Full refundability returns more capital to developers upfront

Schedule of returns on a $2 million sample project, comparing full refundability of depreciation benefits to the status quo under three different depreciation conventions.

Our sample project has the following specifications: $2 million upfront capex, 20-year useful life, $150k in first-year revenue with a 5% annual adjustment, no tax credits.
Chart: Center for Public EnterpriseSource: CPE internal modelingEmbed Created with Datawrapper