the
installed capacity cost and generating cost of a project) or the factors
that have a direct impact on the operating cost of a project (and
consequently the generating cost only). Factors that indirectly affect
the cost of renewable electricity are generally policy factors that lead
to a reduction of the effective cost of various elements of a project.
These factors are further explained in the following subsections.

## Factors that Have a Direct Impact on Project Capital Cost

The following sub-sections discuss the factors that have a direct impact
on project capital costs that can vary from project to project or
depending on technology.

### Feasibility Study Cost Variability

Although feasibility studies typically do not represent a major cost
relative to other capital costs associated with renewable electricity
projects, they can be significant in some instances. Feasibility study
requirements, and consequently cost for such studies, vary greatly from
technology to technology. They can also vary significantly between
different projects using the same technology. For renewable electricity
projects, a significant factor affecting the cost feasibility studies is
the existence and quality renewable resource data for a proposed project
site. Where no data exists or where data is of limited quality for a
particular site, data must be collected and analyzed to the point of
establishing the viability of developing an actual electricity
generation project. The cost of acquiring reliable data depends on the
renewable energy resource and the technology being used to harness it.

The resource assessment requirements for a typical photovoltaic project
are relatively simple for most projects as reasonably accurate (with
10-20% uncertainty) insolation data based on satellite data spanning
several decades exists for all parts of the planet \[**9**\]. This means
that the electricity generation potential for a proposed project site
can be easily estimated using available resource data and photovoltaic
module orientation guidelines, as long as the geographic location of the
site is known. Consequently, the cost of feasibility studies for
photovoltaic projects can be essentially negligible compared to other
capital costs. Where large, utility scale projects are envisioned,
project developers may seek to install relatively low cost pyronometers
to measure the insolation rate at a specific site over a given period of
time, typically a year \[**10**\]. However, due to the variations in
cloud conditions that occur from year to year, this does not necessarily
lead to more reliable data than that provided in existing resource
databases.

For wind, geothermal and hydropower projects, reliable resource
assessment becomes significantly more complicated and expensive.
Although wind resource maps exist for many parts of the world, including
most of North America (with the exception of a few parts of Mexico
\[**9**\]), this data does not always reflect the micro geographic
features of a particular site and are not reliable enough to be relied
on to project the precise revenue projection requirements needed for
utility scale wind projects. For this reason, most large scale wind
projects require at least a years worth of wind characterization to
satisfy project financers. The cost of such characterization can vary
significantly depending on the size of the proposed project and the
surface area of the site, the geography of the site, site accessibility
and the actual duration of the characterization. Typical onsite
characterizations can range in cost from \~US\$25,000 to greater than
US\$150,000. For smaller wind projects (\<100 kW), detailed resource
characterization is generally not economical.

The viability of each potential hydropower project is site specific. The
power output depends on flow of water and the height of the drop of the
available water at a particular site. Conversely, the amount of
electricity that can be generated at a particular site depends on the
quantity of water available and the variability of flow throughout the
year. Although, some resource databases for specific potential
hydropower sites do exist, detailed hydrological and topographic studies
are usually required to satisfy most project financers. Such studies can
represent significant costs, which will depend on the exact
characteristics of a given site \[**9, 11**\]. Similarly, despite the
existence of geothermal resource maps for all of North America, costly
drilling of exploratory steam field wells is necessary to establish the
business case for each geothermal electricity project \[**12**\].
Biomass generation project resource assessments are typically expected
to be consistent, relative to project scale, from one project to another

### Capacity/Economies of Scale

All renewable electricity technologies benefit from economies of scale
in various ways. Generally, the larger the installation the more power
generation capacity there is to amortize the various capital costs over.
Take the example of a geothermal electricity plant, where the planning
costs related to exploratory drilling, resource assessment and plant
design do not vary significantly with the scale of the geothermal plant
to be installed. This means that these costs can be more rapidly
recouped with a larger capacity project, and consequently yield a lower
lifecycle cost for electricity generation (\$/kWh) and a lower installed
capacity cost (\$/kW). Furthermore, any project that has financial
transaction costs can recoup these costs faster if they are spread over
more kilowatt-hours with a larger project. This can also hold true with
operating and maintenance costs. A larger project will almost always
have smaller operations and maintenance costs per kilowatt-hour because
of various cost efficiencies than can be leveraged, such as management,
maintenance equipment, monitoring etc. \[**13**\].

The economies of scale phenomenon can be clearly illustrated taking the
example of two wind farms with significantly different installed
capacities. Assuming the same average wind speed of 8 m/sec and
identical wind turbine sizes, a 3--MW wind project delivers electricity
at a cost of \$0.059 per kWh and a 51-MW project delivers electricity at
\$0.036 per kWh -- a drop in costs of \$0.023, or nearly 40%**.**

![](media/image7.png){width="4.241666666666666in"
height="2.390277777777778in"}

**Figure 3.1 -- Electricity cost difference between a 3 MW and 51 MW
wind farm (Source: \[13\])**

Economies of scale can also directly result from the purchase of larger
capacity equipment, as the construction labour and design costs remain
relatively constant regardless of the capacity of a given power
technology, such as a steam turbine or a hydro turbine, or do not vary
proportionately to the equipment size. The increased size of parts and
amount of materials used does, however, contribute to some increase in
system cost. Nonetheless, the design and labour cost savings translate
to lower installed capacity costs and consequently lower levelized power
generation costs.

For example, looking again at wind technology, as you move from a 150 kW
wind turbine to a 600 kW turbine, prices will roughly triple, rather
than quadruple. The reason is that there are economies of scale, e.g.
the amount of manpower involved in building a 150 kW machine is not very
different from what is required to build a 600 kW machine and the safety
features and the amount of electronics required to run a small or a
large machine is roughly the same \[**14**\].

When dealing with installations of modular systems, such as wind
turbines and photovoltaics, where standard units are simply repeated to
meet installed capacity goals and optimized power generation for a
particular project site, economies of scale are also available as a
result of the repeatability of manufacturing each individual module and
the reduced sales and marketing expenditures required by equipment
vendors when selling many units versus just a few. These economies are
usually manifested in preferred pricing for large orders versus single
unit or small volume orders.

Taking photovoltaic installations for example, the installed capacity
and the levelized electricity generation cost for a 2 kW residential
photovoltaic systems is typically roughly double these same costs for a
500 kW utility scale system in the same sun conditions. A portion of
this difference is due to the difference in cost per Watt for a small
order of photovoltaic panels compared to a large order. To put this into
perspective, an individual solar cell (\~2.3 W) can sell for as high as
\$5.50 per Watt (peak) compared to a large order of solar cells (500 kW)
which can sell at less than \$2 per Watt (peak) \[**6, 15**\].

### Plant Availability

Plant availability, along with the quality of the renewable resource
(discussed below) dictate how much of the installed capacity of a plant
can actually be used and consequently how much electricity can be
produced from a plant assuming a constant supply of fuel. The higher the
availability of generating equipment, the more power can be produced.
The more power produced, the greater the potential revenues, or
displacement of cost of electricity from other sources, and the more
rapidly capital and operating and maintenance costs can be repaid.

Plant availability essentially depends on the amount of shut-down time
required over a given time period to maintain equipment. The lower the
availability, the more a system will be offline for maintenance. Within
a technology, availability factors can vary slightly from vendor to
vendor but they are generally close for competitiveness reasons.
However, availability can vary significantly between technologies. A
photovoltaic plant, for example, requires essentially no shut-down time
for maintenance, and consequently has an availability factor of nearly
100%. Hydropower plants also have capacity factors that approach 100%.

Better wind turbine manufacturers are able to achieve availability
factors of 98%. However, since wind turbines only operate when the wind
blows, the 2% downtime is not significant \[**14**\]. Geothermal plants
typically have availability factors of 90-95% and bioenergy plants
typically have availability factors ranging from 70-95% depending on the
technology and fuel used \[**16 - 18**\].

### Equipment Cost and Technology Selection Factors

For a particular application of a given technology at a specific site,
equipment costs are generally very competitive between vendors of the
same technology and little cost variation exists between reputable
suppliers. When cost differences do exist, they are typically as the
result of a performance compromise and are offset by increased costs
elsewhere in a given project. For example, one vendor may offer
equipment at a lower cost, but also with a lower warranty period,
meaning that an increased risk and potential cost is added at the end of
the shorter warranty period. Vendors may also offer lower prices on
equipment with lower efficiencies, but this will lead to the increase of
other lifecycle costs such as increased fuel requirements for biomass
systems, increased drilling requirements for geothermal plants,
increased water diversion or storage for hydro projects and increased
land or surface area requirements for photovoltaic and wind projects to
achieve the same output.

Equipment cost can, however, vary significant from project to project as
a result of the characteristics of each site. Hydro turbines and wind
turbines used in environments prone to freezing and icing issues will
require extra features, and hence additional costs, to deal with these
factors. Similarly, an off-grid photovoltaic system will require costly
battery back-up equipment while, a grid-connected system can avoid this
cost altogether.

For geothermal projects, landscape visual pollution constraints may vary
from project to project, meaning that in some cases steam released in
plumes from wet cooling towers at plants will be acceptable while in
others air-cooled condensers are required to eliminate any visible
landscape impact from a project. Both of these approaches represent
significantly different capital outlays \[**19**\].

Depending on the nature of the biomass feedstock for a given biomass
electricity project, equipment costs can vary significantly. For example
some feedstocks may require chipping, pelletizing, drying or long term
storage for their effective use in combustion equipment. Equipment for
each of these activities represents a cost that may not exist in other
biomass electricity projects. Furthermore, where a suitable heat load
exists at a project site, an additional cost can be incurred to install
heat capture and transfer equipment, the cost of which may not always be
completely offset by displaced heating fuel costs.

In addition to equipment cost variations, characteristics of a renewable
resource can affect technology choices which also have an impact on the
project capital cost per unit of installed power capacity. For wind,
solar and hydro projects, these variations are very minimal, but for
geothermal and biomass projects these technology variations can be much
more significant.

In geothermal projects, steam plants are most cost effective when the
resource steam in wells is available at a temperature above \~175 C. In
these plants steam can be directly expanded through a turbine to produce
electricity. However, because sites rich in steam such as this are rare,
it is much more common for hot water from a geothermal resource to be
flashed to steam by spraying it into a tank where its pressure is
decreased. This can occur in either a single or dual stage process.
Alternatively, lower temperature heat from the geothermal fluid can be
transferred to a volatile working fluid (typically a hydrocarbon such as
isobutane or isopentane) that vaporizes and is passed through a turbine.
Such plants are called "binary" because a secondary fluid is used in the
actual power cycle. These plants tend to have higher equipment costs
than flash plants. Because they transfer heat from the geothermal fluid
and return all the geothermal fluid to the ground, they do not have
condensed steam available as cooling water. Thus, they must use a
separate water source or air-cooled condensers to reduce turbine exhaust
temperatures. Each one of these geothermal configurations entails
significantly different costs, and consequently contribute to different
levelized generating costs \[**19**\].

The great variability of bioenergy resources combined with the broad
range of technical approaches to harnessing bioenergy contributes to a
great variation in biomass electricity generating costs. Process routes
for converting biomass into electricity include direct combustion,
gasification, anaerobic digestion and pyrolysis. Direct combustion
generally is a well established and relatively low cost technology that
involves burning biomass directly to produce heat to produce steam to
drive a turbine for electricity generation. Initial costs of a direct
wood biomass energy system are generally 50% greater than that of a
fossil fuel system, but this is mainly due to more complex fuel handling
and storage system requirements.

Anaerobic digestion involves decomposition of waste streams such as
manure or municipal solid waste in the absence of oxygen to produce a
combustible gas similar to natural gas which can be used to drive an a
turbine or internal combustion engine generator. Although the actual
generating technologies used in such systems are well established and
have relatively low costs, manure handling and digesting equipment can
add a significant cost which can be offset by economies of scale in
larger projects.

Pyrolysis is a thermo-chemical process used to convert solid biomass to
liquid and solid fuels that can be more easily stored, transported and
burned than solid wood wastes. Although not yet fully commercialized,
these systems are used to convert biomass streams in remote location or
in locations where electricity is not required to fuels that can be
easily transported to sites where electricity generation can be done
using conventional turbine technology modified to use pyrolysis product
fuels in more commercially viable environments. Little cost data is
available on pyrolysis systems to date but they are only expected to be
competitive in applications where feedstock are free or have a negative
value due to disposal liabilities.

Finally, gasification technologies convert forestry, agricultural and
municipal residues into syngas (similar to natural gas, but lower in
energy content), which once cleaned and conditioned, can be burned in
gas turbines and gas-powered engines to produce electricity
\[**20-22**\]. Although more expensive than direct combustion of
biomass, these systems can improve emissions performance. Each of these
biomass technologies represents different capital and operating and
maintenance costs, but can be the only economically competitive option
depending on the biomass resource and project location.

### Cost of Land

Where land is not leased, the cost of purchasing land on which
electricity generating facilities will be sited can vary drastically
depending on the region and several other factors. Land costs can vary
according to perceived value, which generally depends on proximity to
urban centers, accessibility, esthetic value, ownership or perceived
value of natural resources on land. The land cost circumstances for
every renewable electricity project can therefore vary significantly
\[**23**\].

### Construction and Location/Installation Variables

Specific construction and installation requirements, and related capital
costs can vary significantly from one renewable electricity project to
another, even within applications of the same technology. Accessibility
can be a major factor affecting construction and installations costs for
a project. Generally, the more remote and difficult to access the
project site, the higher the installation costs. This most frequently
occurs with geothermal, hydro and wind projects, where, by nature, ideal
renewable resources are often located in very difficult terrain.
Geothermal resources are typically most promising in mountainous areas,
unexploited hydro resources are typically in remote locations, away from
populated areas, and ideal wind sites are often in areas of high
topographic variations or in remote costal locations. Although some
potential sites may be accessible by existing roads, in many cases land
has to be cleared and access roads have to be specifically constructed
for the purpose of reaching a development site and erecting a facility.
Construction of access roads can be costly especially since they must be
able to withstand significant heavy equipment transit and hauling of
large volumes of construction material, such as concrete for foundations
or dams, mobile crane equipment, steel piping, drillers, turbines, etc.
The cost of roads depends on soil conditions, land cover and a variety
of other factors. Furthermore, the longer the access road required, the
costlier it becomes. In some cases, land leases or access fees must be
paid for some parts of access roads if they cross property not owned by
the project developer. Overall travel distances to sites from regions of
source labour and materials can also differ substantially from project
to project.

Distance to power transmission infrastructure capable of handling
project power outputs and power conditioning requirements can also vary
significantly from project to project. Where projects are especially
remote, distance to existing transmission infrastructure and the costs
associated to installing connection lines can be enough on its own to
make a project uneconomic. In many cases, easement rights for lines
crossing non-owned land can require an additional cost outlay.
Furthermore, depending on the output voltage of a power facility, a
transformer may be necessary to convert the low voltage current to 10-30
kV current suitable for most local electrical grids. The cost of such
equipment can vary significantly with size and suitability to local
conditions.

Materials requirements can also differ from site to site, concrete
requirements for wind turbine foundations, for example, can depend on
soil conditions, terrain, tower height, turbine size and wind
conditions. Regional construction labour and civil and electromechanical
engineering costs can also vary significantly from jurisdiction to
jurisdiction. Furthermore, construction time requirements, and
consequently overall labour costs, can also differ drastically from one
site or jurisdiction to another. \[**23-27**\].

### Equipment Lifetime and Decommissioning Requirements

Equipment lifetimes and retrofit/replacement schedules partially define
the total amount of electricity that can be produced from a project.
Equipment from different vendors can have different warranty periods,
and consequently different expected lifetimes. Furthermore, different
technologies have different lifetimes. Hydro plants for example have
lifetimes that can exceed 50-year, with the exception of the occasional
turbine replacement, if properly constructed and maintained.
Photovoltaics, which have minimal moving part, have warranties of 20
years in many cases and have demonstrated lifetimes of 30 years in
certain conditions, although some power loss is expected over their
lifetime. Biomass electricity system turbines and wind turbines
typically have shorter expected lifetimes due to their substantial
moving parts and the consequent inevitable wear and breakdown of turbine
components. The lifetime of a geothermal plant can greatly depend on the
lifetime of the geothermal well resource and how well it is managed.
Decommissioning and disposal costs can also vary from technology to
technology. Photovoltaics contain several hazardous materials that can
represent an environmental liability if not properly disposed of, while
wind turbines must be fully decommissioned and dismantled when they have
completed their useful lifetime.

### Impact Assessment and Permitting

Different technologies have different environmental impact assessment
and permitting requirements. For example, photovoltaic installations
typically have minimal environmental assessment requirements, due to the
fact that they have no moving parts, can be integrated into existing
building structures and pose essentially no risk to human health or
wildlife. They do however require some permits related to building codes
and electrical connections.

Conversely, wind turbines can have impacts on bird populations if placed
in bird migration pathways and can produce unacceptable levels of noise
if wind farms are not properly designed. Wind farm developers are
therefore required to conduct environmental impact assessments to
identify and minimize these risks, the cost of which can vary depending
on the size and location of the project. Permits are also required for
wind farm development which can entail further cash outlays including
the cost of gaining land use and zoning approval from local and/or state
or provincial authorities that regulate such projects. These costs vary
widely and often include significant fees for lawyers, public
affairs/lobbyists, and engineers involved in the effort to gain
community approval. Where opposition to proposed wind projects is high,
such as in more populated areas or in areas close to summer homes or
holiday residences, this process can become especially costly.

Similarly environmental assessment of fish habitat impacts for small
hydropower projects, air emissions impacts for biomass electricity
projects and landscape visual pollution for geothermal projects are
required and represent varying costs depending on the project location.
Where these projects are close to populated areas, community opposition
can also come into play.

## Factors that Have a Direct Impact on Net Cost of Generating Electricity

Generally, there is no such thing as a single levelized cost for
electricity from renewables; rather there are ranges of costs. There are
numerous factors that dictate the levelized cost of electricity from
renewables, all of which can vary significantly from one project to
another. The following provides a summary of the factors that affect the
cost of renewable electricity by affecting operating and maintenance
costs.

### Quality of Renewable Energy Resource and Capacity Factors

For all electricity generating technologies, the availability of fuel is
essential to produce electricity. With renewable technologies the
quality and characteristics of the renewable energy resource at or close
to project site define the amount of fuel available for electricity
generation on an annual basis and when it can be used. The amount of
fuel available has a huge impact on the net cost of generating
electricity for all technologies, but the added factor of when or how
often the fuel is available can have a particularly significant impact
on costs for some renewable technologies as well.

Actual costs per kWh for renewables depend on the number of kWh of
electricity actually produced. The capacity factor of a power plant is
the ratio of the actual output of a power plant over a period of time
and its output if it had operated at full capacity over that time
period. This is calculated by totaling the electricity the plant
produced and dividing it by how much electricity it would have produced
at full capacity \[**28**\]. This is a particularly important issue when
considering photovoltaics, wind power and some small-scale hydropower
projects. In these cases, the plant may be available to produce
electricity, but its fuel, wind, sunlight or water, may not be available
or enough of the fuel may not be available to allow the plant to operate
at full capacity.

The power available from the wind is a function of the cube of the wind
speed. Average annual wind speed at a project site is therefore the most
critical factor in determining the amount of electricity that can be
produced from a particular set of equipment. Wind speed varies widely
from one geographic location to another, with coastal and near shore
locations and areas with large variations in topography being especially
promising. Wind also varies with the time of day and the time of year,
with stronger wind tending to occur at night and in colder months
\[[**26**](http://www.mnforsustain.org/windpower_schleede_costs_of_electricity.htm)\].
The capacity factors for wind generators depend almost entirely on the
regional wind resource. For cost-effective projects, a capacity factor
of \~ 30% is usually desired \[**14**\].

With all other things being equal, a turbine at a site with 5 m/sec
winds will produce nearly twice as much power as a turbine at a location
where the wind averages 4 m/sec \[**13, 29**\]. In terms of cost of
generation, the relationship is straight forward: if you produce twice
as much electricity per year, with the same equipment, you essentially
pay half the cost per kWh, assuming that maintenance cost do not
increase significantly with increasing use \[**14**\]. The following
figure illustrates the cost of wind electricity for varying wind speeds
assuming all other factors are constant.

![](media/image8.png){width="5.500694444444444in"
height="3.0208333333333335in"}

**Figure 3.2 -- Cost of Wind Electricity Generation at Different Average
Wind Speeds (Source: \[13\])**

The capacity factor of a photovoltaic system depends mainly on two
things: first the solar conditions at the project site, and second, the
orientation of the system. For the latter, most photovoltaic systems are
optimally oriented towards the sun (usually oriented toward the equator
wherever possible), but in some cases where equator-oriented walls or
roofs are not available, a compromise must be made. Photovoltaic
technology is already the most expensive electricity generation option,
so non-optimal orientations would not be expected to be economically
competitive without substantial subsidies.

In terms of solar conditions at a given site, these also vary
dramatically from location to location and depending on the time of
year, typically with conditions improving as sites approach the equator.
Direct sun exposure can range from over 6 hours per day in some
locations and be lower than 2.5 hours per day in others. In order to
translate, kW~peak~ (the standardized measure of power output for solar
modules assuming ideal solar conditions) to kWh (a measure which takes
account of solar conditions), an adjustment for the actual location of
the solar panel is generally necessary in order to estimate how much
sunlight would be expected to fall on a system of known size for a given
location over the period of a year. Some simple examples of variations
in power output depending on geographic location are that a 1 kW~peak~
system will produce approximately:

-   1800 kWh/year in Southern California

-   850 kWh/year in Northern Germany

-   1600-2000 kWh in India and Australia \[**30**\].

Power output from hydropower projects depends on flow of water available
and the height of the drop of the available water. The amount of
electricity that can be generated also depends on the quantity of water
available and the variability of flow throughout the year. Flow
variations occur as a result of seasonal and temporal changes in
precipitation for the drainage basin feeding a particular hydropower
site. In the case of storage dam projects, a plant\'s production may
also be affected by requirements to keep the stored water reserve levels
from getting too high or low and to provide water for fish downstream
\[[**28**](http://en.wikipedia.org/wiki/Capacity_factor)\].

Geothermal and biomass generation projects generally deal with resources
that are continuously available, assuming a project is appropriately
designed, and hence have capacity factors approaching 100%. As long as a
viable fuel source is available, such projects will only be limited by
the capacity and availability factors their power equipment is rated for
and will generally not be affected by temporal factors. That being said,
for geothermal projects, the heat content of a geothermal reservoir will
gradually decrease/decline over time, but this should be minimized for
the planned life of the project if an appropriate water re-injection
strategy is employed. Similarly, if a steady stream of biomass feedstock
is not secured from the duration of a biomass generation project, the
capacity factor issue may come into play, if production rate is reduced
or interrupted.

### Operations and Maintenance

Aside from the requirement to replace some of the supporting power
conditioning components over their lifetime, operating and maintenance
costs are essentially negligible for photovoltaic systems. This is
consistent for virtually all photovoltaic installations. Operating and
maintenance costs for hydroelectric facilities are also quite low,
especially with ever increasing automation features which are allowing
the management of remote hydropower projects from central locations.
Operating and maintenance costs generally vary according to the age of
hydropower plants, with older plants having higher expenses. If the
river on which a hydropower installation is sited has a heavy sediment
load, higher costs can result from special attention and extra
maintenance requirements \[**24**\].

Wind turbines typically need servicing and inspection once every six
months to ensure that they remain in a safe state of operation.
Component failures and accidents (such as lightning strikes) may
occasionally disable wind turbines, brining about the requirement for
further maintenance work \[**14**\]. Typically newer generations of
turbines have relatively lower repair and maintenance costs than the
older generations \[**31**\]. Older turbines (25-150 kW) have annual
maintenance costs with an average of around 3 percent of the original
turbine investment. Newer turbines are on average substantially larger,
which would tend to lower maintenance costs per kW of installed power
(you do not need to service a large, modern machine more often than a
small one). For newer machines the estimates range around 1.5 to 2
percent per year of the original turbine investment, depending on
accessibility and the size of turbines and wind farms.

Geothermal power plant operating and maintenance costs range from
\$0.015 to \$0.045 per KWh, depending on how often the plant runs.
Geothermal plants typically run more than 90% of the time. They can be
run up to 97--98% of the time, but this increases maintenance costs.
High run times are most commonly found when contractual agreements pay
high prices for power. Higher-priced electricity justifies running the
plant at high-capacity factors because the resulting higher maintenance
costs are recovered. Table 3.1 provides geothermal operating and
maintenance cost by plant size. Large plants tend to have lower
operating and maintenance costs due to economies of scale.

***Table 3.1 - Geothermal Operating and Maintenance Costs\
by Plants Size (U.S. cents/kWh) (Source: \[12\])***

  ----------------- ----------------- ----------------- -----------------
  **Cost            **Small Plants    **Medium (5-30    **Large Plants
  Component**       (\<5 MW)**        MW)**             (\>30 MW)**

  Steam Fields      0.35 -- 0.7       0.25 -- 0.35      0.15 -- 0.25

  Power Plants      0.45 -- 0.7       0.35 -- 0.45      0.25 -- 0.45

  Total             0.8 -- 1.4        0.6 -- 0.8        0.4 -- 0.7
  ----------------- ----------------- ----------------- -----------------

For biomass electricity projects, the most important variable affecting
operating costs from one project to another is the cost of the biomass
used as fuel. This is discussed in further detail in the following
sub-section.

### Fuel Costs

For wind, photovoltaic, hydroelectric and geothermal systems, fuel is
essentially free once a plant is installed. For biomass projects, the
cost of fuel defines economic competitiveness. Cost for biomass
feedstocks can range from free, or even negative values in cases that
involve waste streams with high disposal costs, to significantly higher
when feedstocks must be grown, harvested, processed or transported to
end-use sites \[**32**\]. Types of biomass feedstock used for
electricity generation include:

-   *Agricultural residues* which are generated after each harvesting
    cycle of commodity crops. A portion of the remaining stalks and
    biomass material left on the ground can be collected and used for
    electricity generation purposes. Wheat straw and corn stover
    generally make up the majority of available crop residues.

-   *Energy crops* are produced solely or primarily for use as
    feedstocks in electricity generation processes. Energy crops
    includes hybrid poplar, hybrid willow, and switchgrass, which are
    typically grown on idled or in pasture lands.

-   *Forestry residues* are the biomass material remaining in forests
    that have been harvested for timber. Timber harvesting operations do
    not extract all biomass material, because only timber of certain
    quality is usable for processing into end products by facilities.
    Therefore, the residual material after a timber harvest is
    potentially available for electricity generation purposes. Forestry
    residues are composed of logging residues, rough rotten salvageable
    dead wood, and excess small pole trees.

-   *Urban wood waste/mill residues* are waste woods from manufacturing
    operations that would otherwise be landfilled. The urban wood
    waste/mill residue category includes primary mill residues and urban
    wood such as pallets, construction waste, and demolition debris,
    which are not otherwise used. These streams can be particularly
    economical since they generally exist close to urban centers with
    established transmission infrastructure and represent a negative
    disposal cost.

-   *Landfill gas* is produced from organic waste disposed of in
    landfills. The waste is covered and compressed mechanically and by
    the pressure of higher levels. As conditions become anaerobic the
    organic waste is broken down and landfill gas is produced. This gas
    builds up and can be used to drive an electric turbine.

-   *Agricultural manure and biological solids* are streams of biomass
    that can be converted into biogas which can in turn be used to drive
    a steam turbine or an internal combustion engine to produce
    electricity. Manure can be collected from dairy farms, feedlots, pig
    farms and poultry farms. Waste biological solids are produced at
    waste water treatment facilities and food processing plants.
    Conversion of these wastes into combustible biogas occurs in
    anaerobic digesters, which present several key advantages beyond
    production of electricity including a reduction of waste volume,
    destruction of parasites and harmful organisms, and creation of high
    value fertilizer streams.

The characteristics and economics of harnessing each of these feedstock
streams for power generation vary significantly, not only from stream to
stream, but also from project to project. The cost of each fuel is
defined by production, collection/harvesting, processing,
transportation, storage, and in some cases, fuel handling requirements.
Production costs can be especially high when dealing with dedicated
energy crops and can vary drastically from one project to another.
Variations stem from differences in the cost of agricultural land, soil
conditions and climate and annual crop yields. Processing costs can also
vary depending on the biomass stream. For example forestry residues may
require chipping to be usable in combustion equipment and manure and
biosolids require anaerobic digesters for production of biogas. Where
biomass feedstocks are by-products of other processes, such as forestry
residues, manure and biosolids streams, crop residues and landfill gas,
project economics can be significantly improved as long as electricity
generation projects can be sited close to these streams and still have
easy grid access. If not sited close enough, transportation costs alone
can render projects uneconomical. Energy density of fuels can also
affect the net transportation cost per delivered kWh of electricity. The
amount of biomass available within a practical transporting distance
generally determines the viable size of a biomass electricity generating
project. The following figures can provide some context of the costs
associated with some biomass streams.

-   For forestry-produced biomass, the cost can range from US\$0.5 to 3
    per million Btu, with economically successful projects paying less
    than \$1.5 per million Btu

-   Urban wood waste and mill residues are often available at \$1 per
    million Btu or less. However, the cost of collecting urban wood
    waste and mill residues can range from \$0-8 per wet ton for mill
    residues and from \$10-14 per ton for urban residues. \[**32**\]

-   Burnable municipal solid waste (MSW) is usually landfilled for a
    fee. Thus, it has a negative fuel price. However, plant operators
    must process MSW to eliminate toxics and generally need to install
    emissions control equipment, both of which can drive up costs of
    power generation.

-   Studies have shown that transporting giant round bales of
    switchgrass costs \$4.50 to \$13.5 per dry tonne (\$0.29 to \$0.87
    per million Btu) for distances of less than 50 miles \[**33**\]

-   Costs of landfill gas are less variable: these plants can typically
    produce electricity at 6 to 8 cents per kWh. Larger landfills are
    often required to install gas recovery systems - making the marginal
    cost of the energy recovery system the appropriate consideration for
    determining electricity production costs. Costs of energy recovery
    systems alone are typically about 5 cents per kWh \[**34-36**\].

### Transmission Costs

Transmission and market access constraints can significantly affect the
cost of renewable electricity, especially with intermittent technologies
such as wind and solar. Significant connections fees and annual
transmission fees are required for photovotaic projects in many
jurisdictions, regardless of the size of the system. Wind can be
especially challenging because of its inherent unpredictability.
Deviations from schedule can be penalized in certain jurisdictions
without regard to whether they increase or decrease system costs.
Furthermore, interconnection procedures are not standardized, and
utilities have on occasion imposed such difficult and burdensome
requirement on wind plants for connection to transmission lines that
wind companies have chosen to build their own lines instead. These
issues can contribute to significant variations in the cost of wind
electricity from one project to another or one jurisdiction to another.
Such issues are less significant with hydropower, geothermal and biomass
projects \[**14**\] because they can provide baseload power and are
typically fairly large scale.

### Financing Costs

Financing terms are a critical factor for all renewable electricity
generation technologies. Different project developer categories will
have access to different finance options, which translates to different
financing costs. For example, a typical 50 MW wind farm that could
deliver power at 5 cents/kWh, if financed by a wind developer through
financial institutions, could generate electricity at 3.5 cents/kWh if
the wind developer had access to the financing terms available to
investor-owned utilities when they own wind projects[^1]. The main
reason for this is that utility project developers have access to lower
interest financing through access to funds from bond-style investments
from investors \[**29**\].

When financing projects through financial institutions or private
investors, interest rates are significantly higher. Utilities usually
have access to financing at interest rates of roughly 7.5% compared to
9.5% for a developer and longer debt payment periods (20 years compared
to 12 for developers). Utilities also don't have a debt service coverage
ratio (DSCR) requirement. The DSCR is a mechanism by which a lender
reduces risk of default on a loan be requiring that a wind project
generate enough cash each year to exceed loan repayments. Typically,
this results in a smaller loan than would be most advantageous to the
developer. Financing costs can be especially high for small photovoltaic
installations.

In order to offset the higher interest rates that are usually required
for renewable projects compared to traditional gas or other utility
generation projects, several economic instruments can be employed. These
include low-cost government loans, loan guarantee programs, and
interest-rate buy-downs, all of which are discussed in the following
section. \[**29**\].

In addition, although wind turbine technology has steadily progressed to
a point where its reliability is today comparable to that of other
electricity generation technologies, it is still regarded as \"novel\"
and \"risky\" by many members of the North American financial community
(most U.S. projects are still financed by European-based lenders).
Lenders therefore offer less favorable financing terms and demand a
higher return on investment than for more "conventional" energy sources
\[**14**\]**.**

### Co-products and Co-benefits

Because biomass generation produces electricity by combustion, the
possibility exists to use heat (or steam) not captured by the generator
for process or space heating applications. This is commonly referred to
as co-generation or combined heat and power (CHP). The key economic
driver for developing a CHP project is the presence of a heat load
onsite or within a close distance to the biomass generation project. If
heat can be produced at a cost that is competitive with heating
alternatives, typically from fossil fuel, and a steady heat requirement
exists, a net cost saving, or profit from the sale of heat, can be
credited to the project and serve to offset the cost of electricity
production. The magnitude of the cost saving differs from project to
project, from negligible to significant depending on how much heat can
be economically used and the cost of fuel being displaced by the CHP
system \[**21**\].

Other renewables generally do not have co-product opportunities,
although some co-benefits may exist. For example, emission credits from
displaced greenhouse gas or criteria air contaminant emissions
reductions can translate to an increased value for renewable electricity
projects that can offset costs and accelerate investment payback
periods. Emission credit opportunities vary significantly from
jurisdiction to jurisdiction, as does the value for these credits.
Hydropower can provide further co-benefits such as facilitating
irrigation, providing flood control, providing water supply and
facilitating navigation. The cost impacts of such co-benefits are,
however, difficult to quantify \[**24**\]

### Land Leases and Property Taxes

As with the cost of purchasing land, land leases can vary drastically
from one jurisdiction to another. Lease rates vary with the perceived
value for land. This value typically varies with proximity to urban
centers, accessibility, esthetic value, ownership and perceived value of
natural resources on land. The circumstances for every renewable
electricity project can therefore vary significantly. As an example,
land lease costs for small hydropower projects have been known to range
from roughly \$1,500 per MW of capacity to alleged offers as high as
\$15,000 per MW. Some are fixed payments and some vary with the amount
of electricity produced \[**24**\].

Rates of taxation of renewable electricity projects also vary
drastically from one jurisdiction to another, most notably at the
municipal level. In Canada for example, municipalities in all provinces
levy property taxes to raise additional revenues to cover the cost of
local government services, with the intent to allocate these costs
across all taxpayers, based on wealth as measured by the assessed value
of property owned. There are two fundamental activities related to
property taxes -- assessment and taxation. Property assessment is simply
the process of assigning a dollar value to a property for taxation
purposes. This value is then used to calculate the amount of taxes that
will be charged to the owner of a property. Taxation is the process of
applying a local tax rate to a property's assessed value to determine
the taxes payable by the owner of a property.

Value attributed to renewable electricity projects differs from province
to province and tax rates are different for every municipality. This
means that renewable power projects are taxed differently in every
municipality. This can be illustrated by the fact that the annual
municipal rate of taxation for a 20 MW wind farm in Canada can range
from almost US\$ 400,000 in certain parts of Alberta to just US\$ 50,000
in certain parts of Ontario \[**37**\].

## Factors that Have an Indirect Impact the Cost of Electricity

Factors that have an indirect impact on the cost of renewable
electricity mainly refer to the various government policies and economic
instruments available for off-setting the increased cost of renewable
electricity generation. These policies and economic instruments include:
capital grants, consumer grants and rebates, corporate tax incentives,
production tax credits, property tax incentives, sales tax rebates,
third party finance and low interest loans, emission reduction credits
and research and development incentives. These factors are seen as
indirect because they do not immediately impact the initial capital
outlay or reduce operating expenses and are generally not included in
cost analysis data developed by groups such as the Energy Information
Agency or public utilities. They do, however, allow a project developer
to recoup a portion of these costs after they are incurred through
rebates or tax incentives. These recouped costs can have several after
investment impacts of the economics of a project, which include:

-   Reduced taxation and increased net profit

-   Increased revenues

-   Reduced debt financing requirements

-   Accelerated repayment of debt and reduced financing charges

All of these impacts translate to reduced investment payback periods,
and over the lifetime of the project, reduced levelized electricity
generating costs. All of the policies and economic instruments relevant
to renewable electricity projects and employed in North America are
discussed in greater detail in the following sub-sections.

### Capital Grants

With capital grants, a percentage of the investment cost in renewable
electricity technology and equipment purchase and installation is
covered by government-financed schemes directed towards commercial
electricity suppliers. In North America, several states and provinces in
the United States and Canada offer a variety of grant programs to
encourage the use and development of renewable electricity technologies.
Most programs offer support for a broad range of renewable electricity
technologies, while some focus on promoting one particular type of
renewable electricity such as wind technology or photovoltaics. These
grants are typically primarily available to the commercial, industrial,
utility, education, and government sectors. Programs vary in the amount
offered\--from \$500 to \$1,000,000 and some do not set any limits
\[**38, 39**\].

### Consumer Grants/Rebates

Similar to capital grants, consumer grants and rebates allow for a
percentage of the investment costs in renewable electricity equipment
purchase and installation to be covered by government-financed schemes
directed towards end-users of electricity (residents and businesses).
Such programs are offered both at the state level and also at the local
municipal level or directly from utility providers and are usually
targeted at small scale installations of photovoltaics and in some cases
small wind turbines \[**38, 39**\].

### Corporate Tax Incentives 

**Tax Credits**

Corporate tax incentives allow corporations to receive credits or
deductions ranging from 10% to 35% against the cost of renewable
electricity project planning, equipment or installation to promote their
increased use. In some cases, the incentive decreases over time. These
tax credits exists in both the US and Canada. In most cases, there is no
maximum limit imposed on the amount of the deductible or credit \[**38,
39**\].

In Canada, the Canadian Renewable and Conservation Expense (CRCE)
category of expenditure is intended to promote the development of
conservation and renewable energy projects in the same way that is
currently done for investments in other types of resource activities.
Under CRCE, eligible expenditures are 100% deductible in the year they
are incurred or can be carried forward indefinitely for deduction in
later years. These credits can also be transferred to investors using
flow-through shares. Eligible expenses typically include engineering and
design, site clearing, feasibility studies, contract negotiations and
regulatory approvals. For the wind industry, CRCE also includes the
capital cost of \"test wind turbines,\" which can constitute up to
20 per cent of the generating capacity in a wind farm \[**40, 41**\].

In the US, the permanent extension of the standard investment credit
(Section 1916), provides a 10% investment credit for most solar and
geothermal technologies. In addition, the Energy Tax Act is a program of
tax credits for households and businesses that purchase renewable energy
equipment. Through this program, residential energy income tax credits
for solar and wind energy equipment expenditures were set at 30% of the
first \$2 000 invested and 20% of the next \$8 000.

The most important electricity sector incentive available in the US is
10% business energy tax credit for investments in various renewable
energy technologies including solar, wind, and geothermal. This credit
is in addition to the standard 10% investment tax credit previously
mentioned. Public utility property was specifically excluded from
eligibility for the tax credits that were to expire at the end of 1982.
\[**42, 43**\]

**Special Depreciation Rules**

Shortened or "accelerated" depreciation tax rules exist in all three
North American Countries. In Canada, the federal Income Tax Act provides
an accelerated capital cost allowance (30% capital cost allowance rate
computed on a declining balance basis) for certain types of renewable
energy equipment used to generate electricity or to produce thermal
energy for direct use in an industrial process. A range of renewable
energy conversion and energy efficiency equipment are eligible for
inclusion, such as certain co-generation systems, small-scale hydropower
installations, wind energy conversion equipment, certain photovoltaic
and active solar heating equipment, and equipment used in certain
landfill gas applications.\
\
In the US, a five-year accelerated depreciation for renewable energy
property (from a 150% to 200% declining balance method) is available.
This accelerated depreciation applies to \"small power production
facilities\", which includes facilities that produce electricity at a
capacity of 80 megawatts or less. Public utility property is also
eligible for the accelerated depreciation
\[**[14](http://www.awea.org/pubs/factsheets/EconomicsofWind-March2002.pdf),
26, 42 and 44**\].

In Mexico, investments in environmentally friendly technology, including
renewable energy technology can benefit from accelerated depreciation.
Under the guidelines of this accelerate depreciation program, investors
are thus allowed to deduct 100% of the investment after one year of
operation, as long as the equipment operates for at least five years
following the tax deduction declaration \[**45, 46**\].

### Production Tax Credits 

In Canada and the US, private entities generating electricity from
renewables that are normally subject to taxation are eligible for a
federal production tax credit for the electricity they produce.
Production tax credits are normally set as a price per kWh (\$/kWh)
\[**39**\]. Basing payments on performance rather than capital
investments is seen as a more effective mechanism for ensuring quality
projects are developed \[**38**\].

In Canada, the Wind Power Production Incentive (WPPI) was designed to
provide financial support for the installation of 1,000 megawatts of new
capacity between April 2002 and March 2007. The incentive was intended
to cover approximately half of the current cost of the premium for wind
electricity in Canada compared to conventional sources. As of June 2006
almost 1000 MW had been supported by WPPI, signifying that the majority
of financial resources designated to the program had been deployed to
projects.

As the program's success became evident and the targets began to appear
in reach, interest groups began pressuring the federal government to
extend WPPI. Consequently, Budget 2005 provided \$200 million over 5
years and a total of \$920 million over 15 years to expand the Wind
Power Production Incentive target to 4,000 MW. Under the new tranche of
the incentive and as with the original terms of the program, an
incentive payment of 1 cent per kilowatt-hour of production for the
first 10 years of operation would be made to eligible projects
commissioned before April 1, 2010. The eligible production per project
would be determined by Natural Resources Canada \[**47**\].

In addition to WPPI, in Budget 2005, the federal government announced a
Renewable Power Production Incentive (RPPI) to stimulate the
installation of up to 1,500 MW of new renewable electricity generating
capacity, other than wind (small hydro, biomass and geothermal). RPPI's
application to solar energy was never fully formalized. Similarly to
WPPI, an incentive payment of 1 cent per kWh of production would be
awarded for the first 10 years of operation of eligible renewable energy
projects commissioned after March 31, 2006 and before April 1, 2011.
Budget 2005 provided \$97 million over five years and a total of \$886
million over 15 years for the RPPI.

Both the RPPI and WPPI programs were suspended until further evaluation
in early 2006. On January 19^th^, 2007, a replacement program, entitled
the ecoENERGY for Renewable Power program and similar to the original
programs, was announced by the federal government that essentially
combined both the RPPI and WPPI programs into a smaller funding envelope
\[**48-50**\]

In the US, the Renewable Electricity Production Credit (REPC), also
commonly referred to as the Production Tax Credit (PCT), is a per
kilowatt-hour (\$/kWh) tax credit for electricity generated by qualified
energy resources. Enacted as part of the Energy Policy Act of 1992, the
credit expired at the end of 2001, and was subsequently extended in
March 2002 as part of the Job Creation and Worker Assistance Act of
2002. The tax credit then expired again at the end of 2003 and was not
renewed until October 4, 2004, when it was extended through to December
31, 2005. Subsequently, the Energy Policy Act of 2005 modified the
credit and extended it through to December 31, 2007. Finally, in
December 2006, the credit was extended for yet another year, through to
December 31, 2008.

 \
Eligible electricity generation technologies under the REPC presently
include geothermal energy, biomass energy facilities, including
open-loop biomass systems (facilities that use agricultural livestock
waste nutrients), small irrigation power, landfill gas, municipal solid
waste combustion and wind energy. The Energy Policy Act of 2005 (EPAct
2005) further expanded the credit to certain hydropower facilities, but
removed solar facilities from the list of eligible projects.  

The original REPC provided a tax credit of 1.5 cents/kWh, adjusted
annually for inflation, for wind, closed-loop biomass and geothermal.
The inflation adjusted credit amount for projects in 2007 is roughly 2
cents/kWh. Electricity from open-loop biomass, small irrigation
hydroelectric, landfill gas, municipal solid waste resources, and
hydropower currently receive 1.0 cent/kWh.  The duration of the credit
is generally 10 years. However, open-loop biomass, geothermal, small
irrigation hydro, landfill gas, and municipal solid waste combustion
facilities placed into service after are eligible for the credit for
only a five-year period \[**14, 26, 38, 44, 51**\].

### Property Tax Exemptions

The majority of the property tax provisions for renewable energy follow
a simple model that provides the added value of the renewable device is
not included in the valuation of the property for taxation purposes.
Property taxes are collected locally, so some states allow the local
authorities the option of providing a property tax incentive for
renewable energy devices. In the US, six states have such provisions:
Connecticut, Iowa, Maryland, New Hampshire, Vermont, and Virginia.
Property tax incentives can also take the form of exemptions to owners
from paying all or a portion of their taxes on properties using
renewable energies, therefore reducing their tax payments. This is,
however, less common \[**26, 38, 39**\].

### Sales Tax Rebates

Sales tax incentives typically provide an exemption from the state or
provincial sales tax for the cost of renewable energy equipment. Several
provinces and states in North America have enacted such measures, mainly
for solar technologies \[**38, 39**\].

### Personal Income Tax Incentives 

Many states offer personal income tax credits or deductions to cover the
expense of purchasing and installing renewable energy equipment. Some
states offer personal income tax credits up to a certain percentage or
predetermined dollar amount for the cost or installation or renewable
energy equipment. Allowable credit may be limited to a certain number of
years following the purchase or installation or renewable energy
equipment. Eligible technologies may include photovoltaic energy
systems, geothermal energy, wind energy, biomass, hydroelectric, and
alternative fuel technologies \[**38, 39**\].

### Loan Programs and Third Party Finance 

Loan programs offer financing for the purchase of renewable energy
equipment. Low-interest or no-interest loans for energy efficiency are a
very common strategy for demand-side management by utilities. However
several state governments also offer loans to assist in the purchase of
renewable energy equipment. A broad range of renewable energy
technologies are eligible. In many states, loans are available to
residential, commercial, industrial, transportation, public, and
nonprofit sectors. Repayment schedules vary; while most are determined
on an individual project basis, some offer a 7-10 year loan term.

As an example in the US, the Oregon Department of Energy makes
low-interest loans for projects that produce electricity from renewable
resources, that conserve energy resources or that use recycled materials
to create products. The [Small Scale Energy Loan
Program](http://www.oregon.gov/ENERGY/LOANS/index.shtml) (SELP) is a
self-supporting loan program funded by the sale of Oregon general
obligation bonds. Borrowers can use loan funds to pay most direct energy
project costs and related project costs such as engineering and design,
permit fees, loan fees and project management costs. Most Oregonians,
Oregon businesses, non-profit organizations, state agencies, schools,
cities, counties, special districts, state public corporations and
federal agencies are eligible \[**44**\].

In Canada for example, the government established two complementary
funds to stimulate investment in innovative municipal infrastructure
projects and environmental practices, including renewable electricity
development, for Canadian municipal governments and their public and
private sector partners. The government is essentially providing CAN\$
250 million to encourage projects and studies in communities. These
funds include the Green Municipal Investment Fund (GMIF) which has a
total budget of CAN\$ 200 million.\
\
GMIF supports the implementation of innovative environmental projects.
Through GMIF, a municipal government can borrow at preferred interest
rates of 1.5% below the Bank of Canada bond rate. Project partners are
also eligible for loans at attractive rates \[**52, 53**\].

### Emissions Credits

Several jurisdiction offer government regulated or voluntary incentives
programs to reduce emissions such as sulfur dioxide (SO2) or carbon
dioxide (CO2). Through typical emissions programs, utilities or
industries may receive emissions credits or allowance for each tonne of
SO2 or CO2 avoided through internal efficiency or renewable electricity
projects or purchase such credits or allowances from independent
renewable electricity projects that have been credited for their
projects. This creates a new value stream for renewable electricity
project developers, as long as project emission reductions are
recognized by the allowance or credit program authority and a customer
for credits or allowances exists \[**44**\].

Although emissions credits do not directly affect the cost of producing
electricity from renewable resources, they do create a new revenue
stream for the renewable electricity producers and can allow them to
price electricity more competitively relative to traditional power
sources. Furthermore, the revenues from emissions reductions can reduce
payback periods and increases the profitability of a renewable
electricity project.

### Government RD&D Support Programs 

Several jurisdictions have research support program and schemes aimed at
the technological advancement of renewable electricity technologies.
These include grant programs or foundations for supporting pure
research, demonstration activities or commercialization activities
related to renewable electricity technologies. These initiatives can
also include publicly funded projects such as education schemes or
demonstration sites to create awareness about the opportunities and
benefits of renewable electricity installations. Contributions from such
programs can lead to reduced research and development cost amortization
periods for technologies entering the market and consequently lower
initial technology costs to renewable electricity project developers.

An example of such a foundation in Canada is Sustainable Development
Technology Canada (SDTC). The objective of this foundation is to
stimulate the development and demonstration of Canadian technologies
related to climate change, clean air, water quality and soil through
partial funding of eligible projects. Eligible recipients are
partnerships that include the private sector and academic and
non-governmental organizations. Eligible projects are aimed at advancing
the development and demonstration of new sustainable technologies, many
of which are renewable electricity technologies \[**54, 55**\].

Similarly in the US, a bill passed in 1999, provides funding for
research and development specifically targeted at advanced photovoltaic
devices. Research areas covered under the bill include thin films,
high-performance devices, silicon materials, characterization
techniques, and other innovative concepts \[**56**\].

# Evolution of Renewable Electricity Generation Costs over Time

In principal, there are essentially three generations of renewable
electricity technologies if we consider technology development over the
last 120 years. First generation technologies emerged from the
industrial revolution at the end of the 19^th^ century and include
hydropower, biomass combustion and geothermal plants. Biomass combustion
technologies and geothermal technologies generally use steam turbines to
generate electricity. For smaller scale applications, internal
combustion engines are used to generate electricity from biomass. Steam
turbine and internal combustion engines are very mature and well
established technologies for which only very minor cost improvements
relating to the use of advanced materials and efficiency improvements
have occurred over their recent history. Hence, capital costs and
electricity generating costs for these technologies has not changed
significantly with reference to other conventional fossil fuel and
nuclear based platforms over the years. The main cost drivers for these
technologies are presently related to fuel -- as fossil fuels become
more expensive and face more and more environmental barriers, the
business case for biomass and geothermal resource fuels is becoming
increasingly well established \[**57**\].

Similarly, hydropower turbines are also a very well established
technology with a track record spanning more than a century. Hydro
projects, when appropriately sited have been economical for many years
and even represent the lowest cost electricity available in many
jurisdictions. Improvements in automation and improved turbine designs
have lead to improved power production and operating and maintenance
cost performance in recent years, but these gains have been relatively
small \[**24, 57**\]. Therefore, unlike photovoltaics and wind turbines,
the costs of biomass, hydro and geothermal electricity are not on a
steep technology-driven downward curve due to their technical maturity.

Photovoltaics and wind turbines are considered to be a part of the
second generation renewable technologies. Second generation technologies
are only recently starting to be broadly commercialized as a result of
research, development and demonstration efforts which started in the
late seventies. The initial investment in these technologies was
prompted by energy security concerns linked to the oil price crises of
that time period, but the continued focus on these technologies was
mainly due to their potential environmental benefits. Third generation
technologies include concentrating solar power and ocean energy, but
these are not the focus of this paper since they are still generally
considered to be in the research, development and demonstration phase
\[**57**\].

Several factors have led to the significant reduction in cost of wind
and photovoltaic technologies over the past three decades. For wind
turbines, factors have mainly been economies of scale through increased
turbine sizes, manufacturing efficiencies and advanced materials
solutions, improved turbine efficiencies and increasing turbine heights.
For photovoltaics, these factors have mainly been improved solar cell
efficiencies stemming from a variety of manufacturing process
innovations, manufacturing economies of scale and efficiencies, more
efficient use of silicon feedstock material (still the largest cost
component of solar modules) and the advent of lower cost photovoltaic
substrates.

The most significant changes in wind technology in the global wind
industry are related to the ever increasing size of individual turbines
(see Figure 4.1 below). The size of new installed turbines has increased
100 fold from 50 kW in the early 1980s to 5 MW today \[**58**\]. This
increase in size has led to increased economies of scale as siting,
construction and engineering costs have been proportionately reduced for
every unit of wind power capacity installed.

![](media/image9.wmf){width="3.6465277777777776in" height="2.625in"}

Figure 4.1 -- Evolution of large wind turbine scale \[58\]

Furthermore, the taller the turbine tower and the larger the area swept
by the blades, the more powerful and productive the turbine. The swept
area of a turbine rotor (a circle) is a function of the square of the
blade length (the circle's radius). The following table shows how a
relatively modern 1.65-MW turbine generates 120 times the electricity at
just 20 times the cost of an older 25kW-turbine:

**Table XX -- Evolution of Wind Turbine Costs and Capacity from 1981 to
2000** *(**Source:*** **\[14\])**

  ----------------------- ----------------------- -----------------------
                          **1981**                **2000**

  **Rated Capacity**      25 kW                   1,650 kW

  **Rotor Diameter**      10 meters               71 meters

  **Total Cost            US\$ 65                 US\$ 1,300
  (US\$000)**                                     

  **Cost per kW**         US\$ 2,600              US\$ 790

  **Output, kWh/year**    45,000                  5.6 million
  ----------------------- ----------------------- -----------------------

In addition to the increase in area swept by the larger turbine
diameter, the increased height of modern turbines also leads to
significant power output gains since wind becomes increasingly strong
with increasing height. As a result of the trend towards larger
turbines, the average capacity of turbines installed in Germany and
Denmark increased from approximately 200 kW in 1990 to almost 1.5 MW
during 2002. Turbines in the 1.5 to 2.5 MW range have more than doubled
their share of the global market - from 16.9% in 2001 to 35.3% in 2003.

Advances in electronic monitoring and controls, blade design, and other
features have also contributed to a drop in cost. The mixture of taller
turbines, improved components and better siting has resulted in an
overall efficiency increase of 2 - 3% annually over the last 15 years
\[**59**\].

In recent years, a slight temporary increase in turbine prices occurred
as a result of increasing steel costs (caused by the sudden increase in
fossil fuel prices), and a general shortage of large scale turbine
manufacturing capacity to meet demand. However, the importance of the
turbine supply issue is expected to diminish as supply catches up with
demand in the next few years.

As previously stated, cost reductions in photovoltaic technology have
primarily resulted from improved solar cell efficiencies, manufacturing
process innovations, manufacturing economies of scale, more efficient
use of silicon and the advent of lower cost photovoltaic substrates.
Efficiency improvements have resulted from several major technology
breakthroughs, such as the use of solar cell surface texturization and
anti-reflection coatings to improve light absorption and the use of
shallower diode junctions and back surface fields to improve separation
and capture of charge carriers. These improvements have all led to
significant increases in power output density. In fact, efficiencies for
commercially produced crystalline silicon solar cells have increased by
nearly 100 % in the past ten years. Improvements in efficiency have also
translated to the use of less costly high-purity silicon for a given
power output. Furthermore, improvements in automation and silicon wafer
handling have allowed manufacturers to use thinner and thinner wafers,
providing further reductions in silicon use \[**60**\]. The development
of improved slicing technologies have also facilitated the use of less
silicon per solar cell.

Manufacturing economies of scale have occurred as a result of the ever
increasing size of silicon wafer and solar cell manufacturing plants.
The world's largest solar cell producers have increased individual
production levels from roughly 20 MW~­­­­peak~ annually in the year 2000 to
over 100 MW~­­­­peak~ annually in 2006.

Today, nearly 85% of the world PV cell and module production in 2004 was
based on sliced mono- and polycrystalline silicon cells. Prior to the
year 2000, almost all solar cells were produced using high-purity
monocrystalline silicon. Although mono-crystalline silicon allows for
the highest efficiencies in commercial production settings, it is also
the most expensive substrate option. At the turn of the century,
polycrystalline silicon, which is significantly less costly to produce
than monocrystalline silicon, began to be increasingly used in
commercial production of solar cells as a result of process developments
that virtually eliminated efficiency differences between mono- and
polycrystalline solar cells. Multicrystalline silicon is now quickly
becoming the preferred substrate in the industry.

In addition to multicrystalline silicon, several new plants are focusing
on thin film (non-crystalline silicon) technologies to avoid the high
cost of crystalline silicon altogether. However, only 47MW of amorphous
silicon (3.9% of the total global production capacity) is presently
being produced and the balance (\~11%) is primarily made up of other
non-silicon compound semiconductor solar cells. These technologies are
expected to eventually present significant cost advantages over the
crystalline silicon approach. However, regardless of the notable
increase in activity in thin film technology production, crystalline
silicon technologies are expected to continue to make up the majority of
the PV market over the next 5 to 10 years. As a result, further cost
reduction will still mainly depend on crystalline silicon solar cell
technology improvements in the near term \[**61, 62**\].

In recent years, a slight reverse trend of increased photovoltaic costs
and prices has occurred due to a shortage of high-purity crystalline
silicon feedstock. This shortage occurred as a result of the extremely
rapid growth of the global photovoltaic market over the past five years
and the parallel pick-up in activity in the semiconductor industry with
which the solar industry competes for silicon. These silicon supply
issues are expected to continue until 2008-2009 when significant new
solar grade silicon facilities are expected to come online
internationally \[**62**\]. Figure 4.2 and Table 4.2 provide an
illustration of the cost decrease in photovoltaic technology over the
past 25 years for the world and the US, respectively.

![](media/image10.wmf){width="5.376388888888889in"
height="2.792361111111111in"}

**Figure 4.2 -- Evolution of Photovoltaic Global Production and Module
Prices since 1975**

**(*Source:* \[63\])**

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| ) |           |            |         |     |     |     |      |   |
| * |           |            |         |     |     |     |      |   |
| * |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| * | **U.S. C  | **S        |         |     | **T |     | **   |   |
| * | ompanies\ | hipments** |         |     | rad |     | Pric |   |
| Y | R         |            |         |     | e** |     | es * |   |
| e | eporting\ |            |         |     |     |     | *^1^ |   |
| a | Sh        |            |         |     |     |     |      |   |
| r | ipments** |            |         |     |     |     |      |   |
| * |           |            |         |     |     |     |      |   |
| * |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
|   |           | **C        | **Thin- | *   | **  | **  | **M  | * |
|   |           | rystalline | Film Si | *To | Imp | Exp | odul | * |
|   |           |  Silicon** | licon** | tal | ort | ort | es** | C |
|   |           |            |         |  ** | s** | s** |      | e |
|   |           |            |         | ^2^ |     |     |      | l |
|   |           |            |         |     |     |     |      | l |
|   |           |            |         |     |     |     |      | s |
|   |           |            |         |     |     |     |      | * |
|   |           |            |         |     |     |     |      | * |
+---+-----------+------------+---------+-----+-----+-----+------+---+
|   | Number    | Peak       |         |     |     |     | D    |   |
|   |           |  Kilowatts |         |     |     |     | olla |   |
|   |           |            |         |     |     |     | rs p |   |
|   |           |            |         |     |     |     | er P |   |
|   |           |            |         |     |     |     | eak  |   |
|   |           |            |         |     |     |     | Watt |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 19        | NA         | NA      | 6,  | NA  | NA  | NA   | N |
| 9 |           |            |         | 897 |     |     |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 2 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 18        | NA         | NA      | 12, | NA  | 1,  | NA   | N |
| 9 |           |            |         | 620 |     | 903 |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 3 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 23        | NA         | NA      | 9,  | NA  | 2,  | NA   | N |
| 9 |           |            |         | 912 |     | 153 |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 4 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 15        | 5,461      | 303     | 5,  | 285 | 1,  | NA   | N |
| 9 |           |            |         | 769 |     | 670 |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 5 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 17        | 5,806      | 516     | 6,  | 678 | 3,  | NA   | N |
| 9 |           |            |         | 333 |     | 109 |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 6 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 17        | 5,613      | 1,230   | 6,  | 921 | 3,  | NA   | N |
| 9 |           |            |         | 850 |     | 821 |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 7 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 14        | 7,364      | 1,895   | 9,  | 1,  | 5,  | NA   | N |
| 9 |           |            |         | 676 | 453 | 358 |      | A |
| 8 |           |            |         |     |     |     |      |   |
| 8 |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 17        | 10,747     | 1,628   | 12, | 826 | 7,  | 5.14 | 3 |
| 9 |           |            |         | 825 |     | 363 |      | . |
| 8 |           |            |         |     |     |     |      | 0 |
| 9 |           |            |         |     |     |     |      | 8 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | ^3^ 19    | 12,492     | 1,321   | ^3^ | 1,  | 7,  | 5.69 | 3 |
| 9 |           |            |         | 13, | 398 | 544 |      | . |
| 9 |           |            |         | 837 |     |     |      | 8 |
| 0 |           |            |         |     |     |     |      | 4 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 23        | 14,205     | 723     | 14, | 2,  | 8,  | 6.12 | 4 |
| 9 |           |            |         | 939 | 059 | 905 |      | . |
| 9 |           |            |         |     |     |     |      | 0 |
| 1 |           |            |         |     |     |     |      | 8 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 21        | 14,457     | 1,075   | 15, | 1,  | 9,  | 6.11 | 3 |
| 9 |           |            |         | 583 | 602 | 823 |      | . |
| 9 |           |            |         |     |     |     |      | 2 |
| 2 |           |            |         |     |     |     |      | 1 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 19        | 20,146     | 782     | 20, | 1,  | 14, | 5.24 | 5 |
| 9 |           |            |         | 951 | 767 | 814 |      | . |
| 9 |           |            |         |     |     |     |      | 2 |
| 3 |           |            |         |     |     |     |      | 3 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 22        | 24,785     | 1,061   | 26, | 1,  | 17, | 4.46 | 2 |
| 9 |           |            |         | 077 | 960 | 714 |      | . |
| 9 |           |            |         |     |     |     |      | 9 |
| 4 |           |            |         |     |     |     |      | 7 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 24        | 29,740     | 1,266   | 31, | 1,  | 19, | 4.56 | 2 |
| 9 |           |            |         | 059 | 337 | 871 |      | . |
| 9 |           |            |         |     |     |     |      | 5 |
| 5 |           |            |         |     |     |     |      | 3 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 25        | 33,996     | 1,445   | 35, | 1,  | 22, | 4.09 | 2 |
| 9 |           |            |         | 464 | 864 | 448 |      | . |
| 9 |           |            |         |     |     |     |      | 8 |
| 6 |           |            |         |     |     |     |      | 0 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 21        | 44,314     | 1,886   | 46, | 1,  | 33, | 4.16 | 2 |
| 9 |           |            |         | 354 | 853 | 793 |      | . |
| 9 |           |            |         |     |     |     |      | 7 |
| 7 |           |            |         |     |     |     |      | 8 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 21        | 47,186     | 3,318   | 50, | 1,  | 35, | 3.94 | 3 |
| 9 |           |            |         | 562 | 931 | 493 |      | . |
| 9 |           |            |         |     |     |     |      | 1 |
| 8 |           |            |         |     |     |     |      | 5 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 1 | 19        | 73,461     | 3,269   | 76, | 4,  | 55, | 3.62 | 2 |
| 9 |           |            |         | 787 | 784 | 562 |      | . |
| 9 |           |            |         |     |     |     |      | 3 |
| 9 |           |            |         |     |     |     |      | 2 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 2 | 21        | 85,155     | 2,736   | 88, | 8,  | 68, | 3.46 | 2 |
| 0 |           |            |         | 221 | 821 | 382 |      | . |
| 0 |           |            |         |     |     |     |      | 4 |
| 0 |           |            |         |     |     |     |      | 0 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 2 | 19        | 84,651     | 12,541  | 97, | 10, | 61, | 3.42 | 2 |
| 0 |           |            |         | 666 | 204 | 356 |      | . |
| 0 |           |            |         |     |     |     |      | 4 |
| 1 |           |            |         |     |     |     |      | 6 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 2 | 19        | 104,123    | 7,396   | 1   | 7,  | 66, | 3.74 | 2 |
| 0 |           |            |         | 12, | 297 | 778 |      | . |
| 0 |           |            |         | 090 |     |     |      | 1 |
| 2 |           |            |         |     |     |     |      | 2 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 2 | 20        | ^R^ 97,940 | 10,966  | 1   | 9,  | 60, | 3.17 | 1 |
| 0 |           |            |         | 09, | 731 | 693 |      | . |
| 0 |           |            |         | 357 |     |     |      | 8 |
| 3 |           |            |         |     |     |     |      | 6 |
+---+-----------+------------+---------+-----+-----+-----+------+---+
| 2 | 19        | 159,138    | 21,978  | 1   | 47, | 1   | 2.93 | 1 |
| 0 |           |            |         | 81, | 703 | 02, |      | . |
| 0 |           |            |         | 116 |     | 770 |      | 9 |
| 4 |           |            |         |     |     |     |      | 2 |
| ^ |           |            |         |     |     |     |      |   |
| P |           |            |         |     |     |     |      |   |
| ^ |           |            |         |     |     |     |      |   |
+---+-----------+------------+---------+-----+-----+-----+------+---+
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+---+-----------+------------+---------+-----+-----+-----+------+---+

# Renewable Electricity Costs

The following tables illustrate the range of electricity generation
capacity costs and electricity generating costs for each renewable
electricity technology and the extent to which various factors affect
these costs. These costs are based on the range of costs sited in
various literature sources (a listing of which is provided for each
technology). Capacity costs include all feasibility study, design,
planning and engineering, equipment, shipping/transport, construction
and installation and grid connection costs. Generating costs include all
capital, operating and maintenance costs.

## Wind

**Table 5.5.1** -- Installed Capacity Costs for Large Wind Power
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kW)\***   |                   |
+--------------------------------+-----------------+-------------------+
| **European Wind Energy         | 1,166 to 1,490  | 2003              |
| Association**                  | ^1^             |                   |
+--------------------------------+-----------------+-------------------+
| **American Wind Energy         | 1000 ^2^        | 2005              |
| Association**                  |                 |                   |
+--------------------------------+-----------------+-------------------+
| **Government of Alberta**      | 2,007 ^3^       | 2006              |
+--------------------------------+-----------------+-------------------+
| **Industry Canada**            | 1305 ^4^        | 2004              |
+--------------------------------+-----------------+-------------------+
| **Danish Wind Industry         | 1000 ^5^        | 2003              |
| Association**                  |                 |                   |
+--------------------------------+-----------------+-------------------+
| **Energy Information           | 1,167 ^6^       | 2005              |
| Administration**               |                 |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http://w                      |                 |                   |
| ww.ewea.org/index.php?id=201>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^                            |                 |                   |
| <http:                         |                 |                   |
| //www.awea.org/pubs/factsheets |                 |                   |
| /EconomicsOfWind-Feb2005.pdf>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^ Economic Impact Analysis   |                 |                   |
| of Proposed Wind Development   |                 |                   |
| Projects in Southeast          |                 |                   |
| Alberta - CTRI,                |                 |                   |
| <http://www.canwea.ca/image    |                 |                   |
| s/uploads/File/Resources/Final |                 |                   |
| _CRTI_EDA_report_23Nov06.pdf>* |                 |                   |
|                                |                 |                   |
| *^4^                           |                 |                   |
| <http://strategis.ic.gc        |                 |                   |
| .ca/epic/site/rei-ier.nsf/vwap |                 |                   |
| j/final_supply_chain_e.pdf/$fi |                 |                   |
| le/final_supply_chain_e.pdf>;* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^5^                            |                 |                   |
| <http://www.windpowe           |                 |                   |
| r.org/en/tour/econ/index.htm>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^6^ Energy Information         |                 |                   |
| Administration/Assumptions to  |                 |                   |
| the Annual Energy Outlook      |                 |                   |
| 2006*                          |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.1.2 -- Electricity Generating** Costs for Large Wind Power
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kWh)\***  |                   |
+--------------------------------+-----------------+-------------------+
| **International Energy         | 0.05 - 0.15 ^1^ | 2006              |
| Agency**                       |                 |                   |
+--------------------------------+-----------------+-------------------+
| **European Wind Energy         | 0.05 - 0.105    | 2003              |
| Association**                  | ^2^             |                   |
+--------------------------------+-----------------+-------------------+
| **Puget Sound Energy**         | 0.076 - 0.106   | 2006              |
|                                | ^3^             |                   |
+--------------------------------+-----------------+-------------------+
| **BC Hydro**                   | 0.06 - 0.077    | 2006              |
|                                | ^4^             |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http:                         |                 |                   |
| //www.iea.org/Textbase/Papers/ |                 |                   |
| 2006/renewable_factsheet.pdf>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^http://www.e                |                 |                   |
| wea.org/fileadmin/ewea_documen |                 |                   |
| ts/documents/publications/fact |                 |                   |
| sheets/factsheet_economy2.pdf* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^ PSE - Resource Cost        |                 |                   |
| Comparison (BC Hydro Report on |                 |                   |
| the F2006 CFT Process pp.      |                 |                   |
| 45-48)*                        |                 |                   |
| *http://www.bchydro.co         |                 |                   |
| m/rx_files/info/info48009.pdf* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^4^ BC Hydro Report on the     |                 |                   |
| F2006 CFT Process pp. 45-48,   |                 |                   |
| http://www.bchydro.co          |                 |                   |
| m/rx_files/info/info48009.pdf* |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.1.3 -- Summary Cost Ranges for Large Scale Wind Power**

  ----------------------------------------- -----------------------------
  **Large Scale Wind Power**                

  **Installed Capacity Cost Range           **1,000 to 2,007**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.05 to 0.15**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table 5.1.4 -- Cost Variability Impacts for Large Scale Wind Power**

  -------------------------------------------------------------------------------
  **Impacting Factors**   **Cost                        **Reasoning**
                          Variability                   
                          Impact**                      
  ----------------------- ------------- --------------- -------------------------
                          **Impact on   **Impact on     
                          Installed     Electricity     
                          Capacity      Generation      
                          Cost**        Cost**          

  **Capital Cost          ** **         ** **            
  Factors**                                             

  **Feasibility Study     Very low      Very low        Feasibility studies
  Cost Variability**                                    represent a very small
                                                        fraction of the overall
                                                        capital costs for typical
                                                        large wind projects

  **Capacity/Economies of High          Medium          Significant economies of
  Scale**                                               scale exist for purchase
                                                        of larger wind turbines
                                                        and multiple wind
                                                        turbines, so impacts on
                                                        capacity costs can be
                                                        high. Impact on
                                                        electricity generation
                                                        cost is lower because
                                                        actual power production
                                                        will depend more heavily
                                                        on the quality of the
                                                        wind where the wind
                                                        project is sited.

  **Plant Availability**  Very low      Very low        Very little variation in
                                                        plant availability exists
                                                        from one equipment
                                                        supplier to another.
                                                        Furthermore, plant
                                                        availability is less
                                                        significant with wind
                                                        power projects since it
                                                        is the availability of
                                                        wind and not equipment
                                                        that defines costs of
                                                        production.

  **Equipment Cost and    Low           Very low        Some slight variations in
  Technology Selection                                  equipment cost for a
  Factors**                                             given power output can
                                                        exist between turbines
                                                        designed for cold
                                                        environments where icing
                                                        may occur compared to
                                                        regular turbines. Any
                                                        cost difference is
                                                        expected to be minimal
                                                        once amortized over the
                                                        lifetime of the wind
                                                        power project.

  **Cost of Land**        Medium        Low             Where land is purchased
                                                        for a wind project, land
                                                        prices can vary
                                                        significantly from one
                                                        jurisdiction to another.
                                                        Although such cost
                                                        difference are notable
                                                        when considering cost of
                                                        installed capacity, they
                                                        become far less important
                                                        over the lifetime of the
                                                        project and on the
                                                        resulting electricity
                                                        generation cost.

  **Construction and      Medium        Low             Wind project site
  Location/Installation                                 characteristics can have
  Variables**                                           a significant impact on
                                                        the construction and
                                                        installation costs for a
                                                        project. However, higher
                                                        costs are usually
                                                        counterbalanced by strong
                                                        wind resources which
                                                        justify increased
                                                        relative costs. Although
                                                        such cost differences are
                                                        notable when considering
                                                        cost of installed
                                                        capacity, they also
                                                        become far less important
                                                        over the lifetime of the
                                                        project and on the
                                                        resulting electricity
                                                        generation cost.

  **Equipment Lifetime    Very low      Very low        Wind turbines generally
  and Decommissioning                                   have expected lifetimes
  Requirements**                                        of 20 years and little
                                                        variation exists from one
                                                        manufacture to another.

  **Impact Assessment and Medium        Low             Permitting costs, as they
  Permitting**                                          pertains to community
                                                        approval for wind farms
                                                        can vary greatly from one
                                                        proposed project to
                                                        another. Where opposition
                                                        is high, legal, public
                                                        relations and lobbying
                                                        costs can increase
                                                        substantially. Although
                                                        this can have a
                                                        perceivable effect on the
                                                        capacity cost for
                                                        renewables, cost impacts
                                                        are negligible over the
                                                        total power production
                                                        from a well planned wind
                                                        farm.

  **Operating Cost                                      
  Factors**                                             

  **Quality of Renewable  N/A           Very high       For a given installed
  Energy Resource and                                   capacity, average wind
  Capacity Factors**                                    speed at a project site
                                                        is the single most
                                                        important factor in
                                                        determining the power
                                                        output for a site. The
                                                        more power output by a
                                                        generating project, the
                                                        lower the effective
                                                        operating costs per kWh
                                                        produced.

  **Operations and        N/A           Low             Direct operating costs
  Maintenance**                                         are fairly consistent
                                                        from one wind farm to
                                                        another and any variation
                                                        that occurs is generally
                                                        the result of economies
                                                        of scale for larger
                                                        projects. Maintenance
                                                        costs vary mostly with
                                                        age of plants, with older
                                                        plants requiring more.

  **Fuel Costs**          N/A           N/A             Fuel is free for wind
                                                        power projects.

  **Transmission Costs**  N/A           High            Transmission costs can be
                                                        exceedingly high in some
                                                        jurisdictions where
                                                        penalties are incurred in
                                                        wind projects due to
                                                        their inherent
                                                        intermittency.

  **Financing Costs**     N/A           High            Financing rates and terms
                                                        available for utilities
                                                        are significantly lower
                                                        than those that are
                                                        accessible to non-utility
                                                        project developers. This
                                                        can have a major cost
                                                        impact over the lifetime
                                                        of a project.

  **Co-products and       N/A           N/A             There are no co-products
  Co-benefits**                                         for wind power
                                                        production.

  **Land Leases and       N/A           High            Municipal property tax
  Property Taxes**                                      rates and practices can
                                                        vary drastically from one
                                                        jurisdiction to another.

  **Policy Factors**                                    

  **Capital Grants**      Medium        Low             Capital grants can help
                                                        reduce initial capital
                                                        investment for wind
                                                        farms. However, due to
                                                        the relatively small size
                                                        of grants typically
                                                        available for wind farm
                                                        development, the impacts
                                                        of grants are low over
                                                        the lifetime of a typical
                                                        wind farm project.

  **Consumer              N/A           N/A             These are typically not
  Grants/Rebates**                                      available for residential
                                                        or small scale wind
                                                        turbines due to their
                                                        lower cost compared to
                                                        other renewables such as
                                                        photovoltaics.

  **Corporate Tax         High          High            Increased depreciation
  Incentives**                                          rates for wind power
                                                        equipment can greatly
                                                        reduce the tax burden on
                                                        wind projects in the
                                                        first years of their
                                                        existence and allow for
                                                        more rapid payback
                                                        periods for initial
                                                        investment and earlier
                                                        debt retirement.
                                                        Renewable project
                                                        planning expense clauses
                                                        in tax codes can also
                                                        contribute to
                                                        significantly lowered
                                                        taxation. Consequently
                                                        power production costs
                                                        can vary drastically
                                                        between regions with and
                                                        without corporate tax
                                                        incentives.

  **Production Tax        N/A           High            Production tax credits
  Credits**                                             help to offset the cost
                                                        premium associated to
                                                        wind power production
                                                        compared to traditional
                                                        sources of electricity.
                                                        As with other tax
                                                        incentives, production
                                                        tax credits can lead to
                                                        more rapid payback
                                                        periods and reduced
                                                        overall operating costs.
                                                        Consequently net power
                                                        production costs can vary
                                                        significantly between
                                                        regions with and without
                                                        production tax credits.

  **Property Tax          N/A           N/A             
  Exemptions**                                          

  **Sales Tax Rebates**   N/A           N/A             Sales tax rebates are
                                                        generally not available
                                                        for large wind power
                                                        equipment.

  **Personal Income Tax   N/A           N/A             
  Incentives**                                          

  **Loan Programs and     N/A           High            Where favorable interest
  Third Party Finance**                                 rates are available
                                                        through loan and 3^rd^
                                                        party finance programs,
                                                        lifetime financing costs
                                                        can be greatly reduced
                                                        for wind projects.

  **Emissions Credits**   N/A           High            Where emissions credits
                                                        are available,
                                                        significant additional
                                                        revenue streams for wind
                                                        projects may exist, which
                                                        can offset operating
                                                        expenses.

  **Government RD&D       Very low      Very low        Wind technology is
  Support Programs**                                    heavily commercialized
                                                        and very mature;
                                                        therefore R&D costs have
                                                        mostly been recovered for
                                                        most wind turbine
                                                        manufacturers.
  -------------------------------------------------------------------------------

## Photovoltaics

**Table 5.2.1 -- Installed Capacity Costs for Photovoltaic** Facilities
by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kW)\***   |                   |
+--------------------------------+-----------------+-------------------+
| **Solarbuzz**                  | 8,000 -- 12,000 | 2007              |
|                                | ^1^             |                   |
+--------------------------------+-----------------+-------------------+
| **Energy Information           | 4,600 ^2^       | 2005              |
| Administration**               |                 |                   |
+--------------------------------+-----------------+-------------------+
| **BP Solar UK**                | 9,745 -- 19,490 | 2007              |
|                                | ^3^             |                   |
+--------------------------------+-----------------+-------------------+
| **San Francisco Environment**  | 9,500 ^4^       | Not available     |
+--------------------------------+-----------------+-------------------+
| **European Photovoltaic        | 7,866 -- 11,144 | 2004              |
| Industry Association and       | ^5^             |                   |
| Greenpeace**                   |                 |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http://www                    |                 |                   |
| .solarbuzz.com/StatsCosts.htm> |                 |                   |
| (Based on systems ranging from |                 |                   |
| residential with battery       |                 |                   |
| back-up to utility scale with  |                 |                   |
| no power storage).*            |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^ Energy Information         |                 |                   |
| Administration/Assumptions to  |                 |                   |
| the Annual Energy Outlook 2006 |                 |                   |
| (Based on average cost of all  |                 |                   |
| photovoltaic systems installed |                 |                   |
| in the US).*                   |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^                            |                 |                   |
| <http://www.bp                 |                 |                   |
| .com/genericarticle.do?categor |                 |                   |
| yId=3050426&contentId=3060054> |                 |                   |
| (Assumes 5 kW system with      |                 |                   |
| variety of configurations and  |                 |                   |
| architectural features. This   |                 |                   |
| is the system price).*         |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^4^                            |                 |                   |
| <http:/                        |                 |                   |
| /www.sfenvironment.com/aboutus |                 |                   |
| /energy/solarsf/how_costs.htm> |                 |                   |
| (Average cost for              |                 |                   |
| jurisdiction).*                |                 |                   |
|                                |                 |                   |
| *^5^ Solar Generation -- Solar |                 |                   |
| Electricity for over 1 Billion |                 |                   |
| People and 2 Million Jobs by   |                 |                   |
| 2020, European Photovoltaic    |                 |                   |
| Industry Association and       |                 |                   |
| Greenpeace, October, 2004,     |                 |                   |
| p.18. (Average installed cost  |                 |                   |
| for grid connected systems     |                 |                   |
| with no battery back-up and    |                 |                   |
| stand-alone systems with       |                 |                   |
| battery back-up)*              |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.2.2 -- Electricity Generating Costs for Photovoltaic**
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kWh)\***  |                   |
+--------------------------------+-----------------+-------------------+
| **Solarbuzz**                  | 0.21 - 0.82 ^1^ | 2007              |
+--------------------------------+-----------------+-------------------+
| **International Energy         | \> 0.18 ^2^     | 2006              |
| Agency**                       |                 |                   |
+--------------------------------+-----------------+-------------------+
| **European Photovoltaic        | 0.33 -- 1.30    | 2004              |
| Industry Association and       | ^3^             |                   |
| Greenpeace**                   |                 |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http://www.s                  |                 |                   |
| olarbuzz.com/SolarIndices.htm> |                 |                   |
| (Based on systems ranging from |                 |                   |
| residential with battery       |                 |                   |
| back-up to utility scale with  |                 |                   |
| no power storage and range of  |                 |                   |
| sun conditions).*              |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^                            |                 |                   |
| <http:/                        |                 |                   |
| /www.iea.org/Textbase/Papers/2 |                 |                   |
| 006/renewable_factsheet.pdf>;* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^ Solar Generation -- Solar  |                 |                   |
| Electricity for over 1 Billion |                 |                   |
| People and 2 Million Jobs by   |                 |                   |
| 2020, European Photovoltaic    |                 |                   |
| Industry Association and       |                 |                   |
| Greenpeace, October, 2004,     |                 |                   |
| p.18. (Average installed cost  |                 |                   |
| for grid connected systems     |                 |                   |
| with no battery back-up and    |                 |                   |
| stand-alone systems with       |                 |                   |
| battery back-up)*              |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.2.3 -- Summary Cost Ranges for Photovoltaic** Power

  ----------------------------------------- -----------------------------
  **Photovoltaic Power**                    

  **Installed Capacity Cost Range           **4,600 -- 19,500**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **\>0.18**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table 5.2.4 -- Cost Variability Impacts for Photovoltaic** Power

+-----------------+-----------+--------------+------------------------+
| **Impacting     | **Cost    |              | **Reasoning**          |
| Factors**       | Va        |              |                        |
|                 | riability |              |                        |
|                 | Impact**  |              |                        |
+=================+===========+==============+========================+
|                 | **Impact  | **Impact on  |                        |
|                 | on        | Electricity  |                        |
|                 | Installed | Generation   |                        |
|                 | Capacity  | Cost**       |                        |
|                 | Cost**    |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Capital Cost  | ** **     | ** **        |                        |
| Factors**       |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Feasibility   | Very low  | Very low     | Feasibility studies    |
| Study Cost      |           |              | for photovoltaic       |
| Variability**   |           |              | installations are      |
|                 |           |              | generally very         |
|                 |           |              | straightforward and    |
|                 |           |              | little variation in    |
|                 |           |              | cost exists between    |
|                 |           |              | installations of       |
|                 |           |              | similar size. Some     |
|                 |           |              | slight variation on a  |
|                 |           |              | "per Watt installed"   |
|                 |           |              | basis may occur        |
|                 |           |              | between smaller and    |
|                 |           |              | larger installations   |
|                 |           |              | but this is typically  |
|                 |           |              | offset by the          |
|                 |           |              | increasing feasibility |
|                 |           |              | analysis rigor         |
|                 |           |              | required for larger    |
|                 |           |              | projects.              |
+-----------------+-----------+--------------+------------------------+
| **Cap           | Very high | High         | Cost per Wpeak can     |
| acity/Economies |           |              | very significantly     |
| of Scale**      |           |              | from small             |
|                 |           |              | photovoltaic           |
|                 |           |              | installations to       |
|                 |           |              | larger installations.  |
|                 |           |              | Economies resulting    |
|                 |           |              | from high volume       |
|                 |           |              | orders and greater     |
|                 |           |              | power generation       |
|                 |           |              | output to amortize     |
|                 |           |              | engineering and design |
|                 |           |              | costs over lead to     |
|                 |           |              | lower installed cost   |
|                 |           |              | for larger projects.   |
|                 |           |              | Because the majority   |
|                 |           |              | of lifecycle costs for |
|                 |           |              | photovoltaic           |
|                 |           |              | installations are      |
|                 |           |              | capital equipment      |
|                 |           |              | costs this also has a  |
|                 |           |              | large impact on the    |
|                 |           |              | variability of actual  |
|                 |           |              | generating costs for   |
|                 |           |              | this technology.       |
+-----------------+-----------+--------------+------------------------+
| **Plant         | N/A       | N/A          | Photovoltaic systems   |
| Availability**  |           |              | have almost 100%       |
|                 |           |              | availability.          |
|                 |           |              | Electricity reduction  |
|                 |           |              | for a given capacity   |
|                 |           |              | is almost exclusively  |
|                 |           |              | by the rate of         |
|                 |           |              | insolation at a        |
|                 |           |              | project site.          |
+-----------------+-----------+--------------+------------------------+
| **Equipment     | Medium    | Low          | Some slight variation  |
| Cost and        |           |              | exists between the     |
| Technology      |           |              | cost of thin film      |
| Selection       |           |              | technologies and       |
| Factors**       |           |              | crystalline silicon    |
|                 |           |              | technologies which can |
|                 |           |              | cause variation in the |
|                 |           |              | cost per installed     |
|                 |           |              | Watt. Furthermore, the |
|                 |           |              | need for battery       |
|                 |           |              | back-up in critical    |
|                 |           |              | power or off-grid      |
|                 |           |              | applications can also  |
|                 |           |              | cause some variation   |
|                 |           |              | in installed capacity  |
|                 |           |              | cost. Due to the long  |
|                 |           |              | lifetime of            |
|                 |           |              | photovoltaic systems,  |
|                 |           |              | this has only a low    |
|                 |           |              | variability impact on  |
|                 |           |              | the cost of            |
|                 |           |              | electricity            |
|                 |           |              | production.            |
+-----------------+-----------+--------------+------------------------+
| **Cost of       | Low       | Very low     | The cost of land is    |
| Land**          |           |              | typically not a factor |
|                 |           |              | for photovoltaic       |
|                 |           |              | installations since    |
|                 |           |              | they are most commonly |
|                 |           |              | integrated in existing |
|                 |           |              | structures. In the     |
|                 |           |              | case of very large     |
|                 |           |              | installations, cost of |
|                 |           |              | land can be a slight   |
|                 |           |              | variability factor.    |
|                 |           |              | Cost of land is        |
|                 |           |              | significantly lower    |
|                 |           |              | than capital equipment |
|                 |           |              | costs for most         |
|                 |           |              | photovoltaic           |
|                 |           |              | installations meaning  |
|                 |           |              | that the variability   |
|                 |           |              | impact is very low on  |
|                 |           |              | electricity generating |
|                 |           |              | costs.                 |
+-----------------+-----------+--------------+------------------------+
| **Construction  | Very low  | Very low     | Construction costs,    |
| and             |           |              | regardless of          |
| Locati          |           |              | location, are          |
| on/Installation |           |              | typically very low     |
| Variables**     |           |              | compared to equipment  |
|                 |           |              | costs for photovoltaic |
|                 |           |              | systems.               |
+-----------------+-----------+--------------+------------------------+
| **Equipment     | Very low  | Very low     | Photovoltaic systems   |
| Lifetime and    |           |              | have very long         |
| Decommissioning |           |              | lifetimes and relative |
| Requirements**  |           |              | decommissioning costs  |
|                 |           |              | are expected to be     |
|                 |           |              | roughly the same       |
|                 |           |              | regardless of the      |
|                 |           |              | application.           |
+-----------------+-----------+--------------+------------------------+
| **Impact        | Very low  | Very low     | Photovoltaic systems   |
| Assessment and  |           |              | have minimal impacts   |
| Permitting**    |           |              | because they have no   |
|                 |           |              | moving parts and emit  |
|                 |           |              | no by-products.        |
|                 |           |              | Therefore, any impact  |
|                 |           |              | assessment and         |
|                 |           |              | permitting             |
|                 |           |              | requirements are       |
|                 |           |              | generally low compared |
|                 |           |              | to other capital costs |
|                 |           |              | and are relatively     |
|                 |           |              | consistent from one    |
|                 |           |              | installation to        |
|                 |           |              | another.               |
+-----------------+-----------+--------------+------------------------+
| **Operating     |           |              |                        |
| Cost Factors**  |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Quality of    | N/A       | Very high    | The quality of the sun |
| Renewable       |           |              | resource available at  |
| Energy Resource |           |              | a given photovoltaic   |
| and Capacity    |           |              | installation site is   |
| Factors**       |           |              | the single largest     |
|                 |           |              | cause of variation for |
|                 |           |              | electricity generating |
|                 |           |              | cost. The availability |
|                 |           |              | of sunlight dictates   |
|                 |           |              | the amount of          |
|                 |           |              | electricity that can   |
|                 |           |              | be generated over the  |
|                 |           |              | lifetime of a given    |
|                 |           |              | project.               |
+-----------------+-----------+--------------+------------------------+
| **Operations    | N/A       | Very low     | Photovoltaic systems   |
| and             |           |              | have minimal operating |
| Maintenance**   |           |              | and maintenance costs  |
|                 |           |              | over their lifetime    |
|                 |           |              | compared to their      |
|                 |           |              | capital costs.         |
+-----------------+-----------+--------------+------------------------+
| **Fuel Costs**  | N/A       | N/A          |                        |
+-----------------+-----------+--------------+------------------------+
| **Transmission  | N/A       | High         | Depending on the       |
| Costs**         |           |              | jurisdiction,          |
|                 |           |              | significant variation  |
|                 |           |              | can exist in the       |
|                 |           |              | annual transmission    |
|                 |           |              | charges for            |
|                 |           |              | electricity produced   |
|                 |           |              | by photovoltaic        |
|                 |           |              | systems. Such charges  |
|                 |           |              | typically have a       |
|                 |           |              | larger net impact on   |
|                 |           |              | smaller installations  |
|                 |           |              | than large ones.       |
+-----------------+-----------+--------------+------------------------+
| **Financing     | N/A       | Medium       | Variations in the      |
| Costs**         |           |              | interest rates         |
|                 |           |              | available for debt     |
|                 |           |              | financing of           |
|                 |           |              | photovoltaic           |
|                 |           |              | installation projects  |
|                 |           |              | can vary significantly |
|                 |           |              | from one jurisdiction  |
|                 |           |              | to another. These      |
|                 |           |              | rates can also vary    |
|                 |           |              | significantly          |
|                 |           |              | depending on the size  |
|                 |           |              | of the installation.   |
+-----------------+-----------+--------------+------------------------+
| **Co-products   | N/A       | N/A          |                        |
| and             |           |              |                        |
| Co-benefits**   |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Land Leases   | N/A       | Low          | Land lease and         |
| and Property    |           |              | property taxation      |
| Taxes**         |           |              | rates can vary         |
|                 |           |              | significantly from one |
|                 |           |              | location to another,   |
|                 |           |              | but these costs are    |
|                 |           |              | relatively small over  |
|                 |           |              | the lifetime of a      |
|                 |           |              | typical photovoltaic   |
|                 |           |              | installation compared  |
|                 |           |              | to capital costs.      |
+-----------------+-----------+--------------+------------------------+
| **Policy        |           |              |                        |
| Factors**       |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Capital       | High      | High         | Because capital grants |
| Grants**        |           |              | can have a significant |
|                 |           |              | impact on the net      |
|                 |           |              | capital outlay for a   |
|                 |           |              | photovoltaic           |
|                 |           |              | installation, they can |
|                 |           |              | have a major impact on |
|                 |           |              | both the installed net |
|                 |           |              | capacity cost and the  |
|                 |           |              | electricity generating |
|                 |           |              | costs. Any variation   |
|                 |           |              | in the size of grants  |
|                 |           |              | available from one     |
|                 |           |              | jurisdiction to        |
|                 |           |              | another will have a    |
|                 |           |              | significant            |
|                 |           |              | variability impact on  |
|                 |           |              | capacity and           |
|                 |           |              | generating costs.      |
+-----------------+-----------+--------------+------------------------+
| **Consumer      | High      | High         | As with capital        |
| G               |           |              | grants, consumer       |
| rants/Rebates** |           |              | grants can have a      |
|                 |           |              | significant impact on  |
|                 |           |              | the net capital outlay |
|                 |           |              | for a photovoltaic     |
|                 |           |              | installation. As such, |
|                 |           |              | they can have a major  |
|                 |           |              | impact on both the     |
|                 |           |              | installed capacity     |
|                 |           |              | cost and the           |
|                 |           |              | electricity generating |
|                 |           |              | costs. Any variation   |
|                 |           |              | in the size of         |
|                 |           |              | consumer grants        |
|                 |           |              | available from one     |
|                 |           |              | jurisdiction to        |
|                 |           |              | another will have a    |
|                 |           |              | significant            |
|                 |           |              | variability impact on  |
|                 |           |              | capacity and           |
|                 |           |              | generating costs.      |
+-----------------+-----------+--------------+------------------------+
| **Corporate Tax | N/A       | Medium       | Accelerated            |
| Incentives**    |           |              | depreciation and other |
|                 |           |              | corporate tax          |
|                 |           |              | incentives can have a  |
|                 |           |              | significant impact on  |
|                 |           |              | the operating cost for |
|                 |           |              | a given photovoltaic   |
|                 |           |              | installation. The      |
|                 |           |              | variation in tax       |
|                 |           |              | incentives available   |
|                 |           |              | from one region to     |
|                 |           |              | another therefore has  |
|                 |           |              | a variability impact   |
|                 |           |              | on the generating cost |
|                 |           |              | for photovoltaic       |
|                 |           |              | installations. Because |
|                 |           |              | such tax incentives    |
|                 |           |              | require purchase of    |
|                 |           |              | equipment before they  |
|                 |           |              | can be accessed, they  |
|                 |           |              | are not considered to  |
|                 |           |              | have an impact on the  |
|                 |           |              | installed capacity     |
|                 |           |              | cost of photovoltaic   |
|                 |           |              | systems.               |
+-----------------+-----------+--------------+------------------------+
| **Production    | N/A       | Very low     | Due to the very high   |
| Tax Credits**   |           |              | generating costs       |
|                 |           |              | typically associated   |
|                 |           |              | to photovoltaic        |
|                 |           |              | system, which result   |
|                 |           |              | primarily from high    |
|                 |           |              | equipment costs, the   |
|                 |           |              | relatively low         |
|                 |           |              | renewable electricity  |
|                 |           |              | production incentives  |
|                 |           |              | available in some      |
|                 |           |              | regions has only a     |
|                 |           |              | minor variability      |
|                 |           |              | impact on generating   |
|                 |           |              | cost for this          |
|                 |           |              | technology.            |
+-----------------+-----------+--------------+------------------------+
| **Property Tax  | N/A       | Low          | Property taxation      |
| Exemptions**    |           |              | rates can vary         |
|                 |           |              | significantly from one |
|                 |           |              | location to another,   |
|                 |           |              | but these costs are    |
|                 |           |              | relatively small over  |
|                 |           |              | the lifetime of a      |
|                 |           |              | typical photovoltaic   |
|                 |           |              | installation compared  |
|                 |           |              | to capital costs.      |
+-----------------+-----------+--------------+------------------------+
| **Sales Tax     | Very low  | Very low     | Sales taxes represent  |
| Rebates**       |           |              | only a very small      |
|                 |           |              | fraction of the        |
|                 |           |              | up-front equipment     |
|                 |           |              | costs for photovoltaic |
|                 |           |              | systems. Therefore,    |
|                 |           |              | the presence of such   |
|                 |           |              | rebates in some        |
|                 |           |              | jurisdictions only has |
|                 |           |              | a very low variability |
|                 |           |              | impact on installed    |
|                 |           |              | capacity and           |
|                 |           |              | generating costs.      |
+-----------------+-----------+--------------+------------------------+
| **Personal      | N/A       | Medium       | As with corporate tax  |
| Income Tax      |           |              | incentives, personal   |
| Incentives**    |           |              | income tax incentives  |
|                 |           |              | can have a significant |
|                 |           |              | impact on the          |
|                 |           |              | operating cost for a   |
|                 |           |              | given photovoltaic     |
|                 |           |              | installation. The      |
|                 |           |              | variation in tax       |
|                 |           |              | incentives available   |
|                 |           |              | from one region to     |
|                 |           |              | another therefore has  |
|                 |           |              | a variability impact   |
|                 |           |              | on the generating cost |
|                 |           |              | for photovoltaic       |
|                 |           |              | installations. Because |
|                 |           |              | such tax incentives    |
|                 |           |              | require purchase of    |
|                 |           |              | equipment before they  |
|                 |           |              | can be accessed, they  |
|                 |           |              | are not considered to  |
|                 |           |              | have an impact on the  |
|                 |           |              | installed capacity     |
|                 |           |              | cost of photovoltaic   |
|                 |           |              | systems.               |
+-----------------+-----------+--------------+------------------------+
| **Loan Programs | N/A       | Medium       | Variations in the      |
| and Third Party |           |              | interest rates         |
| Finance**       |           |              | available from low     |
|                 |           |              | interest loan programs |
|                 |           |              | or preferred third     |
|                 |           |              | party financing for    |
|                 |           |              | photovoltaic           |
|                 |           |              | installation projects  |
|                 |           |              | in some jurisdiction   |
|                 |           |              | compared to others can |
|                 |           |              | create some            |
|                 |           |              | significant variation  |
|                 |           |              | in generating costs.   |
+-----------------+-----------+--------------+------------------------+
| **Emissions     | N/A       | Low          | In jurisdictions where |
| Credits**       |           |              | emissions credits are  |
|                 |           |              | available net          |
|                 |           |              | generating costs could |
|                 |           |              | be seen as being       |
|                 |           |              | reduced indirectly     |
|                 |           |              | through the creation   |
|                 |           |              | of an additional       |
|                 |           |              | revenue stream.        |
|                 |           |              | However, the value of  |
|                 |           |              | the additional revenue |
|                 |           |              | stream would be        |
|                 |           |              | expected to be low     |
|                 |           |              | over the lifetime of a |
|                 |           |              | photovoltaic           |
|                 |           |              | installation when      |
|                 |           |              | compared to up-front   |
|                 |           |              | capital costs.         |
+-----------------+-----------+--------------+------------------------+
| **Government    | Low       | Low          | Government R&D         |
| RD&D Support    |           |              | programs from around   |
| Programs**      | (Po       | (Potentially | the world have led to  |
|                 | tentially | high)        | significant cost       |
|                 | high)     |              | decreases for          |
|                 |           |              | photovoltaic equipment |
|                 |           |              | over the years. This   |
|                 |           |              | has consequently led   |
|                 |           |              | to variability in the  |
|                 |           |              | installed cost, and    |
|                 |           |              | resulting generating   |
|                 |           |              | cost, of photovoltaic  |
|                 |           |              | systems from year to   |
|                 |           |              | year.                  |
+-----------------+-----------+--------------+------------------------+

## Biomass

**Table 5.3.1 -- Installed Capacity Costs for Biomass Electricity**
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kW)\***   |                   |
+--------------------------------+-----------------+-------------------+
| **USDA Forest Products         | 2,000 ^1^       | 2004              |
| Laboratory**                   |                 |                   |
+--------------------------------+-----------------+-------------------+
| **Energy Information           | 1,659 ^2^       | 2005              |
| Administration**               |                 |                   |
+--------------------------------+-----------------+-------------------+
| **Lahmeyer International**     | 1,300 -- 1,800  | 2004              |
|                                | ^3^             |                   |
+--------------------------------+-----------------+-------------------+
| **Energy Information           | 1300 - 1550     | 2000              |
| Administration/Biomass for     |                 |                   |
| Electricity Generation**       |                 |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http://www.f                  |                 |                   |
| pl.fs.fed.us/documnts/techline |                 |                   |
| /wood-biomass-for-energy.pdf>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^ Energy Information         |                 |                   |
| Administration/Assumptions to  |                 |                   |
| the Annual Energy Outlook      |                 |                   |
| 2006.(Average cost from all    |                 |                   |
| biomass power generation in    |                 |                   |
| the US)*                       |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^                            |                 |                   |
| <                              |                 |                   |
| http://www.lahmeyer.de/publica |                 |                   |
| tions/faltblatt-biomass-e.pdf> |                 |                   |
| (Cost range represents average |                 |                   |
| cost for a 25 MW plant using   |                 |                   |
| traditional steam turbine and  |                 |                   |
| gasification technologies)*    |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^4^                            |                 |                   |
| <http:/                        |                 |                   |
| /www.eia.doe.gov/oiaf/analysis |                 |                   |
| paper/biomass/pdf/biomass.pdf> |                 |                   |
| (Range represents average cost |                 |                   |
| for landfill gas projects and  |                 |                   |
| biomass integrated             |                 |                   |
| gasification and combined      |                 |                   |
| cycle plants)*                 |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.3.2 -- Electricity Generating Costs for Biomass Electricity**
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kWh)\***  |                   |
+--------------------------------+-----------------+-------------------+
| **International Energy         | 0.035 -- 0.155  | 2006              |
| Agency**                       | ^1^             |                   |
+--------------------------------+-----------------+-------------------+
| **Government of Oregon**       | 0.029 -- 0.067  | N/A               |
|                                | ^2^             |                   |
+--------------------------------+-----------------+-------------------+
| **USDA Forest Products         | 0.06 -- 0.11    | 2004              |
| Laboratory**                   | ^3^             |                   |
+--------------------------------+-----------------+-------------------+
| **Renewable Energy Policy      | 0.035 -- 0.12   | 2001              |
| Project**                      | ^4^             |                   |
+--------------------------------+-----------------+-------------------+
| **Lahmeyer International**     | 0.051 -- 0.083  | 2004              |
|                                | ^5^             |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http:/                        |                 |                   |
| /www.iea.org/Textbase/Papers/2 |                 |                   |
| 006/renewable_factsheet.pdf>;* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^*<http://www.oregon.gov/EN  |                 |                   |
| ERGY/RENEW/Biomass/Cost.shtml> |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^                            |                 |                   |
| <http://www.f                  |                 |                   |
| pl.fs.fed.us/documnts/techline |                 |                   |
| /wood-biomass-for-energy.pdf>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^4^                            |                 |                   |
| <ht                            |                 |                   |
| tp://www.crest.org/articles/st |                 |                   |
| atic/1/1004994679_6.html#biof> |                 |                   |
| (Cost range includes landfill  |                 |                   |
| gas projects and direct        |                 |                   |
| combustion projects)*          |                 |                   |
|                                |                 |                   |
| ^5^*<                          |                 |                   |
| http://www.lahmeyer.de/publica |                 |                   |
| tions/faltblatt-biomass-e.pdf> |                 |                   |
| (Cost range represents average |                 |                   |
| cost for a 25 MW plant using   |                 |                   |
| traditional steam turbine and  |                 |                   |
| gasification technologies)\    |                 |                   |
| *                              |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.3.3 -- Summary Cost Ranges for Biomass** Power

  ----------------------------------------- -----------------------------
  **Biomass Power**                         

  **Installed Capacity Cost Range           **1,300 -- 2,000**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.035 -- 0.155**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table 5.3.4 -- Cost Variability Impacts for Biomass** Power

  -------------------------------------------------------------------------------
  **Impacting Factors**   **Cost                        **Reasoning**
                          Variability                   
                          Impact**                      
  ----------------------- ------------- --------------- -------------------------
                          **Impact on   **Impact on     
                          Installed     Electricity     
                          Capacity      Generation      
                          Cost**        Cost**          

  **Capital Cost          ** **         ** **            
  Factors**                                             

  **Feasibility Study     Low           Low             Requirements for
  Cost Variability**                                    feasibility studies are
                                                        typically fairly
                                                        consistent from one
                                                        biomass power project to
                                                        another. Furthermore,
                                                        these costs are low
                                                        compared to equipment and
                                                        construction costs.

  **Capacity/Economies of Medium        Low             Significant economies of
  Scale**                                               scale exist for purchase
                                                        of larger steam turbines
                                                        or combustion engines, so
                                                        impacts on capacity costs
                                                        can be significant.
                                                        Impact on electricity
                                                        generation cost is lower
                                                        because actual power
                                                        production will depend
                                                        more heavily on the cost
                                                        of biomass feedstocks
                                                        over the lifetime of the
                                                        biomass power project.

  **Plant Availability**  Medium        Low             Generally, the higher the
                                                        plant availability, the
                                                        higher the cost. Although
                                                        a cost premium may be
                                                        justified over the
                                                        lifetime of a project, it
                                                        can lead to a higher
                                                        installed capacity cost.

  **Equipment Cost and    High          Medium          Equipment costs on an
  Technology Selection                                  installed capacity basis
  Factors**                                             can vary significantly
                                                        from one biomass
                                                        conversion technology to
                                                        another.

  **Cost of Land**        Low           Low             The cost of land can vary
                                                        drastically from one
                                                        jurisdiction to another.
                                                        However, land is
                                                        typically only a minor
                                                        cost relative to other
                                                        capital costs.

  **Construction and      Low           Low             Because exact siting of a
  Location/Installation                                 biomass power
  Variables**                                           installation is less
                                                        critical than for wind,
                                                        hydro and geothermal
                                                        projects, location
                                                        related construction and
                                                        installation cost
                                                        variability is generally
                                                        less important for this
                                                        technology.

  **Equipment Lifetime    Low           Low             Equipment lifetime and
  and Decommissioning                                   decommissioning
  Requirements**                                        requirements are expected
                                                        to be fairly consistent
                                                        from one manufacture to
                                                        another and from one
                                                        technology to another.
                                                        Therefore this is
                                                        expected to be only a low
                                                        variability factor for
                                                        installed capacity and
                                                        generating costs.

  **Impact Assessment and Low           Low             Impact assessment and
  Permitting**                                          permitting requirements
                                                        are expected to be fairly
                                                        consistent from one
                                                        jurisdiction to another
                                                        and from one technology
                                                        to another. Some slight
                                                        variability can be
                                                        expected based on the
                                                        scale of the installation
                                                        and the nature of the
                                                        biomass stream to be used
                                                        as project fuel. However,
                                                        the cost associated to
                                                        these activities are low
                                                        relative to the overall
                                                        equipment and
                                                        construction costs for
                                                        biomass power
                                                        installations.

  **Operating Cost                                      
  Factors**                                             

  **Quality of Renewable  N/A           High            Consistency of
  Energy Resource and                                   availability of biomass
  Capacity Factors**                                    fuel can have a
                                                        significant impact on the
                                                        cost of biomass power
                                                        generation.

  **Operations and        N/A           Low             Operations and
  Maintenance**                                         maintenance costs are
                                                        generally fairly
                                                        consistent from one
                                                        jurisdiction to another.
                                                        Some relative cost
                                                        variability can occur
                                                        based on scale of the
                                                        biomass power
                                                        installation.

  **Fuel Costs**          N/A           Very high       Factors affecting biomass
                                                        fuel costs, such as
                                                        transportation distance
                                                        and harvesting,
                                                        preparation and storage
                                                        requirements, can have
                                                        drastic variability
                                                        impacts on generating
                                                        costs.

  **Transmission Costs**  N/A           Low             Because biomass power
                                                        projects are typically
                                                        large scale, transmission
                                                        related costs are
                                                        typically small relative
                                                        to other operating costs.
                                                        As such, variation in
                                                        these costs have minimal
                                                        variability impacts on
                                                        overall generating cost.

  **Financing Costs**     N/A           Low             Financing costs for
                                                        biomass power projects
                                                        are expected to only vary
                                                        slightly from one
                                                        jurisdiction to another.

  **Co-products and       N/A           High            The presence of a market
  Co-benefits**                                         for co-product heat from
                                                        biomass power
                                                        installations can have a
                                                        significant impact in
                                                        terms of creating a new
                                                        revenue stream or
                                                        offsetting operating
                                                        costs.

  **Land Leases and       N/A           Low             Land lease and property
  Property Taxes**                                      tax expenses are expected
                                                        to be small relative to
                                                        overall operating costs.
                                                        As such, relative
                                                        variability in these
                                                        expenses from
                                                        jurisdiction to
                                                        jurisdiction will only
                                                        slightly contribute to
                                                        overall variability of
                                                        biomass power generating
                                                        costs.

  **Policy Factors**                                    

  **Capital Grants**      Medium        Low             Capital grants can help
                                                        reduce initial capital
                                                        investment for biomass
                                                        power projects. However,
                                                        due to the relatively
                                                        small size of grants
                                                        typically available for
                                                        generally large biomass
                                                        power developments, the
                                                        impacts of grants are low
                                                        over the lifetime of a
                                                        project.

  **Consumer              N/A           N/A             Due to the industrial
  Grants/Rebates**                                      scale of typical biomass
                                                        power installations,
                                                        consumer grants and
                                                        rebates are not relevant.

  **Corporate Tax         Medium        Low             Increased depreciation
  Incentives**                                          rates for biomass power
                                                        equipment can greatly
                                                        reduce the tax burden on
                                                        biomass projects in the
                                                        first years of their
                                                        existence and allow for
                                                        more rapid payback
                                                        periods for initial
                                                        investment and earlier
                                                        debt retirement.
                                                        Renewable project
                                                        planning expense clauses
                                                        in tax codes can also
                                                        contribute to
                                                        significantly lowered
                                                        taxation. Consequently
                                                        power production costs
                                                        can vary drastically
                                                        between regions with and
                                                        without corporate tax
                                                        incentives.

  **Production Tax        N/A           High            Production tax credits
  Credits**                                             help to offset the cost
                                                        premium associated to
                                                        biomass power production
                                                        compared to traditional
                                                        sources of electricity.
                                                        As with other tax
                                                        incentives, production
                                                        tax credits can lead to
                                                        more rapid payback
                                                        periods and offset
                                                        overall operating costs.
                                                        Consequently net power
                                                        production costs can vary
                                                        significantly between
                                                        regions with and without
                                                        production tax credits.

  **Property Tax          N/A           N/A             
  Exemptions**                                          

  **Sales Tax Rebates**   N/A           N/A             

  **Personal Income Tax   N/A           N/A             
  Incentives**                                          

  **Loan Programs and     Low           Medium          Where favorable interest
  Third Party Finance**                                 rates are available
                                                        through loan and 3^rd^
                                                        party finance programs,
                                                        lifetime financing costs
                                                        can be greatly reduced
                                                        for biomass power
                                                        projects.

  **Emissions Credits**   N/A           High            Where emissions credits
                                                        are available,
                                                        significant additional
                                                        revenue streams for
                                                        biomass power projects
                                                        may exist, which can
                                                        offset operating
                                                        expenses.

  **Government RD&D       N/A           N/A             
  Support Programs**                                    
  -------------------------------------------------------------------------------

## Hydropower

**Table 5.4.1 -- Installed Capacity Costs for Hydropower** Facilities by
Source

+---------------------------+--------------------+---------------------+
| **Source**                | **Capacity Cost    | **Year**            |
|                           | (US\$/kW)\***      |                     |
+---------------------------+--------------------+---------------------+
| **Hydro Research          | 735 - 4,778 ^1^    | 1993                |
| Foundation**              |                    |                     |
+---------------------------+--------------------+---------------------+
| **European Small          | 1,311 -- 7,866 ^2^ | 2004                |
| Hydropower Association**  |                    |                     |
+---------------------------+--------------------+---------------------+
| *\*Assumes exchange rates |                    |                     |
| from 02/12/2006*          |                    |                     |
+---------------------------+--------------------+---------------------+
| *^1^*                     |                    |                     |
| <http://www.              |                    |                     |
| hydrofoundation.org/resea |                    |                     |
| rch/faq.html#averageCost> |                    |                     |
|                           |                    |                     |
| *\                        |                    |                     |
| ^2^<http://               |                    |                     |
| www.esha.be/fileadmin/esh |                    |                     |
| a_files/documents/publica |                    |                     |
| tions/position_papers/ESH |                    |                     |
| A_contributionDGTREN.pdf> |                    |                     |
| (Average capacity cost    |                    |                     |
| for 12 European           |                    |                     |
| jurisdictions)*           |                    |                     |
+---------------------------+--------------------+---------------------+

**Table 5.4.2 -- Electricity Generating Costs for Hydropower**
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kWh)\***  |                   |
+--------------------------------+-----------------+-------------------+
| **International Energy         | 0.035 -- 0.155  | 2006              |
| Agency**                       | ^1^             |                   |
+--------------------------------+-----------------+-------------------+
| **Hydro Research Foundation**  | 0.07 ^2^        |                   |
+--------------------------------+-----------------+-------------------+
| **European Small Hydropower    | 0.026 -0.195    | 2003              |
| Association**                  | ^3^             |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http:                         |                 |                   |
| //www.iea.org/Textbase/Papers/ |                 |                   |
| 2006/renewable_factsheet.pdf>* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^*<h                         |                 |                   |
| ttp://www.hydrofoundation.org/ |                 |                   |
| research/faq.html#averageCost> |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^                            |                 |                   |
| <http:                         |                 |                   |
| //www.esha.be/index.php?id=43> |                 |                   |
| (Based on average cost in six  |                 |                   |
| European jurisdictions)*       |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.4.3 -- Summary Cost Ranges for Hydropower**

  ----------------------------------------- -----------------------------
  **Hydropower**                            

  **Installed Capacity Cost Range           **735 -- 7,866**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.026 -- 0.195**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table 5.4.4 -- Cost Variability Impacts for Hydropower**

  -------------------------------------------------------------------------------
  **Impacting Factors**   **Cost                        **Reasoning**
                          Variability                   
                          Impact**                      
  ----------------------- ------------- --------------- -------------------------
                          **Impact on   **Impact on     
                          Installed     Electricity     
                          Capacity      Generation      
                          Cost**        Cost**          

  **Capital Cost          ** **         ** **            
  Factors**                                             

  **Feasibility Study     Medium        Low             Feasibility study costs
  Cost Variability**                                    can vary significantly
                                                        depending on the existing
                                                        hydrological data
                                                        available for a given
                                                        potential site. Where
                                                        little data exist,
                                                        significantly more cost
                                                        must be incurred to
                                                        create it. However, over
                                                        the lifetime of a typical
                                                        hydropower project,
                                                        feasibility study costs
                                                        are relatively low
                                                        compared to overall
                                                        lifecycle costs,
                                                        especially for larger
                                                        projects.

  **Capacity/Economies of Medium        Low             Some moderate scale
  Scale**                                               related variations
                                                        resulting from
                                                        engineering, design and
                                                        construction economies of
                                                        scale can occur from one
                                                        hydropower project to
                                                        another.

  **Plant Availability**  Very low      Very low        Hydro plants have very
                                                        high plant availabilities
                                                        and little variation
                                                        exists from project to
                                                        project.

  **Equipment Cost and    Very low      Very low        Hydro turbine costs are
  Technology Selection                                  generally very consistent
  Factors**                                             regardless of the
                                                        manufacturer or the
                                                        region.

  **Cost of Land**        Medium        Low             Where land is purchased
                                                        for a hydropower project,
                                                        land prices can vary
                                                        significantly from one
                                                        jurisdiction to another.
                                                        Although such cost
                                                        differences are notable
                                                        when considering cost of
                                                        installed capacity, they
                                                        become far less important
                                                        over the lifetime of the
                                                        project and on the
                                                        resulting electricity
                                                        generation cost,
                                                        especially when
                                                        considering the extremely
                                                        long lifetime of
                                                        hydropower projects.

  **Construction and      Very high     Very high       Accessibility and ease of
  Location/Installation                                 construction can vary
  Variables**                                           drastically from one
                                                        hydropower site to
                                                        another.

  **Equipment Lifetime    Very low      Very low        Because hydropower
  and Decommissioning                                   equipment generally has
  Requirements**                                        extremely long lifetimes
                                                        and hydro plants are
                                                        generally retrofitted and
                                                        modernized rather than
                                                        being decommissioned, the
                                                        costs factors do not play
                                                        a significant role in
                                                        installed capacity and
                                                        generating costs from
                                                        project to project.

  **Impact Assessment and Medium        Low             Permitting, as it
  Permitting**                                          pertains to fish habitat
                                                        impacts and other
                                                        environmental impacts can
                                                        vary greatly from one
                                                        proposed project to
                                                        another depending on
                                                        project size,
                                                        configuration and
                                                        jurisdiction. Although
                                                        this can have a
                                                        perceivable effect on the
                                                        capacity cost for
                                                        hydropower projects, cost
                                                        impacts are low over the
                                                        total power production
                                                        from a well planned
                                                        installation.

  **Operating Cost                                      
  Factors**                                             

  **Quality of Renewable  N/A           Very high       For a given installed
  Energy Resource and                                   capacity, average annual
  Capacity Factors**                                    water run-off for a
                                                        drainage basin related to
                                                        a particular project site
                                                        and the head of that
                                                        run-off are the most
                                                        important factors in
                                                        determining the power
                                                        output and hence
                                                        generating cost. These
                                                        factors vary drastically
                                                        for every site.

  **Operations and        N/A           Low             Operating and maintenance
  Maintenance**                                         costs of very low for
                                                        hydropower projects. Some
                                                        slight variations exist
                                                        between older and newer
                                                        projects as a result of
                                                        increasing levels of
                                                        automation over time.

  **Fuel Costs**          N/A           N/A             

  **Transmission Costs**  N/A           Low             Because hydropower
                                                        projects are typically
                                                        somewhat large in scale
                                                        and provide baseload
                                                        power, transmission
                                                        related costs are
                                                        typically small relative
                                                        to other operating costs.
                                                        As such, variation in
                                                        these costs have minimal
                                                        variability impact on
                                                        overall generating cost.

  **Financing Costs**     N/A           Very low        Because most hydropower
                                                        projects in North America
                                                        are developed by
                                                        utilities, which have
                                                        access to fairly
                                                        consistent interest
                                                        rates, little variation
                                                        in financing costs exists
                                                        from one hydropower
                                                        project to another.

  **Co-products and       N/A           Very low        Hydropower can provide
  Co-benefits**                                         co-benefits such as
                                                        facilitating irrigation,
                                                        providing flood control,
                                                        providing water supply
                                                        and facilitating
                                                        navigation. However, the
                                                        cost benefits of such
                                                        co-benefits are generally
                                                        expected to be very low
                                                        compared to the overall
                                                        life-cycle costs for
                                                        hydropower projects.

  **Land Leases and       N/A           Medium          Land lease and property
  Property Taxes**                                      tax expenses are expected
                                                        to be small relative to
                                                        overall operating costs.
                                                        As such, relative
                                                        variability in these
                                                        expenses from
                                                        jurisdiction to
                                                        jurisdiction will only
                                                        slightly contribute to
                                                        overall variability of
                                                        hydropower generating
                                                        costs.

  **Policy Factors**                                    

  **Capital Grants**      Medium        Low             Capital grants can help
                                                        reduce initial capital
                                                        investment for hydropower
                                                        projects. However, due to
                                                        the relatively small size
                                                        of grants typically
                                                        available for hydropower
                                                        developments, the impacts
                                                        of grants are low over
                                                        the lifetime of a
                                                        project.

  **Consumer              N/A           N/A             Due to the relatively
  Grants/Rebates**                                      large scale (\>10 kW) of
                                                        typical hydropower
                                                        installations, consumer
                                                        grants and rebates are
                                                        not deemed to be
                                                        relevant.

  **Corporate Tax         Medium        Medium          Increased depreciation
  Incentives**                                          rates for hydropower
                                                        equipment can greatly
                                                        reduce the tax burden on
                                                        hydropower projects in
                                                        the first years of their
                                                        existence and allow for
                                                        more rapid payback
                                                        periods for initial
                                                        investment and earlier
                                                        debt retirement.
                                                        Renewable project
                                                        planning expense clauses
                                                        in tax codes can also
                                                        contribute to
                                                        significantly lowered
                                                        taxation. Consequently
                                                        power production costs
                                                        can vary drastically
                                                        between regions with and
                                                        without corporate tax
                                                        incentives.

  **Production Tax        N/A           High            Production tax credits
  Credits**                                             help to offset the cost
                                                        premium associated with
                                                        small, low-impact
                                                        hydropower production
                                                        compared to traditional
                                                        sources of electricity.
                                                        As with other tax
                                                        incentives, production
                                                        tax credits can lead to
                                                        more rapid payback
                                                        periods and reduced
                                                        overall operating costs.
                                                        Consequently net power
                                                        production costs can vary
                                                        significantly between
                                                        regions with and without
                                                        production tax credits.

  **Property Tax          N/A           N/A             
  Exemptions**                                          

  **Sales Tax Rebates**   N/A           N/A             

  **Personal Income Tax   N/A           N/A             
  Incentives**                                          

  **Loan Programs and     N/A           Low             Where favorable interest
  Third Party Finance**                                 rates are available
                                                        through loan and 3^rd^
                                                        party finance programs,
                                                        lifetime financing costs
                                                        can be reduced for
                                                        hydropower projects.

  **Emissions Credits**   N/A           Medium          Where emissions credits
                                        (Potentially    are available,
                                        high)           significant additional
                                                        revenue streams for
                                                        hydropower projects may
                                                        exist, which can offset
                                                        operating expenses.

  **Government RD&D       N/A           N/A             
  Support Programs**                                    
  -------------------------------------------------------------------------------

## Geothermal

**Table 5.5.1 -- Installed Capacity Costs for Geothermal** Facilities by
Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kW)\***   |                   |
+--------------------------------+-----------------+-------------------+
| **Renewable Energy Policy      | 1,150 -- 3,000  | 2003              |
| Project**                      | ^1^             |                   |
+--------------------------------+-----------------+-------------------+
| **Energy Information           | 2,100 ^2^       | 2005              |
| Administration**               |                 |                   |
+--------------------------------+-----------------+-------------------+
| **Renewable Energy             | 2,100 ^3^       | 2000              |
| Laboratory**                   |                 |                   |
+--------------------------------+-----------------+-------------------+
| **US Department of Energy**    | 2,500 -- 5,000  | 2006              |
|                                | ^4^             |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http                          |                 |                   |
| ://www.repp.org/geothermal/geo |                 |                   |
| thermal_brief_economics.html>* |                 |                   |
|                                |                 |                   |
| *^2^ Energy Information        |                 |                   |
| Administration/Assumptions to  |                 |                   |
| the Annual Energy Outlook      |                 |                   |
| 2006.*                         |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^*                           |                 |                   |
| <http://www.nrel.              |                 |                   |
| gov/geothermal/pdfs/28204.pdf> |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^4^                            |                 |                   |
| <http://www1.eere.en           |                 |                   |
| ergy.gov/geothermal/faqs.html> |                 |                   |
| (Range is for large and small  |                 |                   |
| --scale plants)*               |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.5.2 -- Electricity Generating Costs for Geothermal**
Facilities by Source

+--------------------------------+-----------------+-------------------+
| **Source**                     | **Capacity Cost | **Year**          |
|                                | (US\$/kWh)\***  |                   |
+--------------------------------+-----------------+-------------------+
| **International Energy         | 0.06 -- 0.155   | 2006              |
| Agency**                       | ^1^             |                   |
+--------------------------------+-----------------+-------------------+
| **Renewable Energy Policy      | 0.03 -- 0.07    | 2003              |
| Project**                      | ^2^             |                   |
+--------------------------------+-----------------+-------------------+
| **National Renewable Energy    | 0.05 -- 0.10    | 2000              |
| Laboratory**                   | ^3^             |                   |
+--------------------------------+-----------------+-------------------+
| **US Department of Energy**    | 0.03 -- 0.05    | 2006              |
|                                | ^4^             |                   |
+--------------------------------+-----------------+-------------------+
| *\*Assumes exchange rates from |                 |                   |
| 02/12/2006*                    |                 |                   |
+--------------------------------+-----------------+-------------------+
| *^1^                           |                 |                   |
| <http:/                        |                 |                   |
| /www.iea.org/Textbase/Papers/2 |                 |                   |
| 006/renewable_factsheet.pdf>;* |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^2^*<htt                       |                 |                   |
| p://www.repp.org/geothermal/ge |                 |                   |
| othermal_brief_economics.html> |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^3^*                           |                 |                   |
| <http://www.nrel.              |                 |                   |
| gov/geothermal/pdfs/28204.pdf> |                 |                   |
|                                |                 |                   |
| *\                             |                 |                   |
| ^4^*                           |                 |                   |
| <http://www1.eere.en           |                 |                   |
| ergy.gov/geothermal/faqs.html> |                 |                   |
+--------------------------------+-----------------+-------------------+

**Table 5.5.3 -- Summary Cost Ranges for Geothermal** Power

  ----------------------------------------- -----------------------------
  **Geothermal Power**                      

  **Installed Capacity Cost Range           **1,150 -- 5,000**
  (US\$/kW)**                               

  **Electricity Generation Cost Range       **0.03 -- 0.155**
  (US\$/kWh)**                              
  ----------------------------------------- -----------------------------

**Table 5.5.4 -- Cost Variability Impacts for Geothermal** Power

+-----------------+-----------+--------------+------------------------+
| **Impacting     | **Cost    |              | **Reasoning**          |
| Factors**       | Va        |              |                        |
|                 | riability |              |                        |
|                 | Impact**  |              |                        |
+=================+===========+==============+========================+
|                 | **Impact  | **Impact on  |                        |
|                 | on        | Electricity  |                        |
|                 | Installed | Generation   |                        |
|                 | Capacity  | Cost**       |                        |
|                 | Cost**    |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Capital Cost  | ** **     | ** **        |                        |
| Factors**       |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Feasibility   | Very high | High         | Feasibility study      |
| Study Cost      |           |              | costs can vary         |
| Variability**   |           |              | drastically depending  |
|                 |           |              | on site                |
|                 |           |              | characteristics, such  |
|                 |           |              | as depth of the        |
|                 |           |              | geothermal resource,   |
|                 |           |              | soil and geological    |
|                 |           |              | characteristics above  |
|                 |           |              | the resource, site     |
|                 |           |              | accessibility and      |
|                 |           |              | number of boreholes    |
|                 |           |              | required to find an    |
|                 |           |              | ideal heat/steam       |
|                 |           |              | source. Because        |
|                 |           |              | exploration and        |
|                 |           |              | feasibility study      |
|                 |           |              | costs can be a         |
|                 |           |              | significant portion of |
|                 |           |              | the capital costs for  |
|                 |           |              | a project, they can be |
|                 |           |              | an important           |
|                 |           |              | variability factor in  |
|                 |           |              | the overall installed  |
|                 |           |              | capacity and           |
|                 |           |              | generating costs.      |
+-----------------+-----------+--------------+------------------------+
| **Cap           | High      | Medium       | Some moderate cost     |
| acity/Economies |           |              | variations resulting   |
| of Scale**      |           |              | from engineering,      |
|                 |           |              | design, construction   |
|                 |           |              | and equipment          |
|                 |           |              | economies of scale can |
|                 |           |              | occur from project to  |
|                 |           |              | project.               |
+-----------------+-----------+--------------+------------------------+
| **Plant         | Very low  | Very low     | Geothermal steam       |
| Availability**  |           |              | turbine plants have    |
|                 |           |              | very high plant        |
|                 |           |              | availabilities and     |
|                 |           |              | little variation       |
|                 |           |              | typically exists from  |
|                 |           |              | one manufacturer to    |
|                 |           |              | another or from        |
|                 |           |              | project to project.    |
+-----------------+-----------+--------------+------------------------+
| **Equipment     | Medium    | Low          | Steam turbine costs    |
| Cost and        |           |              | are generally very     |
| Technology      |           |              | consistent regardless  |
| Selection       |           |              | of the manufacturer or |
| Factors**       |           |              | the region. Some       |
|                 |           |              | significant capacity   |
|                 |           |              | cost variations can    |
|                 |           |              | occur as a result of   |
|                 |           |              | variations in          |
|                 |           |              | peripheral equipment   |
|                 |           |              | requirements such as   |
|                 |           |              | effluent steam         |
|                 |           |              | treatment and steam    |
|                 |           |              | generation equipment.  |
+-----------------+-----------+--------------+------------------------+
| **Cost of       | Low       | Low          | Where land is          |
| Land**          |           |              | purchased for a        |
|                 |           |              | geothermal power       |
|                 |           |              | project, land prices   |
|                 |           |              | can vary somewhat from |
|                 |           |              | one jurisdiction to    |
|                 |           |              | another. However, the  |
|                 |           |              | most economically      |
|                 |           |              | viable geothermal      |
|                 |           |              | sites are all located  |
|                 |           |              | in similar regions.    |
|                 |           |              | Variations are         |
|                 |           |              | generally not          |
|                 |           |              | significant over the   |
|                 |           |              | lifetime of the        |
|                 |           |              | project and on the     |
|                 |           |              | resulting electricity  |
|                 |           |              | generation cost.       |
+-----------------+-----------+--------------+------------------------+
| **Construction  | High      | Medium       | Accessibility and ease |
| and             |           |              | of construction can    |
| Locati          |           |              | vary significantly     |
| on/Installation |           |              | from one geothermal    |
| Variables**     |           |              | site to another.       |
+-----------------+-----------+--------------+------------------------+
| **Equipment     | Low       | Very low     | Equipment lifetime and |
| Lifetime and    |           |              | decommissioning        |
| Decommissioning |           |              | requirements are       |
| Requirements**  |           |              | expected to be fairly  |
|                 |           |              | consistent from one    |
|                 |           |              | manufacture to         |
|                 |           |              | another. Therefore     |
|                 |           |              | this is expected to be |
|                 |           |              | only a low variability |
|                 |           |              | factor for installed   |
|                 |           |              | capacity and           |
|                 |           |              | generating costs.      |
+-----------------+-----------+--------------+------------------------+
| **Impact        | Low       | Very low     | Permitting             |
| Assessment and  |           |              | requirements are       |
| Permitting**    |           |              | expected to be fairly  |
|                 |           |              | consistent from one    |
|                 |           |              | geothermal             |
|                 |           |              | installation to        |
|                 |           |              | another. However, in   |
|                 |           |              | some circumstances     |
|                 |           |              | additional costs can   |
|                 |           |              | be incurred when       |
|                 |           |              | dealing with           |
|                 |           |              | opposition to steam    |
|                 |           |              | vapor trails from      |
|                 |           |              | effluent stacks. This  |
|                 |           |              | can contribute to some |
|                 |           |              | slight cost            |
|                 |           |              | variability from one   |
|                 |           |              | project to another.    |
+-----------------+-----------+--------------+------------------------+
| **Operating     |           |              |                        |
| Cost Factors**  |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Quality of    | N/A       | Very high    | The quality of the     |
| Renewable       |           |              | geothermal resource,   |
| Energy Resource |           |              | mainly its temperature |
| and Capacity    |           |              | and steam generating   |
| Factors**       |           |              | capacity are the most  |
|                 |           |              | important factors      |
|                 |           |              | affecting the cost of  |
|                 |           |              | geothermal electricity |
|                 |           |              | generation. Because    |
|                 |           |              | the geothermal         |
|                 |           |              | resource available is  |
|                 |           |              | different for every    |
|                 |           |              | site, these factors    |
|                 |           |              | contribute to          |
|                 |           |              | significant generating |
|                 |           |              | cost variability.      |
+-----------------+-----------+--------------+------------------------+
| **Operations    | N/A       | High         | Operations and         |
| and             |           |              | maintenance costs are  |
| Maintenance**   |           |              | generally fairly       |
|                 |           |              | consistent from one    |
|                 |           |              | jurisdiction to        |
|                 |           |              | another. Some relative |
|                 |           |              | cost variability can   |
|                 |           |              | occur based on scale   |
|                 |           |              | and configuration of   |
|                 |           |              | the geothermal power   |
|                 |           |              | installation.          |
+-----------------+-----------+--------------+------------------------+
| **Fuel Costs**  | N/A       | N/A          |                        |
+-----------------+-----------+--------------+------------------------+
| **Transmission  | N/A       | Very low     | Because geothermal     |
| Costs**         |           |              | power projects are     |
|                 |           |              | typically fairly large |
|                 |           |              | in scale and provide   |
|                 |           |              | baseload power,        |
|                 |           |              | transmission related   |
|                 |           |              | costs are typically    |
|                 |           |              | small relative to      |
|                 |           |              | other operating costs. |
|                 |           |              | As such, variations in |
|                 |           |              | these costs have       |
|                 |           |              | minimal variability    |
|                 |           |              | impact on overall      |
|                 |           |              | generating cost.       |
+-----------------+-----------+--------------+------------------------+
| **Financing     | N/A       | Very low     | Financing costs for    |
| Costs**         |           |              | geothermal power       |
|                 |           |              | projects are expected  |
|                 |           |              | to only vary slightly  |
|                 |           |              | from one jurisdiction  |
|                 |           |              | to another.            |
+-----------------+-----------+--------------+------------------------+
| **Co-products   | N/A       | N/A          |                        |
| and             |           |              |                        |
| Co-benefits**   |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Land Leases   | N/A       | Very low     | Land lease and         |
| and Property    |           |              | property tax expenses  |
| Taxes**         |           |              | are expected to be     |
|                 |           |              | small relative to      |
|                 |           |              | overall operating      |
|                 |           |              | costs. As such,        |
|                 |           |              | relative variability   |
|                 |           |              | in these expenses from |
|                 |           |              | jurisdiction to        |
|                 |           |              | jurisdiction will only |
|                 |           |              | slightly contribute to |
|                 |           |              | overall variability of |
|                 |           |              | geothermal power       |
|                 |           |              | generating costs.      |
+-----------------+-----------+--------------+------------------------+
| **Policy        |           |              |                        |
| Factors**       |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Capital       | High      | Medium       | Capital grants can     |
| Grants**        |           |              | help reduce initial    |
|                 |           |              | capital investment for |
|                 |           |              | geothermal power       |
|                 |           |              | projects. However, due |
|                 |           |              | to the relatively      |
|                 |           |              | small size of grants   |
|                 |           |              | typically available    |
|                 |           |              | for developments       |
|                 |           |              | compared to the total  |
|                 |           |              | capital cost for       |
|                 |           |              | geothermal projects,   |
|                 |           |              | the impacts of grants  |
|                 |           |              | are low over the       |
|                 |           |              | lifetime of a project. |
+-----------------+-----------+--------------+------------------------+
| **Consumer      | N/A       | N/A          | Due to the relatively  |
| G               |           |              | large scale of typical |
| rants/Rebates** |           |              | geothermal power       |
|                 |           |              | installations,         |
|                 |           |              | consumer grants and    |
|                 |           |              | rebates are not deemed |
|                 |           |              | to be relevant.        |
+-----------------+-----------+--------------+------------------------+
| **Corporate Tax | N/A       | Medium       | Increased depreciation |
| Incentives**    |           |              | rates for geothermal   |
|                 |           |              | power equipment can    |
|                 |           |              | greatly reduce the tax |
|                 |           |              | burden on geothermal   |
|                 |           |              | projects in the first  |
|                 |           |              | years of their         |
|                 |           |              | existence and allow    |
|                 |           |              | for more rapid payback |
|                 |           |              | periods for initial    |
|                 |           |              | investment and earlier |
|                 |           |              | debt retirement.       |
|                 |           |              | Renewable project      |
|                 |           |              | planning expense       |
|                 |           |              | clauses in tax codes   |
|                 |           |              | can also contribute to |
|                 |           |              | significantly lowered  |
|                 |           |              | taxation. Consequently |
|                 |           |              | power production costs |
|                 |           |              | can vary drastically   |
|                 |           |              | between regions with   |
|                 |           |              | and without corporate  |
|                 |           |              | tax incentives.        |
+-----------------+-----------+--------------+------------------------+
| **Production    | N/A       | High         | Production tax credits |
| Tax Credits**   |           |              | help to offset the     |
|                 |           |              | cost premium           |
|                 |           |              | associated to          |
|                 |           |              | geothermal power       |
|                 |           |              | production compared to |
|                 |           |              | traditional sources of |
|                 |           |              | electricity. As with   |
|                 |           |              | other tax incentives,  |
|                 |           |              | production tax credits |
|                 |           |              | can lead to more rapid |
|                 |           |              | payback periods and    |
|                 |           |              | reduced overall        |
|                 |           |              | operating costs.       |
|                 |           |              | Consequently net power |
|                 |           |              | production costs can   |
|                 |           |              | vary significantly     |
|                 |           |              | between regions with   |
|                 |           |              | and without production |
|                 |           |              | tax credits.           |
+-----------------+-----------+--------------+------------------------+
| **Property Tax  | N/A       | N/A          |                        |
| Exemptions**    |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Sales Tax     | N/A       | N/A          |                        |
| Rebates**       |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Personal      | N/A       | N/A          |                        |
| Income Tax      |           |              |                        |
| Incentives**    |           |              |                        |
+-----------------+-----------+--------------+------------------------+
| **Loan Programs | N/A       | Medium       | Where favorable        |
| and Third Party |           |              | interest rates are     |
| Finance**       |           |              | available through loan |
|                 |           |              | and 3^rd^ party        |
|                 |           |              | finance programs,      |
|                 |           |              | lifetime financing     |
|                 |           |              | costs can be reduced   |
|                 |           |              | for geothermal power   |
|                 |           |              | projects.              |
+-----------------+-----------+--------------+------------------------+
| **Emissions     | N/A       | Medium       | Where emissions        |
| Credits**       |           |              | credits are available, |
|                 |           | (Potentially | significant additional |
|                 |           | high)        | revenue streams for    |
|                 |           |              | geothermal power       |
|                 |           |              | projects may exist,    |
|                 |           |              | which can offset       |
|                 |           |              | operating expenses.    |
+-----------------+-----------+--------------+------------------------+
| **Government    | Very low  | Very low     |                        |
| RD&D Support    |           |              |                        |
| Programs**      |           |              |                        |
+-----------------+-----------+--------------+------------------------+

# References

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<http://en.wikipedia.org/wiki/Capital_cost>, viewed 02/02/2007.

2\. Wikipedia, *Fixed Cost*, <http://en.wikipedia.org/wiki/Fixed_cost>,
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12\. Renewable Energy Policy Project, *Geothermal -- Chapter 5:
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<http://www.repp.org/geothermal/geothermal_brief_economics.html>, viewed
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13\. American Wind Energy Association, *The Economics of Wind Energy*,
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<http://www.solarbuzz.com/SolarIndices.htm>, 02/02/2007.

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viewed 02/02/2007.

17\. Wikipedia, *Availability Factor*,
<http://en.wikipedia.org/wiki/Availability_factor>, viewed 02/02/2007.

18 World Energy Council, *Performance of Generating Plant 2001 --
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[http://www.worldenergy.org/wec-geis/publications/reports/pgp/renewable/performance./asp](http://www.worldenergy.org/wec-geis/publications/reports/pgp/renewable/performance.asp),
viewed 02/02/2007.

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[]{.mark}

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[^1]: Both of these costs assumed the use of the federal production tax
    credit. This example also assumes an installed cost of \$1000/kWh, a
    30% capacity factor (discussed below), and operations and
    maintenance (O&M) expenses of 0.65 cents/kWh.