Following the as-a-service philosophy, a cloud service provider offers computing utilities in the form of virtual resources instantiated on top of a physical infrastructure. In order to meet business requirements still providing high-quality services, performance evaluation needs to be carefully carried out with the aim of optimizing data center utilization and increasing user satisfaction. In this context, power efficiency plays a critical role pushing service providers towards the application of innovative green strategies. In this paper, we present an analytical framework, based on stochastic reward nets, that allows to evaluate different resource allocation policies in a green cloud. A use case is shown in order to illustrate the approach, modeling scattering and saturation allocation policies and comparing them to a purely physical data center scenario. A validation of the proposed model against the CloudSim framework is presented and several numerical results are provided, demonstrating the effectiveness of the approach as a powerful tool for a cloud service provider to perform well-informed decisions about the resource allocation policies to be enforced.