本研究旨在評估微電網於用戶端、電網端與全社會下之經濟可行性，並釐清其價值是否僅能由用戶端財務收益衡量。研究以國內 A 場域微電網為個案對象，採用成本效益分析(Cost-Benefit Analysis, CBA)與效益堆疊(Benefit Stacking)架構，設計三種評估情境：情境一納入用戶端效益，情境二進一步納入電網端效益，情境三則擴大至全社會觀點，納入環境外部性與產業外溢效益，並以淨現值(NPV)與益本比(BCR)作為主要評估指標。
結果顯示，A 場域微電網在情境一與情境二下尚未達經濟可行門檻。情境一NPV為 -713,199,561 元、BCR 為 0.26；情境二 NPV 為 -453,355,194 元、BCR為 0.53。當評估範圍擴大至情境三之全社會觀點後，NPV轉為 17,769,724元、BCR為 1.02，IRR 為 2.39%，達到 NPV 大於 0 與 BCR 大於 1 之門檻。
研究結果指出，微電網之主要價值並非僅來自用戶端節費，而是包含供電韌性、電網支援與社會外部性等跨層級效益。敏感性分析顯示，情境一與情境二仍高度依賴用電價格與市場收益提升，方能獲得正向的淨現值；情境三雖在基準設定下轉為可行，但其結果主要受到微電網產業投資外溢效益之影響。因此，未來若欲推動臺灣微電網發展，應建立電網服務補償、韌性價值認列與社會效益評估機制，使社會價值能回流至投資與營運主體。

This study evaluates the economic feasibility of microgrids from customer-side, grid-side, and societal perspectives and examines whether their value can be measured solely by customer-side financial benefits. Using a domestic microgrid site, referred to as Site A, as the case study, this research applies Cost-Benefit Analysis (CBA) and a Benefit Stacking framework to construct three evaluation scenarios. Scenario 1 includes customer-side benefits, Scenario 2 further incorporates grid-side benefits, and Scenario 3 adopts a broader societal perspective by including environmental externalities and industrial spillover benefits. Net Present Value (NPV) and the Benefit-Cost Ratio (BCR) are used as the primary evaluation indicators.
The results show that the Site A microgrid does not reach the economic feasibility threshold under Scenarios 1 and 2. Scenario 1 yields an NPV of NTD -713,199,561 and a BCR of 0.26, while Scenario 2 yields an NPV of NTD -453,355,194 and a BCR of 0.53. Under Scenario 3, the NPV increases to NTD 17,769,724, the BCR reaches 1.02, and the Internal Rate of Return (IRR) is 2.39%, meeting the economic feasibility thresholds.
The findings indicate that the primary value of microgrids does not arise solely from customer-side electricity cost savings, but also includes cross-level benefits such as power supply resilience, grid support, and societal externalities. The sensitivity analysis shows that Scenarios 1 and 2 remain highly dependent on increases in electricity prices and market revenues to achieve a positive NPV. Although Scenario 3 becomes economically feasible under the baseline assumptions, its result is primarily driven by the spillover benefits generated by investment in the microgrid industry. Therefore, future policies promoting microgrid development in Taiwan should establish compensation mechanisms for grid services, formal recognition of resilience value, and frameworks for evaluating societal benefits, so that the social value created by microgrids can be captured by the entities responsible for investment and operation.

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