Residential on site solar heating systems: a project evaluation using the capital asset pricing model

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An energy source ready for immediate use on a commercial scale is solar energy in the form of On Site Solar Heating (OSSH) systems. These systems collect solar energy with rooftop panels, store excess energy in water storage tanks and can, in certain circumstances, provide 100% of the space heating and hot water required by the occupants of the residential or commercial structure on which the system is located. Such systems would take advantage of a free and inexhaustible energy source--sunlight. The principal drawback of such systems is the high initial capital cost. The solution would normally be a carefully ... continued below

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Schutz, S.R. December 1, 1978.

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  • Lawrence Berkeley Laboratory
    Publisher Info: California Univ., Berkeley (USA). Lawrence Berkeley Lab.
    Place of Publication: Berkeley, California

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Description

An energy source ready for immediate use on a commercial scale is solar energy in the form of On Site Solar Heating (OSSH) systems. These systems collect solar energy with rooftop panels, store excess energy in water storage tanks and can, in certain circumstances, provide 100% of the space heating and hot water required by the occupants of the residential or commercial structure on which the system is located. Such systems would take advantage of a free and inexhaustible energy source--sunlight. The principal drawback of such systems is the high initial capital cost. The solution would normally be a carefully worked out corporate financing plan. However, at the moment it is individual homeowners and not corporations who are attempting to finance these systems. As a result, the terms of finance are excessively stringent and constitute the main obstacle to the large scale market penetration of OSSH. This study analyzes the feasibility of OSSH as a private utility investment. Such systems would be installed and owned by private utilities and would displace other investment projects, principally electric generating plants. The return on OSSH is calculated on the basis of the cost to the consumer of the equivalent amount of electrical energy that is displaced by the OSSH system. The hurdle rate for investment in OSSH is calculated using the Sharpe--Lintner Capital Asset Pricing Model. The results of this study indicate that OSSH is a low risk investment having an appropriate hurdle rate of 7.9%. At this rate, OSSH investment appears marginally acceptable in northern California and unambiguously acceptable in southern California. The results also suggest that utility investment in OSSH should lead to a higher degree of financial leverage for utility companies without a concurrent deterioration in the risk class of utility equity.

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Dep. NTIS, MF A01.

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  • Other Information: Thesis. Portions of document are illegible

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  • Report No.: LBL-8298
  • Grant Number: W-7405-ENG-48
  • DOI: 10.2172/6417194 | External Link
  • Office of Scientific & Technical Information Report Number: 6417194
  • Archival Resource Key: ark:/67531/metadc1209446

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Creation Date

  • December 1, 1978

Added to The UNT Digital Library

  • July 5, 2018, 11:11 p.m.

Description Last Updated

  • Oct. 29, 2018, 10:28 p.m.

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Schutz, S.R. Residential on site solar heating systems: a project evaluation using the capital asset pricing model, report, December 1, 1978; Berkeley, California. (digital.library.unt.edu/ark:/67531/metadc1209446/: accessed November 17, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.