.. - Exanıple 3: Utility tariff - a 20,5 kW plıotovolıaic aı .,-ay is at Joslıııa Tree Naıioııal Park. T/ıe US$273,000 cosı was fıııanced by Soııı/ıerıı Califorııia Edison. Montlıly paynıeıııs of $4368 made by t/ıe Park cover 9,94% interesı plııs O&M. T/ıe coııtract terın is 10 years, wiılı renewal optioıı for an additioııal 5 years. sold by corporations and governments (states, counties, municipalities, school districts and statutory authorities) to raise money for projects. General obligation bonds are issued by state or local governments and paid out ofa general fund. Bonds are secured by assets or by the 'good faith and credit' (taxing power) of the issuer. The process of issuing general obligation bonds is long and complicated, and is often resisted by taxpayers. Revenue bonds, on the other hand, are paid back by electric rates charged to customers and do not require the imposition of taxes. These are commonly issued by public utilities, and regional power supply systems are the largest borrowers in tax-exempt bond markets. The approval process for revenue bonds is usually limited to the utility board or to the city council, making revenue bonds much easier and quicker to issue than general obligation bonds. it is common for two or more public utilities to combine and issue joint-action financing to build power plants. State and municipal bonds may be tax-free, so the yield should be compared to the yield on a corporate bond after the income tax is subtracted from the corporate bond. For example, a 5% tax-exempt bond would have the same yield as a corporate security with a 5.9% yield for a person in the 15% tax bracket, but a 7.5% yield to another person in the 33% tax bracket. lssuers (like New York City) have defaulted on bonds, and third-party insurance or guarantees can mitigate this risk. MAKALE/ ARTICLE Bond interest rates are often low, but depend on the bond's rating and on market conditions. While a bond may be issued with a fixed 'coupon' interest rate, the price of the bond will fluctuate to keep the 'yield' in line with tlıe market. For example, a bond issued with a par value of $10,000 and a 6% coupon rate would drop in price to $9157 in order to yield an interest rate of 7.5%. LEASE Leasing of energy resources is very common in the private sector. A solar energy business strategy might be to bundle into the lease payments services such as operating expenses, maintenance, insurance, and property taxes. A lease is designated as either a capital equipment lease or an operating lease for financial reporting purposes. A capital equipment lease appears on the balance sheet as debt for a purchase and is characterized by any of the following: O There is transfer of ownership at the end of the lease O A dallar buyout clause specifies the terms of future exchange of ownership O The lease term is 75% of equipment lifetime or longer O The net present value of lease payments adds up to 90% of the equipment's value. An operating lease appears as an operating expense, rather than as a debt, on the balance sheet. The lessor would often have a large residual position in the equipment, so that the lessor would retrieve or seli the equipment at the end of the lease period. Municipal leases are tax-exempt under Section 103c of the iRS Code (1986) and offer below-market rates similar to bonds. Often, the lessor will borrow the project capital from a third party, in a leveraged lease. The lessor !hen assigns the future lease payment stream to the lender. The lessor puts up a minimal amount of its own equity, and is generally entitled to the tax benefits of asset depreciation. ENERGY SAVINGS PERFORMANCE CONTRACTS Energy savings performance contracts (ESPCs) are contracts in which an energy service company (ESCO) finances a project in exchange for a share of the energy cost savings. This is suitable for customers that need the assurance of the Exaıııple 4: Greeıı power - Arizoııa Pııblic Service Solar Partners, insıalled 82 kW iıı Flagsıajf. T/ıe cosı was USS750, 000, ınimıs a two-ılıirds cosı share. Cıısıoıners parıicipating in Solar Partners pay $2. 64/ıııoııtlı per 100 fV, or $26,000/yeaı: T/ıis correspoııds ıo a 12% raıe ofreturıı 011 prograınfımds. T/ıe program was oversııbscribed iıı ı/ıree weeks, ıviı/ı oııe-ıhird surveyed witling ıo pay ınore for greeıı power. Tlıe total aınoıınl of solar eııergy insıal/ed by ılıe utility is ııear/y I MW T/ıere are ııearly 2500 registered program participaıııs. ENERJi & KOJENERASYON DÜNYASI 61
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