关于建设期为非完整年的光伏项目经济评价方法分析

Analysis of Economic Evaluation Methods for Photovoltaic Projects With Not Full-year Construction Period

对于建设期不足1年的光伏项目,在进行经济评价时,存在不同的评价方法,并会导致不同的结果,影响项目决策分析。通过以实际光伏项目为例,使用不同评价方法计算得到内部收益率(IRR)及净现值(NPV)指标。对比分析计算结果表明:(1)将首年建设期外已投产运营月份的现金流,与建设期现金流列于同一期的方法得到的评价指标高于真实值;(2)将建设期为非完整年的项目与建设期为整年的项目进行相同处理,即经营期首年的现金流与建设期现金流后错一期,得到的IRR是准确的,但NPV是不准确的,应该对NPV按首年剩余月份往后折现(复利)进行修正;(3)使用XNPV公式计算得到的净现值同样不准确,应该对净现值按建设期长度往前折现进行修正。

There are different economic evaluation methods for photovoltaic projects with not full-year construction period,which will lead to different results and affect the decision-making.By taking a real PV project as an example,the internal rate of return(IRR)and net present value(NPV)are calculated by different evaluation methods.The result shows that:(1)the index obtained by listing the construction cash flow and operation cash flow in the first year in the same period is higher than the real value;(2)In the case that the first operation cash flow is one phase later than the construction cash flow,the IRR is correct,but the NPV is incorrect.The NPV should be revised by compounding interest with the remaining months in the first year;(3)Using formula XNPV to calculate the net present value is also not accurate,it should be revised by discounting with the construction period.