| T he rapid development of global economy has increased the energy consumption and caused serious environmental pollution.To coordinate economic development and environmental protection,it is an important measure for countries around the world to develop renewable energy.Due to the advantages of clean and inexhaustible,solar energy has become a new energy source developed by various countries.China has abundant light resources.Developing solar energy and constructing photovoltaic projects are of great significance for adjusting energy consumption structure and promoting green econom y.In recent years,with the guidance and support of national policies,photovoltaic industry gets rapid development.A large amount of capital flow into it and the installed capacity has increased year by year.However,there are also some companies having blind investment or expansion,which leads to deviations in project investment benefits or overcapacity issues.Therefore,this paper studies the investment benefits of photovoltaic projects,which can provide information support for project investment decisions.Obviously,it has certain theoretical significance and practical value.Firstly,based on the PEST model,this thesis analyzes the investment environment of the solar photovoltaic industry in terms of policy,economics,society and technology.Then it presents the current investment situation from three aspects:installed capacity,module market and investment cost.Meanwhile,the problems existing in investment are also summarized.Then,based on the analysis of photovoltaic projects’ cost and benefit,this thesis constructs the investment effect model based on traditional decision-making methods and the investment effect model considering environmental value.Furthermore,this thesis takes the S photovoltaic project as an example.Without considering the environmental value,it is found that the S project can bring positive cash flow to investors and has a positive investment benefits by measuring its net present value,internal rate of return and investment payback period.Besides,by introducing environmental value,the S project’s investment benefit is further analyzed.T he result shows that it can significantly improve S project’s investment benefits after the introduction of environmental values.In addition,this thesis also conducts a sensitivity analysis of the factors affecting investment benefit of S photovoltaic project.It is found that the most sensitive factor is the generating capacity,then followed by initial investment costs,loan interest rates,operating costs and environmental value.Finally,combined with the problems of industry investment and the results of project investment benefit analysis,the thesis proposes relevant suggestions for further improving the investment benefit from the aspect of revenue,cost,fin ancing and technology,etc. |
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