About this course

This course provides a hands-on introduction to solar financial modeling in Excel. You’ll build a complete model from scratch, covering energy production, revenue, costs, cash flow, and key return metrics like IRR and NPV. Through step-by-step modules, assignments, and a final case study, you’ll learn how solar projects are evaluated in real-world development.

Learning Objectives

  • Build a solar financial model in Excel from scratch
  • Calculate energy production using capacity, capacity factor, and degradation
  • Translate energy production into revenue using power price assumptions
  • Estimate project costs, including upfront CapEx and ongoing operating costs
  • Construct and interpret project cash flows over time
  • Evaluate project performance using IRR, NPV, and payback period
  • Analyze how changes in key assumptions (such as power price) impact project returns

Course outline

12 modules
4 - 10 hours to complete
27 minutes of video lectures
Welcome • 3 assignments
Orientation Materials

This course is self-paced, so you don’t need to be logged in at any specific time. You can get started immediately after you enroll and the course materials will remain in your account with minimum guaranteed access for 12 months (1 year) after enrollment.

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Module 1 • 2 assignments
Resources

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Module 2 • 1 assignments
Introduction to Solar Project Lifecycle

This module introduces the lifecycle of a solar project and provides context for how financial modeling fits into real-world development. I will walk you through the key stages of a project, and learn where and how financial modeling is used to evaluate project viability. This foundation will help you understand why building a dynamic financial model matters in practice. 

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Module 3 • 4 assignments
Model Setup

This module focuses on setting up the structure of your solar financial model using Excel. You will create the core layout of your model, organize your inputs tab, and establish a clear separation between assumptions and calculations. This step is critical for building a model that is easy to follow, flexible to update, and scalable as you add more complexity in this course and in your own independent work. 

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Module 4 • 4 assignments
Building Your Inputs Tab

This module focuses on building the Inputs tab, which serves as the foundation of your solar financial model. You will define key assumptions related to system performance, pricing, costs, and financial parameters, and organize them in a clear, structured format. A well-designed Inputs tab makes the model easier to understand, update, and use for scenario analysis as you build the rest of the model. 

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Module 5 • 4 assignments
Building your Solar Production Tab

This module focuses on building the Solar Production tab, where you calculate how much energy the system generates over time. You will model annual energy production using system capacity and capacity factor, and incorporate performance degradation to reflect how output changes over the project lifecycle. This step establishes one of the most important drivers of the model, as production directly impacts revenue and overall project performance. 

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Module 6 • 3 assignments
Building your Revenue & Costs Sheet

This module focuses on translating energy production into financial performance and building the Revenue and Costs tabs. You will calculate revenue based on energy generation and power price, and define key cost components, including upfront capital costs and ongoing operating expenses. This step connects the technical and financial sides of the model and establishes the core drivers of project profitability.

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Module 7 • 4 assignments
Building your Cash Flow Tab

This module focuses on building the Cash Flow tab, where you bring together revenue and costs to model the financial performance of the project over time. You will construct annual net cash flows, account for the upfront investment in Year 0, and calculate the cumulative cash flow to track how the project performs across its lifecycle. This step provides a clear view of how and when the project generates value.

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Module 8 • 4 assignments
Evaluating Project Returns

This module focuses on evaluating project performance using key financial metrics. You will calculate the internal rate of return (IRR), net present value (NPV), and payback period based on the project's cash flows. These metrics are commonly used to assess whether a project meets required returns and helps translate the model into a decision-making tool.

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Module 9 • 4 assignments
Sensitivity Analysis

This module focuses on sensitivity analysis, where you explore how changes in key assumptions impact project performance. You will evaluate how variations in inputs such as power price affect returns like IRR, and identify which factors have the greatest influence on project viability. This step helps you understand the risk and reinforces how the model can be used for real-world decision making.

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Module 10 • 4 assignments
Final Case Study

This module serves as a capstone, where you apply your financial model to a real-world scenario. You will evaluate a solar project for a data center by analyzing energy demand, estimating system performance, and calculating key financial metrics. You will also explore how changes in system size impact both energy offset and financial returns. This module reinforces the full modeling process and highlights trade-offs involved in real project development.

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Conclusion • 4 assignments
Feedback and Additional Resources

This is our last module but you still have access to the all of course materials for 12 months (1 year), so keep working and you'll be able to complete the course at your own pace. After your year of access expires you can optionally extend access with a HeatSpring Membership. Enjoy the course and keep in touch!

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Instructor

Chloe Weise

Weise

I am a data and energy professional with experience in solar design, financial modeling, and real estate investment. I hold two Master's degrees from the University of Michigan in Ecology & Evolutionary Biology, and Bioinformatics where my research focused on complex biological systems and data-driven analysis. I have worked in commercial and rooftop solar, building...

Frequently asked questions

Full FAQ
How does this course work?
You can begin this online course instantly upon enrollment. This course is delivered entirely online. Pre-order courses are available on launch date. This course is self-paced and you can set your own schedule to complete the materials. You can begin the lecture videos and other course materials as soon as you enroll. During your year of access the instructor will be in the course answering questions on the discussion board every Friday. After successfully completing the course, you will be able to generate a certificate of completion.
How long do I have access to the materials?
Students get unlimited access to the course materials as soon as they enroll and for one year (365 days) after enrollment. Rewatch videos and review assignments as many times as you want. View updates the instructor makes to the course as the industry advances. Return to your course anytime with online access from anywhere in the world. After the one year of access expires, access can be extended by joining as a HeatSpring member. A single membership extends access to course materials for all past enrollments.
Will the instructor really answer my questions during this course?
Yes! This is an instructor-led online course. You can ask questions on the discussion board and get prompt answers from your instructor. It varies by instructor and by course but typically instructors check-in between daily and weekly to check quiz results or project work, review and respond to discussion board questions and read survey responses. Check the enrollment page for specific information about each instructor's check-in frequency.
Is there a certificate of completion?
Yes, when you complete this course you are eligible for a certificate of completion from HeatSpring. You can download your certificate as soon as you have completed all of the course requirements. Students can easily share their verified certificates on their LinkedIn profiles using our LinkedIn integration.
Can I register multiple people?
Yes, please visit our For Teams page to get a group discount.

$295

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