Sheet 1: ReadMe

	
	
	
	
	
	

		
This tool is designed to help property owners, solar PV developers, and Connecticut Green Bank determine the approximate limit on C-PACE financing that can be made available for individual commercial-scale projects contemplated to be completed under the program. Pursuant to the enable law and C-PACE Program Guidelines, all projects funded under C-PACE must achieve a savings-to-investment ratio ("SIR") greater than 1, whereby "investment" refers solely to dollars sourced via C-PACE.
		
	

		
	

		
	

		
	

		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Using this tool does not (1) substitute for an energy audit, technical reviewer report, or any other requirement under the C-PACE Program Guidelines, (2) represent an offer for financing or guaranty Connecticut Green Bank approval of the proposed project. 
		
	

		
	

		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Please start with the "INPUTS" Tab and enter all relevant project information in Column C.
		
	

		
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Calculated
		
<--- Cells with this color are calculated cells
		


		


		


		


	
	

		
Required fields
		
<--- Cells with this color are required field cells
		


		


		


		


	
	

		


		
*red cells will turn yellow when values are entered
		


		


		


		


	
	

		
*cells will turn purple if bad values are entered and will need to be corrected
		


		


		


		


	



Sheet 2: INPUTS

	
	
	
	
	
	
	
	
	

		
The disclaimer contained in the "ReadMe" tab is an important portion of this spreadsheet
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		
Y
	
	

		
C-PACE SIR Calculator for Solar
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		
N
	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Project Inputs
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Date of Proposal
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Facility/Business Name
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Street Address
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
City
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
State
		
CT
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Zip Code
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Site Annual Electric Use (kWh/yr)
		


		
<--- From analysis of utility bills
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Energy and Cost Inputs
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Electric Utility
		


		
<--- Eversource/UI/CMEEC
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Electric Tariff
		


		
<--- From analysis of utility bills (see utility bill example tab)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Electric Cost ($/kWh)
		


		
<--- From analysis of utility bills (see utility bill example tab)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Annual Escalation of Utility Price
		
2.99%
		
<--- 2.99% maximum for all utilities
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Wholesale Electric Rate ($/kWh)
		
$0.045
		
<--- Rate applied to energy exported (from ISO NE)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Financing Inputs
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
C-PACE Term (Years)
		


		
<--- Enter the desired term length here (5-25), must be less than or equal to EUL
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
C-PACE Financing Rate
		
#N/A
		
<--- AUTO-CALCULATED (From interest rates tab)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Effective Useful Life (EUL) (Years)
		
0
		
<--- AUTO-CALCULATED (From summary of measures tab)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Tax and Depreciation
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Counting Investment Tax Credit?
		


		
<--- Can the property owner take advantage of the ITC?
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Counting MACRS Depreciation for Solar?
		


		
<--- Can the property owner take advantage of  MACRS benefits?
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Property Owner's Marginal Tax Rate
		


		
<--- What is the property owner's marginal tax rate (for calculating MACRS benefits)? 21% is default.
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Solar ITC
		
26%
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Solar PV Inputs
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
System Size in Watts (DC)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Year One Solar PV Production (kWh)
		


		
<--- Expected generation based on PVWatts or similar simulation tools
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Solar PV Project Cost
		


		
<--- Turnkey cost (equipment, installation, etc.)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Roof/Structural Improvement Cost
		


		
<--- Please note if the roof cost includes added insulation.
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
REC Value ($/REC)
		


		
<--- Enter any contracted REC price here (assumed that this is paid each year for 15 years - if less than 15 years, pro-rate the amount)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Quantity of RECs (MWh)
		


		
<--- From ZREC contract  
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
REC Term (Years)
		


		
<--- Default 15 years maximum unless specified otherwise
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Solar PV Module Performance Warranty (Years)
		


		
<--- From module cutsheet
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Inverter Standard Warranty Period (Years)
		


		
<--- From inverter cutsheet
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Inverter Extended Warranty Period (Years)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Solar PV System Expected Useful Life (Years) *based on warranties and/or inverter replacements
		


		
<--- Please include inverter replacement cost in ROW 20 of "Simple C-PACE SIR Model" tab if this value is greater than "Inverter Extended Warranty Period" value listed above. Please note that this value should be entered as a negative value.
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Solar PV Annual Performance Degradation
		
0.5%
		
<--- Default 0.5%
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Turnkey Build Cost per Watt
		
#DIV/0!
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Capacity Factor
		
#DIV/0!
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Summary of  Financed Amount
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Project Cost
		
$0
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Grant
		


		
<--- To be calculated by CGB if available/applicable
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Total Project Cost
		
$0
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Owner Equity Contribution (if applicable)
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Finance Amount before Closing Fees
		
$0
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Closing Fees
		
$0
		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
Total Financed Amount (inclusive of Closing Fees)
		
$0