标题： 折现率、风险溢价和设备性能在估算光伏发电成本中的作用 显示英文标题

标题： Roles of discount rate, risk premium, and device performance in estimating the cost of energy for photovoltaics

摘要： 我们证明了借贷利率和贴现率应采用不同数值，并且在评估和比较不同生产商和技术的能源成本时（以光伏为例），应使用无风险利率来进行贴现。最近的一些定量模型使用相同的利率用于借贷和贴现，这会导致高风险借款人成本的低估以及成本对金融和非金融因素敏感性的扭曲。 具体而言，这些模型可能导致太阳能到电能转换效率的重要性被严重低估。本文提出的贴现率处理方法重新确立了设备效率的重要性。 安装效率、退化率、贴现率与风险溢价以及项目寿命对能源成本的影响被估算出来。 显示英文摘要

摘要： We show that different rates should be used for borrowing and discount rates, and that the risk-free rate should be used for discounting when assessing and comparing the cost of energy accross diffferent producers and technologies, on the example of photovoltaics. Recent quantitative models using the same rate for borrowing and discounting lead to an underestimation of the cost for risky borrowers and to distorted sensitivities of the cost to financial and non-financial factors. Specifically, it is shown that they may lead to gross underestimation of the importance of solar-to-electricity conversion efficiency. The importance of device efficiency is re-established under the treatment of the discount rate proposed here. The effects on the cost of energy of the installation efficiency and degradation rate, on the discount rate and risk premium as well as on the project lifetime are estimated.