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Merge pull request #63 from softwareengineerprogrammer/itc-period-fix-3
ITC period fix [v3.8.12]
2 parents 3385832 + 118663a commit a9ab719

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‎.bumpversion.cfg

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[bumpversion]
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current_version = 3.8.10
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current_version = 3.8.12
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commit = True
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tag = True
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‎.cookiecutterrc

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@@ -54,7 +54,7 @@ default_context:
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sphinx_doctest: "no"
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sphinx_theme: "sphinx-py3doc-enhanced-theme"
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test_matrix_separate_coverage: "no"
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version: 3.8.10
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version: 3.8.12
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version_manager: "bump2version"
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website: "https://github.com/NREL"
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year_from: "2023"

‎README.rst

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@@ -56,9 +56,9 @@ Free software: `MIT license <LICENSE>`__
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:alt: Supported implementations
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:target: https://pypi.org/project/geophires-x
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.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.8.10.svg
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.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.8.12.svg
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:alt: Commits since latest release
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:target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.8.10...main
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:target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.8.12...main
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.. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat
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:target: https://nrel.github.io/GEOPHIRES-X

‎docs/conf.py

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@@ -18,7 +18,7 @@
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year = '2025'
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author = 'NREL'
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copyright = f'{year}, {author}'
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version = release = '3.8.10'
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version = release = '3.8.12'
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pygments_style = 'trac'
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templates_path = ['./templates']

‎setup.py

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@@ -13,7 +13,7 @@ def read(*names, **kwargs):
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setup(
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name='geophires-x',
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version='3.8.10',
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version='3.8.12',
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license='MIT',
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description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.',
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long_description='{}\n{}'.format(

‎src/geophires_x/Economics.py

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@@ -479,7 +479,10 @@ def CalculateLCOELCOHLCOC(self, model: Model) -> tuple:
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NPVcap = np.sum((1 + self.inflrateconstruction.value) * self.CCap.value * CRF * discountvector)
480480
NPVfc = np.sum((1 + self.inflrateconstruction.value) * self.CCap.value * self.PTR.value * inflationvector * discountvector)
481481
NPVit = np.sum(self.CTR.value / (1 - self.CTR.value) * ((1 + self.inflrateconstruction.value) * self.CCap.value * CRF - self.CCap.value / model.surfaceplant.plant_lifetime.value) * discountvector)
482-
NPVitc = (1 + self.inflrateconstruction.value) * self.CCap.value * self.RITC.value / (1 - self.CTR.value)
482+
483+
npv_itc_discount_factor = discountvector[model.surfaceplant.construction_years.value]
484+
NPVitc = ((1 + self.inflrateconstruction.value) * self.CCap.value * self.RITC.value / (1 - self.CTR.value)
485+
* npv_itc_discount_factor)
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484487
if model.surfaceplant.enduse_option.value == EndUseOptions.ELECTRICITY:
485488
NPVoandm = np.sum(self.Coam.value * inflationvector * discountvector)
@@ -502,7 +505,8 @@ def CalculateLCOELCOHLCOC(self, model: Model) -> tuple:
502505
NPVcap_elec = np.sum((1 + self.inflrateconstruction.value) * CCap_elec * CRF * discountvector)
503506
NPVfc_elec = np.sum((1 + self.inflrateconstruction.value) * CCap_elec * self.PTR.value * inflationvector * discountvector)
504507
NPVit_elec = np.sum(self.CTR.value / (1 - self.CTR.value) * ((1 + self.inflrateconstruction.value) * CCap_elec * CRF - CCap_elec / model.surfaceplant.plant_lifetime.value) * discountvector)
505-
NPVitc_elec = (1 + self.inflrateconstruction.value) * CCap_elec * self.RITC.value / (1 - self.CTR.value)
508+
NPVitc_elec = ((1 + self.inflrateconstruction.value) * CCap_elec * self.RITC.value / (1 - self.CTR.value)
509+
* npv_itc_discount_factor)
506510
NPVoandm_elec = np.sum(Coam_elec * inflationvector * discountvector)
507511
NPVgrt_elec = self.GTR.value / (1 - self.GTR.value) * (NPVcap_elec + NPVoandm_elec + NPVfc_elec + NPVit_elec - NPVitc_elec)
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@@ -512,7 +516,8 @@ def CalculateLCOELCOHLCOC(self, model: Model) -> tuple:
512516
NPVcap_heat = np.sum((1 + self.inflrateconstruction.value) * CCap_heat * CRF * discountvector)
513517
NPVfc_heat = np.sum((1 + self.inflrateconstruction.value) * (self.CCap.value * (1.0 - self.CAPEX_heat_electricity_plant_ratio.value)) * self.PTR.value * inflationvector * discountvector)
514518
NPVit_heat = np.sum(self.CTR.value / (1 - self.CTR.value) * ((1 + self.inflrateconstruction.value) * CCap_heat * CRF - CCap_heat / model.surfaceplant.plant_lifetime.value) * discountvector)
515-
NPVitc_heat = (1 + self.inflrateconstruction.value) * CCap_heat * self.RITC.value / (1 - self.CTR.value)
519+
NPVitc_heat = ((1 + self.inflrateconstruction.value) * CCap_heat * self.RITC.value / (1 - self.CTR.value)
520+
* npv_itc_discount_factor)
516521
NPVoandm_heat = np.sum((self.Coam.value * (1.0 - self.CAPEX_heat_electricity_plant_ratio.value)) * inflationvector * discountvector)
517522
NPVgrt_heat = self.GTR.value / (1 - self.GTR.value) * (NPVcap_heat + NPVoandm_heat + NPVfc_heat + NPVit_heat - NPVitc_heat)
518523

@@ -974,7 +979,8 @@ def __init__(self, model: Model):
974979
PreferredUnits=PercentUnit.TENTH,
975980
CurrentUnits=PercentUnit.TENTH,
976981
ErrMessage="assume default investment tax credit rate (0)",
977-
ToolTipText="Investment tax credit rate (see docs)"
982+
ToolTipText="Investment tax credit rate "
983+
"(see https://programs.dsireusa.org/system/program/detail/658)"
978984
)
979985
self.PTR = self.ParameterDict[self.PTR.Name] = floatParameter(
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"Property Tax Rate",
@@ -2701,11 +2707,6 @@ def Calculate(self, model: Model) -> None:
27012707
else:
27022708
self.CCap.value = self.totalcapcost.value
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2704-
# update the capital costs, assuming the entire ITC is used to reduce the capital costs
2705-
if self.RITC.Provided:
2706-
self.RITCValue.value = self.RITC.value * self.CCap.value
2707-
self.CCap.value = self.CCap.value - self.RITCValue.value
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# Add in the FlatLicenseEtc, OtherIncentives, & TotalGrant
27102711
self.CCap.value = self.CCap.value + self.FlatLicenseEtc.value - self.OtherIncentives.value - self.TotalGrant.value
27112712

@@ -2942,6 +2943,12 @@ def Calculate(self, model: Model) -> None:
29422943
model.surfaceplant.plant_lifetime.value + model.surfaceplant.construction_years.value, 1):
29432944
self.TotalRevenue.value[i] = self.TotalRevenue.value[i] - self.Coam.value
29442945

2946+
2947+
if self.RITC.Provided:
2948+
self.RITCValue.value = self.RITC.value * self.CCap.value
2949+
# ITC is credited year after construction
2950+
self.TotalRevenue.value[model.surfaceplant.construction_years.value] += self.RITCValue.value
2951+
29452952
# Now do a one-time calculation that calculates the cumulative cash flow after everything else has been accounted for
29462953
for i in range(1, model.surfaceplant.plant_lifetime.value + model.surfaceplant.construction_years.value, 1):
29472954
self.TotalCummRevenue.value[i] = self.TotalCummRevenue.value[i-1] + self.TotalRevenue.value[i]

‎src/geophires_x/__init__.py

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__version__ = '3.8.10'
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__version__ = '3.8.12'

‎src/geophires_x_schema_generator/geophires-request.json

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@@ -1644,7 +1644,7 @@
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"maximum": 1.0
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},
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"Investment Tax Credit Rate": {
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"description": "Investment tax credit rate (see docs)",
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"description": "Investment tax credit rate (see https://programs.dsireusa.org/system/program/detail/658)",
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"type": "number",
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"units": "",
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"category": "Economics",

‎tests/examples/Fervo_Project_Cape-3.out

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Simulation Metadata
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----------------------
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GEOPHIRES Version: 3.7.23
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Simulation Date: 2025-03-10
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Simulation Time: 10:42
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Calculation Time: 0.871 sec
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GEOPHIRES Version: 3.8.9
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Simulation Date: 2025-04-02
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Simulation Time: 12:41
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Calculation Time: 0.860 sec
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***SUMMARY OF RESULTS***
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End-Use Option: Electricity
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Average Net Electricity Production: 404.31 MW
16-
Electricity breakeven price: 2.77 cents/kWh
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Electricity breakeven price: 3.76 cents/kWh
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Number of production wells: 39
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Number of injection wells: 39
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Flowrate per production well: 120.0 kg/sec
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Accrued financing during construction: 5.00
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Project lifetime: 20 yr
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Capacity factor: 90.0 %
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Project NPV: 4580.36 MUSD
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Project IRR: 43.75 %
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Project VIR=PI=PIR: 5.27
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Project MOIC: 6.30
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Project NPV: 4550.28 MUSD
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Project IRR: 39.26 %
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Project VIR=PI=PIR: 3.97
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Project MOIC: 4.91
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Project Payback Period: 3.38 yr
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Estimated Jobs Created: 976
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@@ -102,7 +102,7 @@ Simulation Metadata
102102
Total surface equipment costs: 969.26 MUSD
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Exploration costs: 30.00 MUSD
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Investment Tax Credit: -459.83 MUSD
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Total capital costs: 1072.95 MUSD
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Total capital costs: 1532.78 MUSD
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***OPERATING AND MAINTENANCE COSTS (M$/yr)***
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Since Price Ann. Rev. Cumm. Rev. | Price Ann. Rev. Cumm. Rev. | Price Ann. Rev. Cumm. Rev. | Price Ann. Rev. Cumm. Rev. | OPEX Net Rev. Net Cashflow
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Start (cents/kWh)(MUSD/yr) (MUSD) |(cents/kWh) (MUSD/yr) (MUSD) |(cents/kWh) (MUSD/yr) (MUSD) |(USD/lb) (MUSD/yr) (MUSD) |(MUSD/yr) (MUSD/yr) (MUSD)
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________________________________________________________________________________________________________________________________________________________________________________________
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0 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 -1072.95 -1072.95
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1 15.00 474.16 474.16 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 26.96 447.20 -625.75
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0 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 -1532.78 -1532.78
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1 15.00 474.16 474.16 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 26.96 907.04 -625.75
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2 15.00 476.35 950.51 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 26.96 449.39 -176.36
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3 15.41 489.93 1440.44 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 26.96 462.97 286.61
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4 15.81 503.25 1943.69 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 26.96 476.29 762.90

‎tests/examples/example_ITC.out

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Simulation Metadata
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----------------------
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GEOPHIRES Version: 3.8.4
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Simulation Date: 2025-03-19
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Simulation Time: 10:30
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Calculation Time: 0.808 sec
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GEOPHIRES Version: 3.8.9
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Simulation Date: 2025-04-02
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Simulation Time: 12:41
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Calculation Time: 0.777 sec
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***SUMMARY OF RESULTS***
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End-Use Option: Electricity
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Average Net Electricity Production: 18.84 MW
16-
Electricity breakeven price: 3.21 cents/kWh
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Electricity breakeven price: 4.89 cents/kWh
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Number of production wells: 2
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Number of injection wells: 2
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Flowrate per production well: 55.0 kg/sec
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Accrued financing during construction: 0.00
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Project lifetime: 30 yr
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Capacity factor: 90.0 %
30-
Project NPV: 10.31 MUSD
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Project IRR: 8.82 %
32-
Project VIR=PI=PIR: 1.19
33-
Project MOIC: 0.72
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Project NPV: 6.77 MUSD
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Project IRR: 8.05 %
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Project VIR=PI=PIR: 1.06
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Project MOIC: 0.52
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Project Payback Period: 11.46 yr
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Estimated Jobs Created: 41
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@@ -99,7 +99,7 @@ Simulation Metadata
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Total surface equipment costs: 62.40 MUSD
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Exploration costs: 8.24 MUSD
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Investment Tax Credit: -54.20 MUSD
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Total capital costs: 54.20 MUSD
102+
Total capital costs: 108.39 MUSD
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***OPERATING AND MAINTENANCE COSTS (M$/yr)***
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Since Price Ann. Rev. Cumm. Rev. | Price Ann. Rev. Cumm. Rev. | Price Ann. Rev. Cumm. Rev. | Price Ann. Rev. Cumm. Rev. | OPEX Net Rev. Net Cashflow
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Start (cents/kWh)(MUSD/yr) (MUSD) |(cents/kWh) (MUSD/yr) (MUSD) |(cents/kWh) (MUSD/yr) (MUSD) |(USD/lb) (MUSD/yr) (MUSD) |(MUSD/yr) (MUSD/yr) (MUSD)
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________________________________________________________________________________________________________________________________________________________________________________________
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0 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 -54.20 -54.20
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1 5.50 8.02 8.02 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 2.95 5.07 -49.13
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0 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 0.00 0.00 | 0.00 -108.39 -108.39
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1 5.50 8.02 8.02 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 2.95 59.26 -49.13
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2 5.50 8.09 16.11 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 2.95 5.14 -43.99
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3 5.50 8.12 24.23 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 2.95 5.17 -38.82
217217
4 5.50 8.13 32.36 | 2.50 0.00 0.00 | 2.50 0.00 0.00 | 0.00 0.00 0.00 | 2.95 5.18 -33.64

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