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Notes:

Levelized PPA and LCOE Calculations for SAM PPA Models These calculations are based on the Single
Prepared by Paul Gilman, June 2019 based on SAM 2018.11.11 all equity partnership flip, and sale leaseb

The sample cash flow is from a PVWatts /


From Financial Parameters Page models.
Inflation Rate 2.50%
Real Discount Rate 6.40%
Nominal Discount Rate 9.06%

Year by Year Data


Year 0 1
Energy, kWh - 34,710,664
Discounted Energy (Nominal), kWh 31,827,126
Discounted Energy (Real), kWh 32,622,805
Total PPA Revenue, $ 0.00 2,483,170.00
Discounted Energy Value (Nominal), $ 2,276,884.28
After Tax Cash Total, $ -9,973,988.00 4,618,452.00
Discounted After Tax Cash (Nominal), $ -9,973,988.00 4,234,780.85

Metrics NPV SUM


Levelized PPA price (nominal) 0.0773 0.0773
Levelized PPA price (real) 0.0617 0.0617
LCOE (nominal) 0.0729
LCOE (real) 0.0582
Notes:
These calculations are based on the Single Owner cash flow, but also apply to the other PPA models for leveraged partnership flip,
all equity partnership flip, and sale leaseback, based on the project cash flow, not the partner cash flows.

The sample cash flow is from a PVWatts / Single Owner case, but these calculations are the same for SAM's different peformance
models.

2 3 4 5 6 7 8
34,537,112 34,364,424 34,192,604 34,021,640 33,851,532 33,682,276 33,513,864
29,037,220 26,491,868 24,169,641 22,050,974 20,118,026 18,354,518 16,745,594
30,507,229 28,528,845 26,678,762 24,948,653 23,330,742 21,817,754 20,402,880
2,495,462.00 2,507,814.00 2,520,228.00 2,532,703.00 2,545,240.00 2,557,839.00 2,570,500.00
2,098,070.00 1,933,298.18 1,781,467.32 1,641,560.14 1,512,640.69 1,393,845.87 1,284,380.38
-955,460.00 -1,559,021.00 -1,927,322.00 -1,942,505.00 -2,223,688.00 -2,505,334.00 -2,522,229.00
-803,306.95 -1,201,864.44 -1,362,361.32 -1,259,025.94 -1,321,541.76 -1,365,234.26 -1,260,261.21

The LCOE and NPV columns show two methods of


calculating the value in Excel: NPV uses Excel's NPV function,
and SUM uses the discounted cash flows and SUM functions.
ed partnership flip,

erent peformance

9 10 11 12 13 14 15
33,346,294 33,179,562 33,013,664 32,848,596 32,684,354 32,520,932 32,358,326
15,277,706 13,938,490 12,716,667 11,601,947 10,584,942 9,657,085 8,810,563
19,079,761 17,842,445 16,685,369 15,603,329 14,591,460 13,645,209 12,760,322
2,583,224.00 2,596,011.00 2,608,861.00 2,621,775.00 2,634,753.00 2,647,795.00 2,660,901.00
1,183,511.89 1,090,565.10 1,004,917.74 925,996.83 853,273.96 786,262.30 724,513.22
-2,539,984.00 -2,558,745.00 -2,578,476.00 -2,178,721.00 -2,193,142.00 -2,434,047.00 -2,586,909.00
-1,163,701.36 -1,074,909.93 -993,213.62 -769,512.54 -710,256.70 -722,789.86 -704,366.60
16 17 18 19 20 21 22
32,196,536 32,035,552 31,875,374 31,715,998 31,557,418 31,399,630 31,242,632
8,038,245 7,333,627 6,690,775 6,104,274 5,569,184 5,081,000 4,635,609
11,932,820 11,158,981 10,435,325 9,758,599 9,125,757 8,533,955 7,980,531
2,674,073.00 2,687,310.00 2,700,612.00 2,713,980.00 2,727,414.00 2,740,915.00 2,754,482.00
667,613.89 615,183.08 566,869.79 522,350.81 481,328.08 443,527.15 408,694.77
-2,615,017.00 -2,744,619.00 -2,276,919.00 -1,717,087.00 -1,719,386.00 -1,726,424.00 -1,733,690.00
-652,869.86 -628,302.34 -477,934.85 -330,482.09 -303,433.49 -279,365.07 -257,235.31
23 24 25 26 27 28 29
31,086,420 30,930,988 30,776,332
4,229,260 3,858,531 3,520,299 - - - -
7,462,997 6,979,024 6,526,437 - - - -
2,768,117.00 2,781,819.00 2,795,589.00
376,598.07 347,022.02 319,768.73 0.00 0.00 0.00 0.00
-1,736,673.00 -1,271,743.00 -109,688.00
-236,271.70 -158,645.41 -12,546.48 0.00 0.00 0.00 0.00
30 31 32 33 34 35 36 37 38

- - - - - - - - -
- - - - - - - - -

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


39 40 41 42 43 44 45 46 47

- - - - - - - - -
- - - - - - - - -

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


48 49 50

- - -
- - -

0.00 0.00 0.00

0.00 0.00 0.00


0 1 2 3
PRODUCTION (AC KWH)
Energy (kWh) 0 34,710,664.00 34,537,112.00 34,364,424.00

REVENUES
PPA price (cents/kWh) 0 7.15391 7.22545 7.2977
PPA revenue ($) 0.00 2,483,170 2,495,462 2,507,814.00
plus PBI if available for debt service:
Salvage value ($) 0 0.00 0.00 0.00
Total revenue ($) 0.00 2,483,170 2,495,462 2,507,814

Property tax net assessed value ($) 0 20704000 20704000 20704000

OPERATING EXPENSES
O&M fixed expense ($) 0 0.00 0.00 0.00
O&M production-based expense ($) 0 0 0 0.00
O&M capacity-based expense ($) 0 180000 184500 189113
Property tax expense ($) 0 0 0.00 0.00
Insurance expense ($) 0 103,520.00 106,108.00 108,761.00
Total operating expenses ($) 0 283,520.00 290,608.00 297,873.00

EBITDA ($) 0 2,199,650 2,204,854.00 2,209,941.00

CASH FLOWS FROM OPERATING ACTIVITIES


EBITDA ($) 0 2199650 2204854 2209941
Interest earned on reserves ($) 0 13606 23271 32936
plus PBI if not available for debt service:
Federal PBI income ($) 0 0 0.00 0.00
State PBI income ($) 0 0.00 0.00 0.00
Utility PBI income ($) 0 0.00 0.00 0.00
Other PBI income ($) 0 0 0 0
minus:
Debt interest payment ($) 0 890,501 863,831 835,014
equals:
Cash flow from operating activities ($) 0 1322755 1364293 1407862

CASH FLOWS FROM INVESTING ACTIVITIES


Total installed cost ($) -20704000
Debt closing costs ($) -450000
Debt up-front fee ($) -349840
Financing cost ($) 0
Total construction financing cost ( ) -414080
Total IBI income ($) 0
Total CBI income ($) 0
equals:
Purchase of property ($) -21917920
plus:
Reserve (increase)/decrease debt service ($) -635,749 -2001 -1957 -1910
Reserve (increase)/decrease working capital ($) -141,760 -3,544 -3,633 -3,723
Reserve (increase)/decrease receivables ($) 0 0.00 0 0.00
Reserve (increase)/decrease major equipment 1 ($) 0 -546,703.00 -546,703.00 -546,703.00
Reserve (increase)/decrease major equipment 2 ($) 0 0.00 0.00 0.00
Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0
Reserve capital spending major equipment 1 ($) 0 0 0 0
Reserve capital spending major equipment 2 ($) 0 0 0 0
Reserve capital spending major equipment 3 ($) 0 0.00 0 0.00
equals:
Cash flow from investing activities ($) -22695428 -552,248.00 -552,292.00 -552,337.00

CASH FLOWS FROM FINANCING ACTIVITIES


Total IBI income ($) 0
Total CBI income ($) 0
Size of debt ($) 12,721,440
Issuance of equity ($) 9,973,988
Debt principal payment ($) 0 380,997.00 411,669.00 444,400.00
equals:
Cash flow from financing activities ($) 22695428 -380,997.00 -411,669.00 -444,400.00

PRE-TAX PROJECT RETURNS


Issuance of equity ($) -9,973,988
Cash flow from operating activities ($) 0 1322755 1364293 1407862
Cash flow from investing activities ($) -22,695,428 -552248 -552292 -552337
Cash flow from financing activities ($) 22695428 -380997 -411669 -444400
equals:
Pre-tax project returns ($) -9973988 389510 400332 411126

AFTER-TAX PROJECT RETURNS


Pre-tax project returns ($) -9973988 389510 400332 411126
Federal ITC income ($) 6127766
Federal PTC income ($) 0 0 0 0
Federal tax benefit/(liability) ($) 0 430164 838965 395802
State ITC income ($) 0
State PTC income ($) 0 0 0 0
State tax benefit/(liability) ($) 0 154181 300704 141865
After-tax project returns ($) -9973988 7101621 1540001 948793

RETURN ON EQUITY
Return on equity input (%) 0 0 0 0
Return on equity dollars ($) 0 0 0 0
Return on equity ($/kWh) 0 0 0 0

AFTER-TAX IRR AND NPV


After-tax project cumulative IRR (%) NaN -28.8 -11.38 -2.83
After-tax project cumulative NPV ($) -9973988 -3462324 -2167562 -1436128

AFTER-TAX LEVELIZED COE AND PPA PRICE


Annual costs ($) -9973988 4,618,452 -955460 -1559021
PPA revenue ($) 0 2483170 2495462 2507814
Energy (kWh) 0 34710664 34537112 34364424

Present value of annual costs ($) 23788640


Present value of annual energy (nominal) (kWh) 326,443,168
Levelized cost (nominal) (cents/kWh) 7.29

Present value of PPA revenue ($) 25240142


Present value of annual energy (nominal) (kWh) 326443168
Levelized PPA price (nominal) (cents/kWh) 7.73

STATE INCOME TAXES


EBITDA ($) 0 2199650 2204854 2209941
Interest earned on reserves ($) 0 13,606 23,271 32,936
State taxable IBI income ($) 0
State taxable CBI income ($) 0
State taxable PBI income ($) 0 0 0 0
minus:
Debt interest payment ($) 0 890501 863831 835014
Total state tax depreciation ($) 0 3525338 5660070 3434499
equals:
State taxable income ($) 0 -2202582 -4295777 -2026637

State tax rate (%) 0 0.07 0.07 0.07


State tax benefit/(liability) ($) 0 154181 300704 141865

FEDERAL INCOME TAXES


EBITDA ($) 0 2,199,650.00 2204854 2209941
Interest earned on reserves ($) 0 13606 23271 32936
State tax benefit/(liability) ($) 0 154,181 300704 141865
State ITC income ($) 0
State PTC income ($) 0 0 0 0
Federal taxable IBI income ($) 0
Federal taxable CBI income ($) 0
Federal taxable PBI income ($) 0 0.00 0 0
minus:
Debt interest payment ($) 0 890,501.00 863831 835014
Total federal tax depreciation ($) 0 3,525,338.00 5660070 3434499
equals:
Federal taxable income ($) 0 -2048402 -3995072 -1884772

Federal tax rate (%) 0 0.21 0.21 0.21


Federal tax benefit/(liability) ($) 0 430164 838965 395802

INCENTIVES
Federal IBI income ($) 0
State IBI income ($) 0
Utility IBI income ($) 0
Other IBI income ($) 0
Total IBI income ($) 0

Federal CBI income ($) 0


State CBI income ($) 0
Utility CBI income ($) 0
Other CBI income ($) 0
Total CBI income ($) 0

Federal PBI income ($) 0 0 0 0


State PBI income ($) 0 0 0 0
Utility PBI income ($) 0 0 0 0
Other PBI income ($) 0 0 0 0
Total PBI income ($) 0 0 0 0

Federal PTC income ($) 0 0 0 0


State PTC income ($) 0 0 0 0

Federal ITC income ($) 6127766


State ITC income ($) 0

DEBT REPAYMENT
Debt total payment ($) 0 1271498 1275501 1279414
Debt interest payment ($) 0 890501 863831 835014
Debt principal payment ($) 0 380997 411669 444400
Debt balance ($) 12721440 12340444 11928774 11484374
DEBT SIZING (SCULPTED DEBT PAYMENTS)
EBITDA ($) 0 2199650 2204854 2209941
minus:
Reserves major equipment 1 funding ($) 0 546703 546703 546703
Reserves major equipment 2 funding ($) 0 0 0 0
Reserves major equipment 3 funding ($) 0 0 0 0
Reserves receivables funding ($) 0 0 0 0
equals:
Cash available for debt service (CAFDS) ($) 0 1652947 1658151 1663238
Present value interest factor for CAFDS 0.93 0.93 0.87 0.82
Present value of CAFDS ($) 0 1544810 1448293 1357698
DSCR (pre-tax) 0 1.3 1.3 1.3
Size of debt ($) 0 1188316 1114072 1044383

RESERVES

Reserves debt service funding ($) 635749 2001 1957 1910


Reserves debt service disbursement ($) 0 0 0 0
Reserves debt service balance ($) 635749 637750 639707 641617

Reserves working capital funding ($) 141760 3544 3633 3723


Reserves working capital disbursement ($) 0 0 0 0
Reserves working capital balance ($) 141760 145304 148937 152660

Reserves receivables funding ($) 0 0 0 0


Reserves receivables disbursement ($) 0 0 0 0
Reserves receivables balance ($) 0 0 0 0

Reserves major equipment 1 funding ($) 0 546703 546703 546703


Reserves major equipment 1 disbursement ($) 0 0 0 0
Reserves major equipment 1 balance ($) 0 546703 1093406 1640108

Reserves major equipment 2 funding ($) 0 0 0 0


Reserves major equipment 2 disbursement ($) 0 0 0 0
Reserves major equipment 2 balance ($) 0 0 0 0

Reserves major equipment 3 funding ($) 0 0 0 0


Reserves major equipment 3 disbursement ($) 0 0 0 0
Reserves major equipment 3 balance ($) 0 0 0 0

Reserves total reserves balance ($) 777509 1329757 1882049 2434386


Interest on reserves (%/year) 1.75
Interest earned on reserves ($)
DEPRECIATION AND ITC: STATE % of Total DepreciGross Amount AlloIBI Reduction CBI Reduction
MACRS 5-yr 92.78 20425886 0 0
MACRS 15-yr 1.55 340431.44 0 0
Straight Line 5-yr 0 0 0 0
Straight Line 15-yr 2.58 567385.69 0 0
Straight Line 20-yr 3.09 680862.88 0 0
Straight Line 39-yr 0 0 0 0
Custom 0 0 0 0
Total 100 22014566 0 0
DEPRECIATION AND ITC: FEDERAL
MACRS 5-yr 92.78 20425886 0 0
MACRS 15-yr 1.55 340431.44 0 0
Straight Line 5-yr 0 0 0 0
Straight Line 15-yr 2.58 567385.69 0 0
Straight Line 20-yr 3.09 680862.88 0 0
Straight Line 39-yr 0 0 0 0
Custom 0 0 0 0
Total 100 22014566 0 0

State PTC income ($) 0 0 0 0

Federal ITC income ($) 6128033


State ITC income ($) 0

DEBT REPAYMENT
Debt total payment ($) 0 1271553 1275556 1279470
Debt interest payment ($) 0 890540 863869 835051
Debt principal payment ($) 0 381014 411687 444419
Debt balance ($) 12721995 12340981 11929294 11484875

DEBT SIZING (SCULPTED DEBT PAYMENTS)


EBITDA ($) 0 2199746 2204950 2210038
minus:
Reserves major equipment 1 funding ($) 0 546727 546727 546727
Reserves major equipment 2 funding ($) 0 0 0 0
Reserves major equipment 3 funding ($) 0 0 0 0
Reserves receivables funding ($) 0 0 0 0
equals:
Cash available for debt service (CAFDS) ($) 0 1653019 1658223 1663311
Present value interest factor for CAFDS 0.93 0.93 0.87 0.82
Present value of CAFDS ($) 0 1544878 1448356 1357757
DSCR (pre-tax) 0 1.3 1.3 1.3
Size of debt ($) 0 1188367 1114120 1044428

RESERVES

Reserves debt service funding ($) 635777 2002 1957 1910


Reserves debt service disbursement ($) 0 0 0 0
Reserves debt service balance ($) 635777 637778 639735 641645

Reserves working capital funding ($) 141766 3544 3633 3724


Reserves working capital disbursement ($) 0 0 0 0
Reserves working capital balance ($) 141766 145310 148943 152667

Reserves receivables funding ($) 0 0 0 0


Reserves receivables disbursement ($) 0 0 0 0
Reserves receivables balance ($) 0 0 0 0

Reserves major equipment 1 funding ($) 0 546727 546727 546727


Reserves major equipment 1 disbursement ($) 0 0 0 0
Reserves major equipment 1 balance ($) 0 546727 1093454 1640181

Reserves major equipment 2 funding ($) 0 0 0 0


Reserves major equipment 2 disbursement ($) 0 0 0 0
Reserves major equipment 2 balance ($) 0 0 0 0

Reserves major equipment 3 funding ($) 0 0 0 0


Reserves major equipment 3 disbursement ($) 0 0 0 0
Reserves major equipment 3 balance ($) 0 0 0 0

Reserves total reserves balance ($) 777543 1329816 1882132 2434494


Interest on reserves (%/year) 1.75
Interest earned on reserves ($)
DEPRECIATION AND ITC: STATE % of Total DepreciGross Amount AlloIBI Reduction CBI Reduction
MACRS 5-yr 92.78 20426774 0 0
MACRS 15-yr 1.55 340446.25 0 0
Straight Line 5-yr 0 0 0 0
Straight Line 15-yr 2.58 567410.38 0 0
Straight Line 20-yr 3.09 680892.5 0 0
Straight Line 39-yr 0 0 0 0
Custom 0 0 0 0
Total 100 22015524 0 0
DEPRECIATION AND ITC: FEDERAL
MACRS 5-yr 92.78 20426774 0 0
MACRS 15-yr 1.55 340446.25 0 0
Straight Line 5-yr 0 0 0 0
Straight Line 15-yr 2.58 567410.38 0 0
Straight Line 20-yr 3.09 680892.5 0 0
Straight Line 39-yr 0 0 0 0
Custom 0 0 0 0
Total 100 22015524 0 0
4 5 6 7 8 9 10 11

34,192,604.00 34,021,640.00 33,851,532.00 33,682,276.00 33,513,864.00 33,346,294.00 33,179,562.00 33,013,664.00

7.37068 7.44439 7.51883 7.59402 7.66996 7.74666 7.82413 7.90237


2,520,228.00 2,532,703.00 2,545,240.00 2,557,839.00 2,570,500.00 2,583,224.00 2,596,011.00 2,608,861.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


2,520,228 2,532,703 2,545,240 2,557,839 2,570,500 2,583,224 2,596,011 2,608,861

20704000 20704000 20704000 20704000 20704000 20704000 20704000 20704000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
193840 198686 203653 208745 213963 219313 224795 230415
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
111,480.00 114,267.00 117,123.00 120,051.00 123,053.00 126,129.00 129,282.00 132,514.00
305,320.00 312,953.00 320,777.00 328,796 337,016.00 345,442.00 354,078.00 362,930.00

2,214,908.00 2,219,750.00 2,224,463.00 2,229,042.00 2,233,484.00 2,237,782.00 2,241,933.00 2,245,932.00

2214908 2219750 2224463 2229042 2233484 2237782 2241933 2245932


42602 52268 61936 71604 81273 90943 100614 110286

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0


0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 0 0 0 0

803,906 770,353 734,191 695,243 653,323 608,229 559,747 507,647

1453603 1501665 1552208 1605403 1661434 1720497 1782801 1848570

-1862 -1813 -1761 -1708 -1653 -1597 -1538 -1477


-3,817 -3,912 -4,010 -4,110 -4,213 -4,318 -4,426 -4,537
0.00 0.00 0.00 0 0 0 0 0
-546,703.00 -546,703.00 -546,703.00 -546,703.00 -546,703.00 -546,703.00 -546,703.00 -546,703.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0.00 0 0 0 0 0
-552,382.00 -552,427.00 -552,474.00 -552,521 -552,569.00 -552,617.00 -552,667.00 -552,717.00

479,328.00 516,606.00 556,394.00 598,864.00 644,201.00 692,602.00 744,277.00 799,452.00

-479,328.00 -516,606.00 -556,394.00 -598,864.00 -644,201.00 -692,602.00 -744,277.00 -799,452.00

1453603 1501665 1552208 1605403 1661434 1720497 1782801 1848570


-552382 -552427 -552474 -552521 -552569 -552617 -552667 -552717
-479328 -516606 -556394 -598864 -644201 -692602 -744277 -799452

421893 432632 443340 454018 464664 475278 485857 496402

421893 432632 443340 454018 464664 475278 485857 496402

0 0 0 0 0 0 0 0
125890 115992 -89654 -295573 -306527 -318044 -330230 -343057

0 0 0 0 0 0 0 0
45122 41574 -32134 -105940 -109866 -113994 -118362 -122959
592906 590198 321552 52505 48271 43240 37266 30386

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1.39 4.72 6.19 6.4 6.58 6.72 6.84 6.93


-1017022 -634488 -443389 -414778 -390658 -370848 -355193 -343489

-1927322 -1942505 -2223688 -2505334 -2522229 -2539984 -2558745 -2578476


2520228 2532703 2545240 2557839 2570500 2583224 2596011 2608861
34192604 34021640 33851532 33682276 33513864 33346294 33179562 33013664

2214908 2219750 2224463 2229042 2233484 2237782 2241933 2245932


42,602 52,268 61,936 71,604 81,273 90,943 100,614 110,286

0 0 0 0 0 0 0 0
803906 770353 734191 695243 653323 608229 559747 507647
2098204 2095582 1093148 91973 91916 92007 91916 92007

-644601 -593918 459060 1513430 1569518 1628490 1690884 1756563

0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07


45122 41574 -32134 -105940 -109866 -113994 -118362 -122959

2,214,908.00 2219750 2224463 2229042 2233484 2237782 2241933 2245932


42602 52268 61936 71604 81273 90943 100614 110286
45,122 41,574 -32134 -105940 -109866 -113994 -118362 -122959

0 0 0 0 0 0 0 0

0.00 0 0 0 0 0 0 0

803,906.00 770353 734191 695243 653323 608229 559747 507647


2,098,204.00 2095582 1093148 91973 91916 92007 91916 92007

-599479 -552343 426926 1407490 1459652 1514495 1572522 1633603

0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21


125890 115992 -89654 -295573 -306527 -318044 -330230 -343057

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1283235 1286959 1290585 1294107 1297524 1300830 1304023 1307099


803906 770353 734191 695243 653323 608229 559747 507647
479328 516606 556394 598864 644201 692602 744277 799452
11005046 10488440 9932046 9333182 8688981 7996380 7252103 6452651
2214908 2219750 2224463 2229042 2233484 2237782 2241933 2245932

546703 546703 546703 546703 546703 546703 546703 546703


0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1668205 1673047 1677760 1682340 1686781 1691080 1695230 1699229


0.76 0.71 0.67 0.62 0.58 0.54 0.51 0.48
1272666 1192859 1117962 1047677 981722 919835 861769 807291
1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3
978974 917584 859971 805905 755171 707566 662899 620993

1862 1813 1761 1708 1653 1597 1538 1477


0 0 0 0 0 0 0 0
643480 645292 647054 648762 650415 652012 653550 655027

3817 3912 4010 4110 4213 4318 4426 4537


0 0 0 0 0 0 0 0
156477 160388 164398 168508 172721 177039 181465 186001

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

546703 546703 546703 546703 546703 546703 546703 546703


0 0 0 0 0 0 0 0
2186811 2733514 3280217 3826920 4373622 4920325 5467028 6013731

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

2986767 3539195 4091669 4644190 5196758 5749376 6302042 6854759

Depreciable Basis PrITC Qualifying Co% of ITC Qualifyi ITC Amount ITC Basis Disallo ITC Amount ITC Basis Disallo State ITC Reducti
20425886 20425886 100 0 0 0 0 0
340431.44 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
567385.69 0 0 0 0 0 0 0
680862.88 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22014566 20425886 100 0 0 0 0 0

20425886 20425886 100 6127765.5 3063882.75 0 0 0


340431.44 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
567385.69 0 0 0 0 0 0 0
680862.88 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22014566 20425886 100 6127765.5 3063882.75 0 0 3063882.75

0 0 0 0 0 0 0 0

1283291 1287015 1290641 1294164 1297580 1300887 1304080 1307156


803941 770387 734223 695274 653351 608255 559771 507669
479349 516629 556418 598890 644229 692632 744309 799487
11005525 10488897 9932479 9333588 8689359 7996728 7252418 6452931

2215005 2219847 2224560 2229140 2233582 2237880 2242032 2246030

546727 546727 546727 546727 546727 546727 546727 546727


0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1668278 1673120 1677833 1682413 1686854 1691153 1695304 1699303


0.76 0.71 0.67 0.62 0.58 0.54 0.51 0.48
1272721 1192911 1118011 1047722 981765 919875 861807 807327
1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3
979016 917624 860009 805940 755204 707596 662928 621020

1862 1813 1761 1708 1653 1597 1538 1477


0 0 0 0 0 0 0 0
643508 645320 647082 648790 650444 652040 653578 655055

3817 3912 4010 4110 4213 4318 4426 4537


0 0 0 0 0 0 0 0
156483 160396 164405 168516 172728 177047 181473 186010

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

546727 546727 546727 546727 546727 546727 546727 546727


0 0 0 0 0 0 0 0
2186909 2733636 3280363 3827090 4373817 4920544 5467271 6013999

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

2986900 3539352 4091850 4644396 5196989 5749631 6302322 6855063

Depreciable Basis PrITC Qualifying Co% of ITC Qualifyi ITC Amount ITC Basis Disallo ITC Amount ITC Basis Disallo State ITC Reducti
20426774 20426774 100 0 0 0 0 0
340446.25 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
567410.38 0 0 0 0 0 0 0
680892.5 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22015524 20426774 100 0 0 0 0 0

20426774 20426774 100 6128032.5 3064016.25 0 0 0


340446.25 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
567410.38 0 0 0 0 0 0 0
680892.5 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22015524 20426774 100 6128032.5 3064016.25 0 0 3064016.25
12 13 14 15 16 17 18 19

32,848,596.00 32,684,354.00 32,520,932.00 32,358,326.00 32,196,536.00 32,035,552.00 31,875,374.00 31,715,998.00

7.98139 8.0612 8.14182 8.22324 8.30547 8.38852 8.47241 8.55713


2,621,775.00 2,634,753.00 2,647,795.00 2,660,901.00 2,674,073.00 2,687,310.00 2,700,612.00 2,713,980.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


2,621,775 2,634,753 2,647,795 2,660,901 2,674,073 2,687,310 2,700,612 2,713,980

20704000 20704000 20704000 20704000 20704000 20704000 20704000 20704000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


0 0.00 0.00 0.00 0.00 0.00 0.00 0.00
236176 242080 248132 254335 260694 267211 273891 280739
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
135,827.00 139,223.00 142,703.00 146,271.00 149,928 153,676 157,518 161,456
372,003.00 381,303.00 390,835.00 400,606.00 410622 420887 431409 442194

2,249,772.00 2,253,450.00 2,256,959.00 2,260,295.00 2,263,451.00 2,266,423.00 2,269,203.00 2,271,785.00

2249772 2253450 2256959 2260295 2263451 2266423 2269203 2271785


119958 13555 26529 39504 52480 65457 78434 81071

0.00 0.00 0.00 0.00 0 0 0 0


0.00 0.00 0.00 0.00 0 0 0 0
0.00 0.00 0.00 0.00 0 0 0 0
0 0 0 0 0 0 0 0

451,686 391,600 337,263 278,933 216,341 149,197 77,194 0

1918045 1875405 1946226 2020866 2099590 2182682 2270443 2352856

71105 -1350 -1283 -1214 -1143 -1069 589980 0


-4,650 -4,766 -4,885 -5,008 -5,133 -5,261 -5,393 -5,527
0 0 0 0 0 0 0 0
6,013,731.00 -735,254.00 -735,254.00 -735,254.00 -735,254.00 -735,254.00 -735,254.00 -735,254.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 0 0 0 0
-6560434 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
-480,247.00 -741,371.00 -741,423.00 -741,476.00 -741,530.00 -741,585.00 -150,667.00 -740,782.00

858,368.00 776,243.00 833,279.00 894,175.00 959,195.00 1,028,624.00 1,102,766.00 0.00

-858,368.00 -776,243.00 -833,279.00 -894,175.00 -959,195.00 -1,028,624.00 -1,102,766.00 0.00

1918045 1875405 1946226 2020866 2099590 2182682 2270443 2352856


-480247 -741371 -741423 -741476 -741530 -741585 -150667 -740782
-858368 -776243 -833279 -894175 -959195 -1028624 -1102766 0

579430 357792 371523 385215 398865 412473 1017010 1612074

579430 357792 371523 385215 398865 412473 1017010 1612074

0 0 0 0 0 0 0 0
-100392 61703 -116146 -229106 -250150 -345829 -436769 -452864

0 0 0 0 0 0 0 0
-35983 22116 -41629 -82117 -89659 -123953 -156548 -162317
443054 441611 213748 73992 59056 -57309 423693 996893

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

8 8.83 9.16 9.26 9.33 9.27 9.68 10.43


-187004 -43987 19485 39632 54376 41257 130192 322060

-2178721 -2193142 -2434047 -2586909 -2615017 -2744619 -2276919 -1717087


2621775 2634753 2647795 2660901 2674073 2687310 2700612 2713980
32848596 32684354 32520932 32358326 32196536 32035552 31875374 31715998

2249772 2253450 2256959 2260295 2263451 2266423 2269203 2271785


119,958 13,555 26,529 39,504 52,480 65,457 78,434 81,071

0 0 0 0 0 0 0 0
451686 391600 337263 278933 216341 149197 77194 0
1404003 2191346 1351520 847769 818742 411924 34043 34043

514042 -315941 594706 1173097 1280848 1770758 2236400 2318813

0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07


-35983 22116 -41629 -82117 -89659 -123953 -156548 -162317

2249772 2,253,450.00 2256959 2,260,295.00 2263451 2266423 2269203 2271785


119958 13555 26529 39504 52480 65457 78434 81071
-35,983 22,116 -41629 -82,117 -89659 -123953 -156548 -162317

0 0 0 0 0 0 0 0

0 0.00 0 0.00 0 0 0 0

451686 391,600.00 337263 278,933.00 216341 149197 77194 0


1404003 2,191,346.00 1351520 847,769.00 818742 411924 34043 34043

478059 -293825 553076 1090980 1191189 1646805 2079852 2156496

0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21


-100392 61703 -116146 -229106 -250150 -345829 -436769 -452864

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1310053 1167843 1170542 1173108 1175536 1177822 1179960 0


451686 391600 337263 278933 216341 149197 77194 0
858368 776243 833279 894175 959195 1028624 1102766 0
5594283 4818040 3984761 3090586 2131391 1102766 0 0
2249772 2253450 2256959 2260295 2263451 2266423 2269203 2271785

546703 735254 735254 735254 735254 735254 735254 735254


0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1703069 1518195 1521705 1525041 1528197 1531168 1533948 0


0.44 0.41 0.39 0.36 0.34 0.32 0.3 0
756183 629997 590143 552745 517653 484729 453840 0
1.3 1.3 1.3 1.3 1.3 1.3 1.3 0
581679 484613 453956 425188 398195 372868 349108 0

-71105 1350 1283 1214 1143 1069 0 0


0 0 0 0 0 0 -589980 0
583921 585271 586554 587768 588911 589980 0 0

4650 4766 4885 5008 5133 5261 5393 5527


0 0 0 0 0 0 0 0
190651 195418 200303 205311 210444 215705 221097 226625

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

546703 735254 735254 735254 735254 735254 735254 735254


-6560434 0 0 0 0 0 0 0
0 735254 1470509 2205763 2941018 3676272 4411527 5146781

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

774573 1515943 2257366 2998842 3740372 4481957 4632624 5373406

52480 65457 78434 81071


Federal ITC ReduDepreciable BasisFirst Year Bonus Depreciable Basis After Bonus Reduction
3063882.75 17362002 0 17362002
0 340431.44 0 340431.44
0 0 0 0
0 567385.69 0 567385.69
0 680862.88 0 680862.88
0 0 0 0
0 0 0 0
3063882.75 18950682 0 18950682

3063882.75 17362002 0 17362002


0 340431.44 0 340431.44
0 0 0 0
0 567385.69 0 567385.69
0 680862.88 0 680862.88
0 0 0 0
0 0 0 0
0 18950682 0 18950682

0 0 0 0 0 0 0 0

1310111 1167893 1170593 1173159 1175587 1177873 1180011 0


451705 391617 337277 278945 216350 149204 77197 0
858405 776277 833316 894214 959237 1028669 1102814 0
5594526 4818250 3984934 3090720 2131483 1102814 0 0

2249871 2253549 2257058 2260394 2263551 2266522 2269302 2271885

546727 735287 735287 735287 735287 735287 735287 735287


0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

1703144 1518261 1521771 1525107 1528263 1531235 1534015 0


0.44 0.41 0.39 0.36 0.34 0.32 0.3 0
756216 630025 590169 552769 517676 484750 453860 0
1.3 1.3 1.3 1.3 1.3 1.3 1.3 0
581705 484634 453976 425207 398212 372884 349123 0

-71109 1350 1283 1214 1143 1069 0 0


0 0 0 0 0 0 -590006 0
583947 585297 586580 587794 588936 590006 0 0

4650 4766 4886 5008 5133 5261 5393 5528


0 0 0 0 0 0 0 0
190660 195426 200312 205320 210453 215714 221107 226635

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

546727 735287 735287 735287 735287 735287 735287 735287


-6560726 0 0 0 0 0 0 0
0 735287 1470574 2205862 2941149 3676436 4411723 5147011

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

774607 1516010 2257466 2998975 3740538 4482156 4632830 5373645

52482 65459 78438 81075


Federal ITC ReduDepreciable BasisFirst Year Bonus Depreciable Basis After Bonus Reduction
3064016.25 17362758 0 17362758
0 340446.25 0 340446.25
0 0 0 0
0 567410.38 0 567410.38
0 680892.5 0 680892.5
0 0 0 0
0 0 0 0
3064016.25 18951508 0 18951508

3064016.25 17362758 0 17362758


0 340446.25 0 340446.25
0 0 0 0
0 567410.38 0 567410.38
0 680892.5 0 680892.5
0 0 0 0
0 0 0 0
0 18951508 0 18951508
20 21 22 23 24 25

31,557,418.00 31,399,630.00 31,242,632.00 31,086,420.00 30,930,988.00 30,776,332.00

8.6427 8.72913 8.81642 8.90458 8.99363 9.08357


2,727,414.00 2,740,915.00 2,754,482.00 2,768,117.00 2,781,819.00 2,795,589.00

0.00 0.00 0.00 0.00 0.00 0.00


2,727,414 2,740,915 2,754,482 2,768,117 2,781,819 2,795,589

20704000 20704000 20704000 20704000 20704000 20704000

0.00 0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00 0.00
287757 294951 302325 309883 317630 325571
0.00 0.00 0.00 0.00 0.00 0.00
165,492 169,630 173,870 178,217 182,673 187,239
453249 464581 476195 488100 500302 512810

2,274,165.00 2,276,334.00 2,278,287.00 2,280,017.00 2,281,517.00 2,282,779.00

2274165 2276334 2278287 2280017 2281517 2282779


94035 107001 119969 132940 145914 4487

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

2368199 2383335 2398256 2412957 2427431 2287266

0 0 0 0 0 0
-5,666 -5807 -5952 -6101 -6254 256405
0 0 0 0 0 0
-735,254.00 -735,254.00 -735,254.00 -735,254.00 8,087,799.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 0 0
0 0 0 0 -8823053 0
0 0 0 0 0 0
0 0 0 0 0 0
-740,920.00 -741,062.00 -741,207.00 -741,356.00 -741,508.00 256,405.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0

2368199 2383335 2398256 2412957 2427431 2287266


-740920 -741062 -741207 -741356 -741508 256405
0 0 0 0 0 0

1627279 1642273 1657049 1671602 1685922 2543671

1627279 1642273 1657049 1671602 1685922 2543671

0 0 0 0 0 0
-455861 -462141 -468379 -471251 -129449 104702

0 0 0 0 0 0
-163391 -165642 -167878 -168907 -46397 37528
1008028 1014490 1020792 1031444 1510076 2685901

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

11 11.45 11.81 12.1 12.45 12.93


499955 664117 815576 955903 1144279 1451502

-1719386 -1726424 -1733690 -1736673 -1271743 -109688


2727414 2740915 2754482 2768117 2781819 2795589
31557418 31399630 31242632 31086420 30930988 30776332

2274165 2276334 2278287 2280017 2281517 2282779


94035 107001 119969 132940 145914 4487

0 0 0 0 0 0
0 0 0 0 0 0
34043 17022 0 0 1764611 2823377

2334156 2366313 2398256 2412957 662820 -536111

0.07 0.07 0.07 0.07 0.07 0.07


-163391 -165642 -167878 -168907 -46397 37528

2274165 2276334 2278287 2280017 2281517 2282779


94035 107001 119969 132940 145914 4487
-163391 -165642 -167878 -168907 -46397 37528

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
34043 17022 0 0 1764611 2823377

2170765 2200671 2230378 2244050 616423 -498583

0.21 0.21 0.21 0.21 0.21 0.21


-455861 -462141 -468379 -471251 -129449 104702

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2274165 2276334 2278287 2280017 2281517 2282779

735254 735254 735254 735254 735254 0


0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

5666 5807 5952 6101 6254 0


0 0 0 0 0 -256405
232290 238098 244050 250151 256405 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

735254 735254 735254 735254 735254 0


0 0 0 0 -8823053 0
5882036 6617290 7352545 8087799 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

6114326 6855388 7596595 8337950 256405 0

94035 107001 119969 132940 145914 4487


0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

2274264 2276434 2278387 2280117 2281617 2282879

735287 735287 735287 735287 735287 0


0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

5666 5808 5953 6102 6254 0


0 0 0 0 0 -256416
232301 238108 244061 250162 256416 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

735287 735287 735287 735287 735287 0


0 0 0 0 -8823446 0
5882298 6617585 7352872 8088159 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

6114598 6855693 7596933 8338322 256416 0

94039 107005 119975 132946 145921 4487