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The Unseen Costs of Solar-Generated Electricity

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The Unseen Costs of Solar-Generated Electricity THE UNSEEN COSTS OF SOLAR-GENERATED ELECTRICITY Megan E. Hansen, BS, Strata Policy Randy T Simmons, PhD, Utah State University Ryan M. Yonk, PhD, Utah State University The Institute of Political Economy (IPE) at Utah State University seeks to promote a better understanding of the foundations of a free society by conducting research and disseminating findings through publications, classes, seminars, conferences, and lectures. By mentoring students and engaging them in research and writing projects, IPE creates diverse opportunities for students in graduate programs, internships, policy groups, and business. PRIMARY INVESTIGATORS: Megan E. Hansen, BS Strata Policy Randy T Simmons, PhD Utah State University Ryan M. Yonk, PhD Utah State University STUDENT RESEARCH ASSOCIATES: Matthew Crabtree Jordan Floyd Melissa Funk Michael Jensen Josh Smith TABLE OF CONTENTS Table of Contents ................................................................................................................................................................ 2 Executive Summary ............................................................................................................................................................. 1 Introduction ......................................................................................................................................................................... 1 Solar Energy and the Grid ............................................................................................................................................. 3 Grid Parity and the Levelized Cost of Electricity ........................................................................................................... 4 Federal Solar Policies ......................................................................................................................................................... 5 The Investment Tax Credit ............................................................................................................................................ 7 Accelerated Depreciation - MACRS ............................................................................................................................. 8 The American Recovery and Reinvestment Act of 2009 .............................................................................................. 9 Section 1705 Loan Guarantee Program ........................................................................................................................ 9 Section 1603 Treasury Grant Program ........................................................................................................................ 10 Federal Policies and the Unseen Costs of Solar Energy ............................................................................................. 11 State Policies .................................................................................................................................................................... 12 Renewable Portfolio Standard .................................................................................................................................... 13 Tax Incentives ............................................................................................................................................................. 14 Feed-in Tariffs and Net Metering ............................................................................................................................... 15 Feed-in Tariffs ............................................................................................................................................................. 15 Net Metering ............................................................................................................................................................... 16 Cost Estimates for Utility-Scale Solar Energy .................................................................................................................. 17 The Cost of Solar Today .............................................................................................................................................. 18 Cost Factors ................................................................................................................................................................. 19 Capital Costs and Operations and Maintenance ........................................................................................................ 19 Capacity Factor ............................................................................................................................................................ 21 Baseload Cycling and the Intermittency of Solar Power ............................................................................................ 22 Transmission Costs ..................................................................................................................................................... 24 Social and Environmental Costs ................................................................................................................................. 24 The Future of Solar Energy .......................................................................................................................................... 25 Key Findings ...................................................................................................................................................................... 27 Conclusion ......................................................................................................................................................................... 28 Appendix A: ....................................................................................................................................................................... 29 THE UNSEEN COSTS OF SOLAR-GENERATED ELECTRICITY "In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them." -- Frederic Bastiat, 1848 EXECUTIVE SUMMARY This report explores both explicit and implicit factors that influence the cost of producing electricity from solar. The explicit, or seen costs of solar-generated electricity, include cost components such as power plant development and construction, operation & maintenance, and transmission infrastructure costs. Often overlooked, however, are the implicit costs of solar power, caused by government subsidies, mandates, and regulations that distort the electricity market. This report does not estimate an actual value for the cost of producing electricity from solar, rather, it identifies and analyzes those factors that policymakers should consider. To identify the factors that should be included in a more accurate estimate of the cost of solar energy, we review major federal policies enacted to incentivize solar energy production and analyze their associated costs for taxpayers and electricity consumers alike. We then review and analyze the unseen costs of state policies, such as mandates, tax incentives, net metering, and feed-in tariffs. Finally, we review all of the most commonly-cited cost estimates to identify as many factors as possible that should be included in an accurate estimate of the cost of solar energy. In particular, this report focuses on how federal and state policies increase the cost of solar energy, unfairly transferring wealth by distorting the energy market, creating unfair competition, and misdirecting taxpayer dollars. The hidden costs we analyze in this report are a result of government manipulation of the energy market. Government policies that support and hasten solar energy development harm individuals not once, but twice—first as consumers of electricity and again as taxpayers. If policymakers were to allow the energy market to function with minimal intervention, consumers and taxpayers would benefit. INTRODUCTION In recent years, solar energy capacity has grown rapidly in the United States. Much of this growth is due to generous state and federal subsidies intended to boost production of electricity from renewable energy sources. It’s fair to say that those who conceived and enacted such subsidies had good intentions—to transition US energy markets away from carbon-based forms of energy. It’s also fair to say that policies that support solar energy have significantly boosted the solar industry. In 2014, for example, 7,000 megawatts of new solar energy capacity were installed, expanding the The Unseen Costs of Solar-Generated Electricity 1 total solar energy capacity in the United States by 34 percent.1 But despite this rapid growth, in that same year solar power accounted for only 0.4 percent of electricity generation.2 Not only does solar power contribute a minimal supply of electricity, but it also receives a disproportionate amount of federal aid. In 2013, solar energy produced less than one percent of total US electricity generation while receiving 27 percent of direct federal subsidies for energy. As Figure 1 shows, generation of electricity from solar was insignificant when compared to generation from coal, nuclear, and natural gas.3 Figure 1: Federal Electricity Subsidies and Electricity Generation by Source4 40 30 20 10 0 NUCLEAR COAL
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