Enviar búsqueda
Cargar
UHERO report
•
0 recomendaciones
•
477 vistas
Honolulu Civil Beat
Seguir
Denunciar
Compartir
Denunciar
Compartir
1 de 6
Descargar ahora
Descargar para leer sin conexión
Recomendados
ameren Q207_Supplement_2
ameren Q207_Supplement_2
finance30
Paris Pv Presentation Part2
Paris Pv Presentation Part2
cooppower
xcel energy 6_26_07BOASECilingJune2007
xcel energy 6_26_07BOASECilingJune2007
finance26
xel_062106
xel_062106
finance26
XEL_052406
XEL_052406
finance26
Municipal Energy Financing (PACE)
Municipal Energy Financing (PACE)
John Farrell
HomeSun Solar Buy Brochure
HomeSun Solar Buy Brochure
KP4422
Silicon Energy Washington State Introduction Packet
Silicon Energy Washington State Introduction Packet
Silicon Energy
Recomendados
ameren Q207_Supplement_2
ameren Q207_Supplement_2
finance30
Paris Pv Presentation Part2
Paris Pv Presentation Part2
cooppower
xcel energy 6_26_07BOASECilingJune2007
xcel energy 6_26_07BOASECilingJune2007
finance26
xel_062106
xel_062106
finance26
XEL_052406
XEL_052406
finance26
Municipal Energy Financing (PACE)
Municipal Energy Financing (PACE)
John Farrell
HomeSun Solar Buy Brochure
HomeSun Solar Buy Brochure
KP4422
Silicon Energy Washington State Introduction Packet
Silicon Energy Washington State Introduction Packet
Silicon Energy
Todd Nedwick, National Housing Trust
Todd Nedwick, National Housing Trust
National Housing Conference & the Center for Housing Policy
Energy Credits - February 2008
Energy Credits - February 2008
jacobchung
xcel energy RBC_August_2008
xcel energy RBC_August_2008
finance26
xcel energy Lehman_Sept_2008-SEC
xcel energy Lehman_Sept_2008-SEC
finance26
Dnrec werner arra dba delaware abc 02 04-10 final
Dnrec werner arra dba delaware abc 02 04-10 final
Jim Werner
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007
finance26
Project 2011 April
Project 2011 April
CGC CGC
Energy Efficiency Program Impacts and Policies in the Southeast
Energy Efficiency Program Impacts and Policies in the Southeast
wilson_energy
美國Decoupliing plus政策
美國Decoupliing plus政策
經濟日報
NextEra Energy Resources (NEER) - Hawaiian Electric Industries (HEI) --- Ther...
NextEra Energy Resources (NEER) - Hawaiian Electric Industries (HEI) --- Ther...
Clifton M. Hasegawa & Associates, LLC
Performance Based Incentives Electrification In Ethiopia
Performance Based Incentives Electrification In Ethiopia
lmaurer
Prp motion to move
Prp motion to move
Honolulu Civil Beat
Economic Impact of Pot Decriminalization 2013
Economic Impact of Pot Decriminalization 2013
Honolulu Civil Beat
Blue Planet Foundation Motion
Blue Planet Foundation Motion
Honolulu Civil Beat
School Bus Services August 2012 Audit
School Bus Services August 2012 Audit
Honolulu Civil Beat
2012 09 04 city's motion for reconsideration
2012 09 04 city's motion for reconsideration
Honolulu Civil Beat
NCLB Preliminary AYP Results for Hawaii
NCLB Preliminary AYP Results for Hawaii
Honolulu Civil Beat
Akaka speech to Native Hawaiian Convention
Akaka speech to Native Hawaiian Convention
Honolulu Civil Beat
ameren InvestorMeetings
ameren InvestorMeetings
finance30
Energy classactivity5 haroldsowards_solarhome
Energy classactivity5 haroldsowards_solarhome
Harold Sowards
ameren Lehman_090507
ameren Lehman_090507
finance30
CCSE Conference Sullivan
CCSE Conference Sullivan
Center for Sustainable Energy
Más contenido relacionado
La actualidad más candente
Todd Nedwick, National Housing Trust
Todd Nedwick, National Housing Trust
National Housing Conference & the Center for Housing Policy
Energy Credits - February 2008
Energy Credits - February 2008
jacobchung
xcel energy RBC_August_2008
xcel energy RBC_August_2008
finance26
xcel energy Lehman_Sept_2008-SEC
xcel energy Lehman_Sept_2008-SEC
finance26
Dnrec werner arra dba delaware abc 02 04-10 final
Dnrec werner arra dba delaware abc 02 04-10 final
Jim Werner
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007
finance26
Project 2011 April
Project 2011 April
CGC CGC
Energy Efficiency Program Impacts and Policies in the Southeast
Energy Efficiency Program Impacts and Policies in the Southeast
wilson_energy
美國Decoupliing plus政策
美國Decoupliing plus政策
經濟日報
NextEra Energy Resources (NEER) - Hawaiian Electric Industries (HEI) --- Ther...
NextEra Energy Resources (NEER) - Hawaiian Electric Industries (HEI) --- Ther...
Clifton M. Hasegawa & Associates, LLC
Performance Based Incentives Electrification In Ethiopia
Performance Based Incentives Electrification In Ethiopia
lmaurer
La actualidad más candente
(11)
Todd Nedwick, National Housing Trust
Todd Nedwick, National Housing Trust
Energy Credits - February 2008
Energy Credits - February 2008
xcel energy RBC_August_2008
xcel energy RBC_August_2008
xcel energy Lehman_Sept_2008-SEC
xcel energy Lehman_Sept_2008-SEC
Dnrec werner arra dba delaware abc 02 04-10 final
Dnrec werner arra dba delaware abc 02 04-10 final
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007
Project 2011 April
Project 2011 April
Energy Efficiency Program Impacts and Policies in the Southeast
Energy Efficiency Program Impacts and Policies in the Southeast
美國Decoupliing plus政策
美國Decoupliing plus政策
NextEra Energy Resources (NEER) - Hawaiian Electric Industries (HEI) --- Ther...
NextEra Energy Resources (NEER) - Hawaiian Electric Industries (HEI) --- Ther...
Performance Based Incentives Electrification In Ethiopia
Performance Based Incentives Electrification In Ethiopia
Destacado
Prp motion to move
Prp motion to move
Honolulu Civil Beat
Economic Impact of Pot Decriminalization 2013
Economic Impact of Pot Decriminalization 2013
Honolulu Civil Beat
Blue Planet Foundation Motion
Blue Planet Foundation Motion
Honolulu Civil Beat
School Bus Services August 2012 Audit
School Bus Services August 2012 Audit
Honolulu Civil Beat
2012 09 04 city's motion for reconsideration
2012 09 04 city's motion for reconsideration
Honolulu Civil Beat
NCLB Preliminary AYP Results for Hawaii
NCLB Preliminary AYP Results for Hawaii
Honolulu Civil Beat
Akaka speech to Native Hawaiian Convention
Akaka speech to Native Hawaiian Convention
Honolulu Civil Beat
Destacado
(7)
Prp motion to move
Prp motion to move
Economic Impact of Pot Decriminalization 2013
Economic Impact of Pot Decriminalization 2013
Blue Planet Foundation Motion
Blue Planet Foundation Motion
School Bus Services August 2012 Audit
School Bus Services August 2012 Audit
2012 09 04 city's motion for reconsideration
2012 09 04 city's motion for reconsideration
NCLB Preliminary AYP Results for Hawaii
NCLB Preliminary AYP Results for Hawaii
Akaka speech to Native Hawaiian Convention
Akaka speech to Native Hawaiian Convention
Similar a UHERO report
ameren InvestorMeetings
ameren InvestorMeetings
finance30
Energy classactivity5 haroldsowards_solarhome
Energy classactivity5 haroldsowards_solarhome
Harold Sowards
ameren Lehman_090507
ameren Lehman_090507
finance30
CCSE Conference Sullivan
CCSE Conference Sullivan
Center for Sustainable Energy
Agham Feed-in Tariff system Briefer
Agham Feed-in Tariff system Briefer
AGHAM - Advocates of Science and Technology for the People
Session 6 - Presentation by Georgian Industrial Group
Session 6 - Presentation by Georgian Industrial Group
OECD Environment
ameren MerrillLynch_092507
ameren MerrillLynch_092507
finance30
ameren EEI_110507
ameren EEI_110507
finance30
Solar Financing Basics
Solar Financing Basics
Aurelien Windenberger
FEI Submission to EE Panel_26Jul2016_Final
FEI Submission to EE Panel_26Jul2016_Final
Kevin Heal
Separating Myth From Fact on Solar
Separating Myth From Fact on Solar
Patti Gettinger
Sunlight solar green needham presentation sep 2010
Sunlight solar green needham presentation sep 2010
Green Needham
Field Essay
Field Essay
Samuel Dauphinais
Solar peco my generation customer report rooftop
Solar peco my generation customer report rooftop
Jason Shragher
public serviceenterprise group LehmanConference
public serviceenterprise group LehmanConference
finance20
public serviceenterprise group LehmanConference
public serviceenterprise group LehmanConference
finance20
Energy Credits - February 2008
Energy Credits - February 2008
jacobchung
Energy Credits - February 2008
Energy Credits - February 2008
jacobchung
Solar Accounting: Measuring the Costs and Benefits of Going Solar
Solar Accounting: Measuring the Costs and Benefits of Going Solar
The Solar Foundation
Community Solar: Overview of an Emerging Growth Market
Community Solar: Overview of an Emerging Growth Market
ScottMadden, Inc.
Similar a UHERO report
(20)
ameren InvestorMeetings
ameren InvestorMeetings
Energy classactivity5 haroldsowards_solarhome
Energy classactivity5 haroldsowards_solarhome
ameren Lehman_090507
ameren Lehman_090507
CCSE Conference Sullivan
CCSE Conference Sullivan
Agham Feed-in Tariff system Briefer
Agham Feed-in Tariff system Briefer
Session 6 - Presentation by Georgian Industrial Group
Session 6 - Presentation by Georgian Industrial Group
ameren MerrillLynch_092507
ameren MerrillLynch_092507
ameren EEI_110507
ameren EEI_110507
Solar Financing Basics
Solar Financing Basics
FEI Submission to EE Panel_26Jul2016_Final
FEI Submission to EE Panel_26Jul2016_Final
Separating Myth From Fact on Solar
Separating Myth From Fact on Solar
Sunlight solar green needham presentation sep 2010
Sunlight solar green needham presentation sep 2010
Field Essay
Field Essay
Solar peco my generation customer report rooftop
Solar peco my generation customer report rooftop
public serviceenterprise group LehmanConference
public serviceenterprise group LehmanConference
public serviceenterprise group LehmanConference
public serviceenterprise group LehmanConference
Energy Credits - February 2008
Energy Credits - February 2008
Energy Credits - February 2008
Energy Credits - February 2008
Solar Accounting: Measuring the Costs and Benefits of Going Solar
Solar Accounting: Measuring the Costs and Benefits of Going Solar
Community Solar: Overview of an Emerging Growth Market
Community Solar: Overview of an Emerging Growth Market
Más de Honolulu Civil Beat
Gov. David Ige response to U.S. Rep. Anna Eshoo
Gov. David Ige response to U.S. Rep. Anna Eshoo
Honolulu Civil Beat
Audit of the Department of the Honolulu Prosecuting Attorney’s Policies, Proc...
Audit of the Department of the Honolulu Prosecuting Attorney’s Policies, Proc...
Honolulu Civil Beat
Audit of the Honolulu Police Department’s Policies, Procedures, and Controls
Audit of the Honolulu Police Department’s Policies, Procedures, and Controls
Honolulu Civil Beat
2019 Use of Force Annual Report HPD
2019 Use of Force Annual Report HPD
Honolulu Civil Beat
Office of Health Equity Goals Draft 10
Office of Health Equity Goals Draft 10
Honolulu Civil Beat
NHPI COVID-19 Statement
NHPI COVID-19 Statement
Honolulu Civil Beat
DLIR Response Language Access
DLIR Response Language Access
Honolulu Civil Beat
Language Access Letter To DLIR
Language Access Letter To DLIR
Honolulu Civil Beat
ACLU Letter to HPD regarding racial profiling
ACLU Letter to HPD regarding racial profiling
Honolulu Civil Beat
ACLU Letter to HPD regarding racial profiling
ACLU Letter to HPD regarding racial profiling
Honolulu Civil Beat
Jane Doe v. Rehab Hospital
Jane Doe v. Rehab Hospital
Honolulu Civil Beat
Coronavirus HPHA
Coronavirus HPHA
Honolulu Civil Beat
OHA Data Request
OHA Data Request
Honolulu Civil Beat
Letter from Palau to Guam
Letter from Palau to Guam
Honolulu Civil Beat
Guam Governor's Letter to Pence
Guam Governor's Letter to Pence
Honolulu Civil Beat
OHA Analysis by Akina
OHA Analysis by Akina
Honolulu Civil Beat
Case COFA Letter
Case COFA Letter
Honolulu Civil Beat
List Of Pro Bono Legal Service Providers
List Of Pro Bono Legal Service Providers
Honolulu Civil Beat
Arbitration Hearing Transcript December 2018
Arbitration Hearing Transcript December 2018
Honolulu Civil Beat
Caldwell Press Release
Caldwell Press Release
Honolulu Civil Beat
Más de Honolulu Civil Beat
(20)
Gov. David Ige response to U.S. Rep. Anna Eshoo
Gov. David Ige response to U.S. Rep. Anna Eshoo
Audit of the Department of the Honolulu Prosecuting Attorney’s Policies, Proc...
Audit of the Department of the Honolulu Prosecuting Attorney’s Policies, Proc...
Audit of the Honolulu Police Department’s Policies, Procedures, and Controls
Audit of the Honolulu Police Department’s Policies, Procedures, and Controls
2019 Use of Force Annual Report HPD
2019 Use of Force Annual Report HPD
Office of Health Equity Goals Draft 10
Office of Health Equity Goals Draft 10
NHPI COVID-19 Statement
NHPI COVID-19 Statement
DLIR Response Language Access
DLIR Response Language Access
Language Access Letter To DLIR
Language Access Letter To DLIR
ACLU Letter to HPD regarding racial profiling
ACLU Letter to HPD regarding racial profiling
ACLU Letter to HPD regarding racial profiling
ACLU Letter to HPD regarding racial profiling
Jane Doe v. Rehab Hospital
Jane Doe v. Rehab Hospital
Coronavirus HPHA
Coronavirus HPHA
OHA Data Request
OHA Data Request
Letter from Palau to Guam
Letter from Palau to Guam
Guam Governor's Letter to Pence
Guam Governor's Letter to Pence
OHA Analysis by Akina
OHA Analysis by Akina
Case COFA Letter
Case COFA Letter
List Of Pro Bono Legal Service Providers
List Of Pro Bono Legal Service Providers
Arbitration Hearing Transcript December 2018
Arbitration Hearing Transcript December 2018
Caldwell Press Release
Caldwell Press Release
UHERO report
1.
Tax Credit Incentives
for Residential Solar Photovoltaic in Hawai‘i FEBRUARY 11, 2013 The typical residential solar PV investment has an internal rate of return of 9% even without state tax credits. With the current state tax credit rules, the internal rate of return is as high as 14%. If most of Hawaii’s households choose to take advantage of these high rates of return, state tax credit expenditures could reach $1.4 billion for residential units alone. Solar photovoltaic (PV) tax credits are at the tax credit and excess credits can be rolled over to center of a public debate in Hawai‘i. The con- subsequent years. troversy stems largely from unforeseen budgetary This study assesses 1) the household “pay- impacts, driven in part by the difference between back” as a result of investing in PV, and 2) the the legislative intent and implementation of the maximum amount of PV capacity that might be PV tax credits. HRS 235-12.5 allows individu- installed on owner-occupied single-family homes al and corporate taxpayers to claim a 35% tax based on household size and income. We provide credit against Hawaii state individual or corpo- estimates of the upper bound in state tax expen- rate net income tax for eligible renewable energy ditures for PV tax credits, under both the previ- technology, including PV. The policy imposes a ous and current rules. $5,000 cap per system, and excess credit amounts can be carried forward to future tax years. Be- Model Framework and Study - Assumptions tutes a system or restrict the number of systems We use data from the American Community per roof, homeowners have claimed tax credits Survey (2007 – 2011), prepared by the U.S. Cen- for multiple systems on a single property. In an sus Bureau, to develop a simple model linking attempt to address this issue, in November 2012, household size, gross household income, federal - and state tax liability, and estimated electricity tem as an installation with output capacity of at demand. This baseline data is used to estimate least 5 kW for a single-family residential property. household payback periods and state tax credit The new rule does not constrain the total num- costs under three policy rules: 1) “old rule” – ef- fectively unlimited state tax credits for PV; 2) size and permits tax credits for no more than one sub-5 kW system. In other words, it is possible to installation with total output capacity of 5 kW; install multiple 5 kW systems and claim credits and 3) “no state credit” where we assume no state capped at $5,000 for each system. There is an tax credit. additional 30% tax credit for PV capital costs at There are two main elements of the model. the federal level. There is no cap for the federal UHERO.HAWAII.EDU © 2013
2.
UHERO
PV TAX CREDIT INCENTIVES FEBRUARY 11, 2013 - PAGE 2 used to estimate the maximum income tax liabili- costs have fallen by more 3% per year since 1998 ty for households.1 Second, from the census data, (NREL, 2012). This makes our analysis of pay- we use household size and income to estimate back periods more conservative and based solely household electricity demand. We assume that all on today’s pricing.3 households will install a PV system that will net out their annual electricity usage.2 The system is Calculating Total PV Capacity paid for either through personal saving, one of To estimate total residential PV installations, the many “green loans” available in the market, we focus on households likely to install PV under or through a lease arrangement. Note that no the current set of incentives: owner occupied, sin- matter how a household installs a PV system, it gle family homes. We look at single-family homes imposes a tax credit cost on the state. (using census tract level data) because this repre- sents the current lion’s share of installations.4 In Calculating the “Payback” Period addition, we only consider owner-occupied units The payback period is an estimate of the because of the disconnected incentive for land- time it takes for the household to “break even” lords to install PV in rental units.5 Due to the dif- on their investment, taking into account the op- portunity cost of the upfront capital investment for a bank loan or solar leasing agreement, we es- and the electricity cost savings that are returned timate PV installations for the range of household on a monthly basis. For this calculation, we use income types. We make the starting assumption a range of discount rates—2% and 5%. We use that all homeowners will eventually take advan- the 2% lower bound discount rate because that tage of the state PV credits such that they are net- is the current yield on 10-year treasury bonds. zero users of electricity under the net metering However, in better economic times, we should framework for PV. This simplifying assumption expect a higher rate of discount, so we also use leads us to overestimate the total installed capac- a more typical 5% rate to show how varying the ity. If only half of eligible households install PV, “opportunity cost” of the private investment deci- for example, our estimates of total installed ca- sion affects the payback period. pacity and tax credit costs will be reduced by ap- For simplicity, we assume a constant electric- proximately the same fraction.6,7 ity cost based on current rates as well as constant technology costs. Over the past two decades, Key Findings the statewide residential electricity rates have increased by more than 6% per year, while PV - - UHERO.HAWAII.EDU © 2013
3.
UHERO
PV TAX CREDIT INCENTIVES FEBRUARY 11, 2013 - PAGE 3 of discount, the payback period on Oahu is 4.5 Household Payback Calculation years. Under the new rules, it is 6.6 years. With- Table 1 summarizes the estimated payback out the state tax incentive, the payback ranges be- period for a representative 3-person household tween 6.8 and 9.5 years. with gross income of $75K for each county under the three policy scenarios and two discount rate Residential PV Installation assumptions. Our accounting model considers a Based on the assumptions laid out above, we much wider range of household types. estimate that PV installations on single family, Table 1. Estimated Payback for the Representative Household by County owner-occupied housing could eventually reach Representative Household ($75K Household Income, 3-Person Household) OAHU MAUI HAWAII KAUAI 1,100 MW of installed capacity.8 Figure 1 shows Electric Rate 32 ¢/kwh 36 ¢/kwh 42 ¢/kwh 44 ¢/kwh the potential PV capacity by household income Monthly Electric Bill $170 $190 $220 $230 Figure 1. Potential PV Capacity by Household Income in MW 350 Payback Period with 2% Discount Rate (years) 300 Old Rule 4.5 4.0 3.4 3.3 250 New Rule ($5000/system) 6.6 5.8 4.9 4.8 200 No State Credit 9.5 8.4 7.1 6.8 150 Payback Period with 5% Discount Rate (years) 100 Old Rule 5.0 4.4 3.7 3.5 New Rule ($5000/system) 7.5 6.6 5.5 5.3 50 No State Credit 11.6 10.0 8.2 7.8 0 <40K 45K 55K 65K 75K 85K 95K 110K >150K We estimate that a representative household demands a PV system that costs $25,000. This is based on the following assumptions: 1) that there is 5.2 solar hours per day, 2) that PV units operate at 75% efficiency, type. 3) that PV costs $5.50 per watt, and 4) the average person consumes 6kWh of electricity per day. We estimate annual tax credits based on Figure 1 shows that the vast majority of ca- an estimated State tax liability of $4,600 and Federal tax liability of $10,800. pacity will be installed on the rooftops of house- holds with annual income greater than $75K. This is simply because there are more owner- The expected payback period for PV installa- occupied single-family dwellings with households tion varies widely by county (and island), because in this demographic. Because lower income of the variation in electric rates. The payback is households may not have access to credit or lease longest on Oahu where electricity rates are low- agreements, we repeat our calculations excluding est, and shortest on Kauai where electricity costs all households with median income below $75K, are the highest. - Policy plays a very large role in determining the payback period. Under the previous inter- pretation of the law (“old rule”), with a 2% rate UHERO.HAWAII.EDU © 2013
4.
UHERO
PV TAX CREDIT INCENTIVES FEBRUARY 11, 2013 - PAGE 4 and estimate a total of 980 MW of installed PV considering electricity savings over the expected capacity. It seems that the vast majority of poten- 25 year lifespan of the system, the internal rate tial PV capacity occurs in households who would of return is over 9%. The return under the “new - rules” is just under 14%. Of course other factors en they also own single family homes. play a role in the household decision—there are State Tax Credit Costs questions of expected house tenure and whether If the total 1,100 MW of PV are installed, we the solar investment adds value to the sale of a estimate that under the “old rules,” households home.9 In addition, some households may choose would claim $2.1 billion in state tax credits. Un- to wait to see if technological advances lower sys- der the “new rules,” households will eventually tem costs even further.10 claim $1.4 billion in tax credits. For comparison, We estimate that a total of 1,100 MW could excluding households with income below $75K, be installed on owner-occupied single-family under the “old rules” the cost of state tax credits homes, at a total cost of between $1.4 and $2.1 could eventually reach $1.9 billion and under the billion. “new rules,” $1.2 billion. Study Limitations Discussion, Caveats and Our analysis is limited by data constraints Conclusions in a number of ways that merit discussion. The This study demonstrates the complexity in determining both the role of the state in support- enough PV to be net-zero annually. It is more ing PV installations from a household decision- likely that over-installation was and is occurring, making framework as well as consequences to the under both the old and new rules. Over-building state’s budget. PV has the effect of increasing household elec- We estimate that, under the “old rules,” the tricity usage because, once PV is installed, the payback period for investing in PV was about 3.6 electricity becomes a “free” good. Under both years (statewide average with a 2% discount rate). sets of rules, the PV system cost is recouped with Under the “new rules,” the payback occurs in 5.1 positive return on investment (assuming the in- years. Without the state tax credit, the payback period is 8.0 years with a 2% rate of discount and 25 years). Given the transactions cost associated 9.5 years with a 5% discount rate. with adding generating capacity at a future date, In purely economic terms, and assuming that as well as uncertainty over the availability of tax the net-metering agreement remains unchanged, credits in future years, it is likely that households the rational household decision is to make the PV are installing systems capable of generating more investment, regardless of tax credit policy. Be- than their current electricity usage. In addition, cause systems are warrantied for 25 years or more, optimizing system size to maximize tax credits a payback period of 10 years or less makes the PV - - cally, for a PV installation with no state tax credit, UHERO.HAWAII.EDU © 2013
5.
UHERO
PV TAX CREDIT INCENTIVES FEBRUARY 11, 2013 - PAGE 5 contributes to over installation. This is particu- wide electricity demand. However, over time, as larly aggravated by the “new rules,” where house- electricity demand rises and/or grid capabilities holds have an incentive to build multiple systems, improve to accept higher levels of intermittent re- together exceeding 5 kW, to increase the cap level sources, grid restrictions are less binding. past $5,000. In addition, our analysis has not constrained Concluding Remark PV installation decisions based on circuit capac- This analysis estimates the potential impact ity issues and therefore overstates the amount of to the state’s budget if PV tax credit policy “runs PV that can be installed under current grid limi- its course.” Given the magnitude of the estimat- tations. The estimated 1,100 MW would almost ed taxpayer burden, the relatively short payback certainly result in some neighborhoods exceed- periods for household investors, and the large po- ing the current 15% circuit limit for intermittent tential for rooftop PV and its subsequent green- resources.11 For example, taking a capacity fac- - tor for PV of 18% (HNEI, 2010) and 2010 an- propriate role for state policy is to facilitate PV nual electricity demand of 9,960 GWh (DBEDT, deployment rather than make direct payments. 2012), 1,100 MW of PV is about 17% of state- One approach to facilitating private decisions to save” mechanism is a way to potentially deploy PV to a wider population, while limiting the state’s tax credit expenditures. MAKENA COFFMAN, PH.D. DEPARTMENT OF URBAN AND REGIONAL PLANNING CARL BONHAM, PH.D. EXECUTIVE DIRECTOR, UHERO SHERILYN WEE, GRADUATE RESEARCH ASSISTANT UHERO GERMAINE SALIM, MA DEPARTMENT OF URBAN AND REGIONAL PLANNING UHERO.HAWAII.EDU © 2013
6.
UHERO
PV TAX CREDIT INCENTIVES FEBRUARY 11, 2013 - PAGE 6 References 2007 – 2011 American Community Survey (Hawaii). Prepared by the U.S. Census Bureau, 2012. http:// www.census.gov/acs/www/ (Personal). http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=HI01F&re=0&ee=0 Department of Business, Economic Development, and Tourism (DBEDT), State of Hawaii, 2012. Hawai‘i Electricity Consumption. https://data.hawaii.gov/dataset/Hawaii-Electricity-Consumption/mx5j-fw5d Hawaiian Electric Company (HECO), 2012. Average Electric Rates for Hawaiian Electric Co., Maui Elec- tric Co. and Hawaii Electric Light Co. http://www.heco.com/portal/site/heco/menuitem.8e4610c1e23714340 b4c0610c510b1ca/?vgnextoid=10629349798b4110VgnVCM1000005c011bacRCRD&vgnextfmt=default Hawai‘i Natural Energy Institute (HNEI), 2010. Oahu Wind Integration Study. http://energy.hawaii.gov/ wp-content/uploads/2011/10/HNEI-Oahu-Wind-Integration-Study-Feb-2011.pdf Internal Revenue Service (IRS). 2012 Tax Table. http://www.irs.gov/pub/irs-pdf/i1040tt.pdf Kauai Island Utility Cooperative (KIUC), 2012. Rate Data Sheets. http://website.kiuc.coop/content/rate- information Natural Renewable Energy Laboratory (NREL), U.S. Department of Energy, 2012. Photovoltaic (PV) Pric- ing Trends: Historical, Recent, and Near-Term Projections. http://www.nrel.gov/docs/fy13osti/56776.pdf State of Hawaii Department of Taxation, 2012. Tax Information Release No. 2012-01. http://www.state. hi.us/tax/tir/tir12-01.pdf State of Hawaii Department of Taxation. 2012 Tax Rate Schedules. http://www.state.hi.us/tax/ d_12table_p13.htm U.S. Department of Treasury, 2012. Daily Treasury Yield Curve Rates. http://www.treasury.gov/resource- center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield UHERO.HAWAII.EDU © 2013
Descargar ahora