隨著油價上漲，核能發電的安全性受到質疑，越來越多人關注再生能源發電的可行性，而台灣石油及煤礦等天然資源缺乏，再生能源變成可行的替方案。有鑑於此，政府開始透過政策補助以創造再生能源使用的經濟誘因，2009年「再生能源發展條例」通過後，我國綠能發電市場產生重大變化，其中發展最快速的即是太陽能發電市場。由於台灣太陽能產業發展多年，上、中、下游產業鏈佈局已經成熟，以地理環境條件來看，太陽能無論從成本、維護跟可行性來看都是再生能源中最適合於國內深耕的選項，因此在政府提出補助政策後，太陽能發電市場快速活絡起來，太陽能發電成為最新的企業或個人投資管道，形成國內一股安裝太陽光電的熱潮。 本文即以太陽能發電是否為合宜的投資標的為研究目標。首先從觀察市場的角度出發，說明我國太陽光電產業結構、下游發電系統類型、太陽能電廠案件的開發流程，接續介紹競標市場的形成背景、法令依據，並且逐步歸納歷年來補助政策調整對市場所造成的影響以及說明整體政策調整的方向，讓有意於電廠領域深耕之業者能夠對競標市場本質有完整認識。另外，為求找出影響競標市場變化的關鍵因素，本研究也蒐集各期得標資訊，包含折扣率、件數、容量等，用統計圖表方式呈現歷年來各指標變化，觀察競標市場的成長速度、影響折扣率變動之因子以及推論業者的競標策略。最後以目前已完成競標的折扣率資訊和假設的成本條件，試算歷年投資太陽光電的投資報酬率變化，藉此推判現在進入太陽光電競標市場，是否仍然有利可圖？研究結果提供給有意進入此市場的投資人與相關政策制定者作為參考。

近幾年再生能源蓬勃發展，全球新增的太陽能發電裝置量也持續上升，擁有高太陽能技術的台灣，更是在太陽能電池上不停成長及擴張，使台灣在太陽能產業有高度前景。但由於太陽能成本高且產業鏈冗長，許多太陽能源公司紛紛想售出發電廠或尋求投資者。另一方面，國內保險業受到市場趨於飽和及利率偏低等因素影響，獲利難以成長，保險業的另一部份獲利來自於投資，穩定的投資獲利讓保險業者可以脫離低利率的險境，但由於台灣法令對保險業者的投資限制，使保險業者欠缺投資管道。基於營運中太陽能電廠需要資金，而保險業者需要新投資項目的情況下，如何讓保險業者更明白太陽能產業之營運方式及潛在風險，給予保險業者更明確的方向做為評估模式，將是本研究之重點。 投資績效的準確度有賴於評估模式的準確性，而評估模式的準確性則取決於影響因子之準確性。故要算出較為準確的投資績效，理解與抓出適當之影響因子為本研究的研究基礎。最後，本研究將太陽能電廠之營運風險評估方式分為「營收面」與「成本面」兩個面向，「營收面」中包含環境因素、系統因素與太陽光電躉購費率三大類的影響因子；「成本面」則包含投資成本、租金成本、維修與管理成本與清潔成本四類影響因子。由以上影響因子來評估一間營運中太陽能發電廠的價值，並以20年來計算內部投資報酬率(IRR)作為評判基準。 / Due to the rapidly growth in renewable energy nowadays, the quantity of solar power systems rises sustaining. Taiwan, which has high solar technology, is still expending its capability on solar power systems. It makes Taiwan have a bright prospect of solar industries. However, the high cost and lengthy industrial chain of solar industries let solar power companies try to sell out their power systems or find investments. On the other side, based on the domestic saturated market and low interest rates, insurance industries in Taiwan are hardly to earn profit on their operation. Another way for insurance companies to obtain profit is investment. Therefore, a stable investing profit makes insurance companies out of the low-rate situation. But due to the investment restriction in Taiwanese laws, insurance companies are always lack of investment projects. Based on the short of capital funds in solar power system and the lack of investment projects in insurance companies, how to let insurance companies know more on solar industries and their potential risks, and how to assessment solar power system will be the key point in this paper. The accuracy of investment performance depends on accuracy of assessment model, and the accuracy of assessment model hinges on accuracy of impact factors. Therefore, in order to find an accurate investment performance, to realize and choose the appropriate impact factors will be the key process in this paper. Finally, to assess operational solar power station, this paper divided all the impact factors into two main categories: revenue and expense. Revenue includes 3 impact factors: environment factors, systems factors and feed-in tariff. Expense includes 4 impact factors: initial investment cost, rent expense, repair and managing cost and cleaning cost. According to these impact factors, we can assess the value of operational solar power station and evaluate internal rate of return (IRR) in 20 years.