Salvage Value Rate rebase & minor version bump [v3.20]

.bumpversion.cfg

@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 3.19.3
+current_version = 3.20.1
 commit = True
 tag = True
 

.cookiecutterrc

@@ -54,7 +54,7 @@ default_context:
     sphinx_doctest: "no"
     sphinx_theme: "sphinx-py3doc-enhanced-theme"
     test_matrix_separate_coverage: "no"
-    version: 3.19.3
+    version: 3.20.1
     version_manager: "bump2version"
     website: "https://github.com/NREL"
     year_from: "2023"

CHANGELOG.rst

@@ -5,10 +5,13 @@ Changelog
 GEOPHIRES v3 (2023-2026)
 ------------------------
 
-3.19
+3.20
 ^^^^
 
-3.19.3: `Fervo_Project_Cape-7 (500 MW EGS) and Fervo_Project_Cape-8 (100 MW) public release; Redrilling Learning Rate <https://github.com/NREL/GEOPHIRES-X/pull/535>`__ | `release <https://github.com/NREL/GEOPHIRES-X/releases/tag/v3.19.3>`__
+3.20: `Fervo_Project_Cape-7 (500 MW EGS) and Fervo_Project_Cape-8 (100 MW) public release; Redrilling Learning Rate; Salvage Value Rate <https://github.com/NREL/GEOPHIRES-X/pull/535>`__ | `release <https://github.com/NREL/GEOPHIRES-X/releases/tag/v3.20.1>`__ | **Changed:** SAM Economic Models default salvage value rate has been updated from 0.5 to 0.1.
+
+3.19
+^^^^
 
 3.19: `Apply Surface Plant Capital Cost Adjustment Factor to provided Capital Cost for Power Plant for Electricity Generation <https://github.com/NatLabRockies/GEOPHIRES-X/pull/532>`__; `500 MW EGS Case Study Update (Fervo_Project_Cape-7); Depreciation Schedule (5-year MACRS) <https://github.com/NREL/GEOPHIRES-X/pull/531>`__ | `release <https://github.com/NREL/GEOPHIRES-X/releases/tag/v3.19.0>`__  | **Changed:** Surface Plant Capital Cost Adjustment Factor is now applied when Capital Cost for Power Plant for Electricity Generation is provided, consistent with drilling and stimulation cost handling. See `the tracking issue <https://github.com/NatLabRockies/GEOPHIRES-X/issues/435>`__ for details.
 

README.rst

@@ -58,9 +58,9 @@ Free software: `MIT license <LICENSE>`__
     :alt: Supported implementations
     :target: https://pypi.org/project/geophires-x
 
-.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.19.3.svg
+.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.20.1.svg
     :alt: Commits since latest release
-    :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.19.3...main
+    :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.20.1...main
 
 .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat
     :target: https://softwareengineerprogrammer.github.io/GEOPHIRES

docs/SAM-Economic-Models.md

@@ -33,6 +33,7 @@ The following table describes how GEOPHIRES parameters are transformed into SAM
 | `Inflated Bond Interest Rate`                                                                                                                   | Financial Parameters → Project Term Debt               | `Annual interest rate`                                                                                       | `Singleowner`                     | `term_int_rate`                                              | .. N/A                                                                                                                                                                                                                                                                                                                                                      |
 | `Debt Tenor` | Financial Parameters → Project Term Debt | `Tenor` | `Singleowner` | `term_tenor` | Defaults to `Plant Lifetime` if not provided. May not exceed `Plant Lifetime`. Counted from the Commercial Operation Date (COD; Year 1); construction years are not counted. Debt drawn during construction is effectively refinanced as term debt at COD; see [Construction Debt at COD](SAM-EM_Multiple-Construction-Years.html#construction-debt-at-cod). |
 | `Depreciation Schedule` | Financial Parameters → Depreciation | `Allocations`: 100% to `20-yr Straight Line` (default) or `5-yr MACRS` | `Singleowner` | `depr_alloc_sl_20_percent`, `depr_alloc_macrs_5_percent` | The entire depreciable basis is allocated to one class. 5-year MACRS is the statutory class for facilities that claim the technology-neutral clean electricity credits (IRC sections 48E and 45Y). SAM counts the resulting early-year tax losses as tax benefits in the years they occur, which assumes the owner can use them (for example, against other taxable income or through a tax equity partner). |
+| `Salvage Value Rate` | Financial Parameters → Salvage Value | `Net pre-tax cash salvage value` | `Singleowner` | `salvage_percentage` | Fraction of total installed cost credited as salvage value in the final year (taxable revenue). Defaults to 10%, the SAM default. Decommissioning costs (such as well plugging and abandonment and site restoration) are not modeled separately, so the rate should be net of them. |
 | `Starting Electricity Sale Price`, `Ending Electricity Sale Price`, `Electricity Escalation Rate Per Year`, `Electricity Escalation Start Year` | Revenue                                                | `PPA price`                                                                                                  | `Singleowner`                     | `ppa_price_input`                                            | GEOPHIRES's pricing model is used to create a PPA price schedule that is passed to SAM.                                                                                                                                                                                                                                                                     |
 | `Total AddOn Profit Gained`                                                                                                                     | Revenue → Capacity Payments                            | `Fixed amount`, `Capacity payment amount`                                                                    | `Singleowner`                     | `cp_capacity_payment_type = 1`, `cp_capacity_payment_amount` |                                                                                                                                                                                                                                                                                                                                                             |
 | `Starting Carbon Credit Value`, `Ending Carbon Credit Value`, `Carbon Escalation Rate Per Year`, `Carbon Escalation Start Year`                 | Revenue → Capacity Payments                            | `Fixed amount`, `Capacity payment amount`                                                                    | `Singleowner`                     | `cp_capacity_payment_type = 1`, `cp_capacity_payment_amount` |                                                                                                                                                                                                                                                                                                                                                             |