A probabilistic portfolio-based model for financial valuation of community solar

Shakouri, Mahmoud; Lee, Hyun Woo; Kim, Yong-Woo

doi:10.1016/j.apenergy.2017.01.077

Cited by 27 publications

(19 citation statements)

References 72 publications

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“…Barriers to the spread of PV technologies are described in the literature. The barriers confronting Santiago could be varied; among the physical, environmental, and financial uncertainties (Shakouri et al 2017), barriers could include the following: a lack of governmental subsidies and incentives (IRENA 2015; Beck and Martinot 2012; Margolis and Zuboy 2006;Sovacool 2009;Zhang et al 2011), a relatively new and slowly maturing net-billing scheme for excess power generation (Ley 20.571 2014;Watts et al 2015), slow and conventional organizational constructs (Yuventi et al 2013), as well as minimal technical standards and certifications (IRENA 2015;Beck and Martinot 2012;Margolis and Zuboy 2006). However, no research has been conducted to explicitly investigate the factors that influence domestic solar PV adoption in Santiago, and certainly no research has leveraged local expert knowledge.…”

Section: Introductionmentioning

confidence: 99%

Factors Influencing Household Solar Adoption in Santiago, Chile

Walters

Kaminsky

Huepe

2018

J. Constr. Eng. Manage.

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In Santiago, Chile, the market conditions are seemingly excellent for the household adoption of photovoltaic (PV) technology, yet the uptake is negligible. To explore this paradox, the authors conducted a Delphi study to solicit the knowledge of a panel of Chilean PV experts. These efforts yielded 26 factors-both motivations and barriers-impacting the diffusion of PV in Santiago. Of the 26, experts were in consensus on the relative importance of 21. The literature suggests that diffusion of PV technologies is influenced by complex technical, economic, and social factors. Similarly, the experts saw influence from financial, environmental, and energy supply (e.g., electrical reliability) factors. They saw emergent barriers to adoption as being financial, technical, institutional, and knowledge factors. They considered the most important factors influencing adoption to be financial motivations (e.g., subsidies) and financial barriers (e.g., high upfront costs); they considered the least important factors to be environmental motivations (e.g., environmental stewardship) and technical barriers (e.g., concerns with roof mounting). With this knowledge, the authors develop an adoption framework for household PV that describes the interaction among the identified motivations and barriers. This framework informs policy recommendations for Santiago, Chile, and contributes to the body of literature exploring the interconnected systems of factors that influence civil infrastructure in general and PV adoption in particular.

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Section: Introductionmentioning

confidence: 99%

Factors Influencing Household Solar Adoption in Santiago, Chile

Walters

Kaminsky

Huepe

2018

J. Constr. Eng. Manage.

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“…Currently, there are more than fifty commercial solar PV design and simulation tools, as reviewed by Jakica (2018) and Sharma et al (2014). However, there are only a few tools that support, with limitations, the simulation, design, and analysis of large-scale community shared solar applications (Shakouri et al, 2017). For example, PVsyst (2012) is a deterministic application that is widely used for the purpose of designing and simulating grid-tied standalone solar PV systems.…”

Section: Introductionmentioning

confidence: 99%

“…For example, PVsyst (2012) is a deterministic application that is widely used for the purpose of designing and simulating grid-tied standalone solar PV systems. On the other hand, the stochasticity and uncertainties associated with solar energy systems fall short of this type of application (Shakouri et al, 2017). For interested readers, additional details on the advantages and disadvantages of these tools are described in a study by Shakouri et al (2017).…”

Section: Introductionmentioning

confidence: 99%

“…On the other hand, the stochasticity and uncertainties associated with solar energy systems fall short of this type of application (Shakouri et al, 2017). For interested readers, additional details on the advantages and disadvantages of these tools are described in a study by Shakouri et al (2017). Challenges associated with community shared solar Worldwide, the application of community shared solar is rapidly gaining popularity.…”

Section: Introductionmentioning

confidence: 99%

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Toward Community Generation: Energy Simulation and Performance Evaluation of Multi-family Solar PV Settings for Energy-efficient Homes in Edmonton, Canada

Awad

Gül

Al‐Hussein

2019

mocs

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The integration of renewable micro-generation systems into residential buildings, particularly solar photovoltaic (PV) distributed energy generation, is emerging rapidly as an effective method of mitigating the housing impact on greenhouse gas emissions. However, the application of solar PV micro-generation is confronted with several challenges: (a) the average system self-consumption does not exceed 25% in cold-climate regions; (b) most of the energy generated during daytime, peaking in the summer, is exported to the grid; and (c) rebates from the surplus generated energy exported to the grid are at a lesser rate than that of the imported energy. Due to relatively poor economics paralleled with the solar PV application, governments and policy makers envision the value of considering the integration of renewable energy sources at the community level rather than individual behind-the-meter applications, since this strategy can leverage the system self-consumption and increase its social impacts and economics. In this regard, this research aims to simulate and compare the overall performance of two scenarios of a sustainable community of 42 townhouse units. In the first scenario, each unit is connected to a behind-the-meter solar PV system of 3.3-kWp. In the second scenario, all units are connected to a large 140-kWp solar PV system. Historical data from one typical house has been collected (ongoing since 2015). Monte Carlo simulation technique is applied to ensure the stochasticity of the diverse household users. The hourly energy consumption and generation data is simulated using Simphony.NET® simulation engine based on the real-time data collected in Edmonton, Canada. Then, the load-match is identified as well as grid interaction indicators and system economics resulting from both scenarios. Results indicate that the application of community generation can significantly mitigate the imported and exported energy compared with individual behind-the-meter system generation due to the improved system self-consumption.

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“…Project revenue (C5.2) [52]. The project revenue of DPV power generation is the economic index that investors are most concerned about.…”

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confidence: 99%

A TODIM-Based Investment Decision Framework for Commercial Distributed PV Projects under the Energy Performance Contracting (EPC) Business Model: A Case in East-Central China

Zhou

et al. 2018

Energies

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Distributed photovoltaic (DPV) projects have been rapidly proposed in China due to policy promotion, and investment decisions immensely decide the success of DPV projects. This paper aims to propose an investment decision framework for DPV projects under the energy performance contracting (EPC) business model which is currently vigorously promoted in China, thereby improving the efficiency and accuracy of decision making. Firstly, the distinctive criteria system for DPV project investment decision is established, including natural, market, technical, policy, competitive and economic factors. Secondly, the weights of criteria are determined by integrating subjective and objective weights to obtain more accurate weights. Then, the TODIM (an acronym in Portuguese of interactive and multicriteria decision making) approach is utilized to rank the alternative DPV projects, taking into account investors' psychological behavior. Finally, a case study in central and eastern China is carried out to illustrate the rationality and feasibility of the proposed framework. The results show that the Project A 4 located in Nanchang City is the optimal project, and the rank of alternatives is sensitive to the recession coefficient. This paper provides insightful information for the DPV investors with different risk preferences to evaluate the investment performance of EPC projects and select the most appropriate one under uncertain environment.

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A probabilistic portfolio-based model for financial valuation of community solar

Cited by 27 publications

References 72 publications

Factors Influencing Household Solar Adoption in Santiago, Chile

Factors Influencing Household Solar Adoption in Santiago, Chile

Toward Community Generation: Energy Simulation and Performance Evaluation of Multi-family Solar PV Settings for Energy-efficient Homes in Edmonton, Canada

A TODIM-Based Investment Decision Framework for Commercial Distributed PV Projects under the Energy Performance Contracting (EPC) Business Model: A Case in East-Central China

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