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Exhibit E to PGCC Solar For All Financial Provider Service Agreement
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The following tables and calculations demonstrate how PGCC will determine the Solar Incentive Payment described in Section 6.5 of the Agreement. The values entered below are purely to demonstrate how the calculations will work. The values will be updated to calculate the Solar Incentive Payment for each Project funded under the Agreement.
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Assumptions
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DefinitionValueUnitsSource of Information
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Project Type Solar + Storage Installation Contract
PGCC will determine eligibility restrictions for storage
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PGCC Approved Supplemental Solar Incentive?YesPGCC determination based on Proposal
PGCC will determine eligibility restrictions for supplemental incentives
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Term 25 yearsProposal (per Article 4) / Installation Contract
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PTO Date6/30/2027dateActual PTO date - reported to PGCC
For NPV calculation, assume PGCC will make payment as of 60 days after PTO date
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Prior Year Full Utility Bill $1,644 Customer's prior 12 months of electric utility bills
For the purposes of this model, this is a calculated value based on usage, but for actual customer data this will be an input along with annual usage
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Year 1 Utility Standard Offer Rate $0.180 $/kWhCustomer's latest electric bill
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Year 1 Utility Fixed Charges (monthly) $11.00 $/moCustomer's latest electric bill
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Prior Year Utility Usage 8,400 kWhCustomer's prior 12 months of electric utility bills
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System size 5.0 kWProposal (per Article 4) / Installation Contract
Does not affect PPA price in this model, but will once FP's pricing model is known
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Production Factor 1.1 kWh/kW
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Year 1 Expected Annual Production 5,500 kWhProposal (per Article 4) / Installation Contract
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% of Household Usage Offset by Solar 65.5% Calculated
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Year 1 Pre-Incentive PPA Payment (Solar Only) $840 $/yr Pricing Proposal (per Section 5.2(b)) / Installation Contract
PPA will not be priced per kWh but as a fixed monthly/annual price
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Year 1 Pre-Incentive PPA Payment (Solar + Storage) $1,715 $/yr Pricing Proposal (per Section 5.2(b)) / Installation Contract
PPA will not be priced per kWh or per kWh but as a fixed monthly/annual price
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Pre-Incentive PPA Escalation Rate1.00%Pricing Proposal (per Section 5.2(b))
Escalated on basis of annual price, not per kWh
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Annual Utility Price Escalation Rate 2.00% Program assumption
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Annual PPA Escalation Rate 1.00% Proposal (per Article 4) / Installation Contract
Escalated on basis of annual price, not per kWh; PGCC may elect to provide additional Solar Incentives to buy this down from the Pre-Incentive PPA Escalation Rate
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Annual System Degradation Rate 0.50% Proposal (per Article 4) / Installation Contract
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Year 1 Target Savings20.0%Program assumption
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Financial Provider (FP) Discount Rate8%Submitted by Financial Provider during RFP process
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Calculations
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YearDateAnnual kwh UsageUtility Standard Offer RateFixed Utility Charges (annual)Prior Year Full Utility Bill / Estimated Pre-Solar Utility BillExpected Annual ProductionEstimated Utility BillPre-Incentive PPA PaymentPPA Payment (Standard)Standard Solar IncentiveSupplemental Solar IncentivePPA PaymentEstimated Savings
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18/29/2027 8,400 0.180$132.00 $1,644.00 5,500 $654 $1,715 $661 $1,054 $661$060.22%
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28/29/2028 8,400 0.184$134.64 $1,676.88 5,473 $672 $1,732 $669 $1,063 $669$059.92%
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38/29/2029 8,400 0.187$137.33 $1,710.42 5,445 $691 $1,749 $678 $1,072 $678$059.62%
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48/29/2030 8,400 0.191$140.08 $1,744.63 5,418 $710 $1,767 $686 $1,081 $686$059.32%
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58/29/2031 8,400 0.195$142.88 $1,779.52 5,391 $729 $1,785 $694 $1,090 $694$059.02%
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68/29/2032 8,400 0.199$145.74 $1,815.11 5,364 $749 $1,802 $703 $1,100 $703$058.73%
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78/29/2033 8,400 0.203$148.65 $1,851.41 5,337 $770 $1,821 $712 $1,109 $712$058.43%
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88/29/2034 8,400 0.207$151.63 $1,888.44 5,310 $790 $1,839 $720 $1,118 $720$058.14%
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98/29/2035 8,400 0.211$154.66 $1,926.21 5,284 $812 $1,857 $729 $1,128 $729$057.85%
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108/29/2036 8,400 0.215$157.75 $1,964.73 5,257 $834 $1,876 $738 $1,138 $738$057.56%
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118/29/2037 8,400 0.219$160.91 $2,004.03 5,231 $856 $1,894 $747 $1,147 $747$057.27%
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128/29/2038 8,400 0.224$164.13 $2,044.11 5,205 $879 $1,913 $756 $1,157 $756$056.99%
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138/29/2039 8,400 0.228$167.41 $2,084.99 5,179 $903 $1,933 $765 $1,167 $765$056.70%
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148/29/2040 8,400 0.233$170.76 $2,126.69 5,153 $927 $1,952 $775 $1,177 $775$056.42%
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158/29/2041 8,400 0.238$174.17 $2,169.22 5,127 $951 $1,971 $784 $1,187 $784$056.14%
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168/29/2042 8,400 0.242$177.65 $2,212.61 5,102 $977 $1,991 $793 $1,198 $793$055.86%
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178/29/2043 8,400 0.247$181.21 $2,256.86 5,076 $1,003 $2,011 $803 $1,208 $803$055.58%
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188/29/2044 8,400 0.252$184.83 $2,302.00 5,051 $1,029 $2,031 $813 $1,218 $813$055.30%
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198/29/2045 8,400 0.257$188.53 $2,348.04 5,025 $1,056 $2,051 $822 $1,229 $822$055.02%
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208/29/2046 8,400 0.262$192.30 $2,395.00 5,000 $1,084 $2,072 $832 $1,240 $832$054.75%
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218/29/2047 8,400 0.267$196.15 $2,442.90 4,975 $1,112 $2,093 $842 $1,250 $842$054.47%
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228/29/2048 8,400 0.273$200.07 $2,491.76 4,950 $1,141 $2,114 $852 $1,261 $852$054.20%
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238/29/2049 8,400 0.278$204.07 $2,541.59 4,926 $1,171 $2,135 $862 $1,272 $862$053.93%
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248/29/2050 8,400 0.284$208.15 $2,592.42 4,901 $1,201 $2,156 $873 $1,283 $873$053.66%
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258/29/2051 8,400 0.290$212.31 $2,644.27 4,877 $1,232 $2,178 $883 $1,295 $883$053.39%
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Output
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Standard Solar Incentive $13,046 NPV of the sum of the per-year incentives calculated for the term of the PPA
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Supplemental Solar Incentive $8,448 NPV of the sum of the expected PPA payments without subsidy minus the Standard Solar Incentive Amount (NOTE: Only applies for certain Projects that are pre-approved by PGCC)
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Solar Incentive Payment $21,494
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