Economic Benefit Analysis of Household Distributed Photovoltaic under Different Financing Modes

In recent years, the development of household distributed photovoltaic is accelerating. However, the initial investment cost is relatively unaffordable for users, and the distributed photovoltaic financing is of characteristics like high threshold, few channels, low quota, high cost and short term, so China is actively promoting the corresponding financial supporting measures, like "photovoltaic loan" and finance lease. Different financing modes can exert different influences on the economic benefits of distributed photovoltaic. Proper financing measures could contribute to the development of household PV. This paper first establishes the evaluation model of economic benefits based on NPV method and different financing characteristics, and then changes interest rate, loan proportion and repayment mode, to analyze their impact on economic benefits, and finally arrives at conclusions that with low interest rate, long payment period, and high debt proportion, as well as equal principal and interest payment mode, economic benefits and investors' investment confidence will be improved and finance lease could further improve the IRR of the project. It also suggests government should perfect existing photovoltaic financing policies, and increase financial institutions' confidence that provide loans.