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Fiscal Incentives Fiscal incentives are designed to lower the cost of generating renewable energy to make it more competitive with fossil fuels. The number of countries offering fiscal incentives to encourage the development of renewable energy has grown in recent years. Over 100 countries offer some form of fiscal incentive, including grants and rebates, production or investment tax credits, and energy-production payments.21 In the United States, a wide array of fiscal incentives are available to lower the cost of renewable energy project development, including various tax credits, cash grants in lieu of credit, and loan guarantees (table 2.2). Tax credits are the most common form of fiscal incentive. At the federal level, renewable energy production tax credits (PTCs) encourage renewable energy production by providing a tax credit of up to 2.3¢ per kilowatt-hour (kWh) of energy produced from qualifying renewable sources. Similarly, business energy investment tax credits (ITCs) encourage investment in renewable energy projects by reducing tax liabilities by up to 30 percent of the cost of qualified renewable technologies, including biomass, geothermal, solar, and wind, among others.22 Both types of tax credits have been modified and extended at various times (most recently in 2012), which has affected both the timing and scope of the development of renewable energy projects, particularly for wind projects.23 In 2008, the financial crisis tightened credit markets and significantly reduced financing options for renewable energy project developers. In response to the crisis, the American Recovery and Reinvestment Act of 2009 (ARRA, or the Stimulus Bill)24 created several temporary mechanisms to address the shortfall in financing and to stimulate investment in renewable energy production and manufacturing of renewable technologies. Chief among these were a program offering cash grants in lieu of ITCs for qualified renewable energy technologies, loan guarantees for renewable energy projects, and a manufacturing tax credit to encourage investment in facilities manufacturing clean energy products (see table 2.2). Regulatory Policies Regulatory policies are a principal driver behind the creation of renewable energy markets worldwide. Two of the most widespread regulatory policies are renewable portfolio standards (RPSs, also known as renewable energy standards) and feed-in tariffs (FITs). RPSs primarily affect demand for renewable energy by mandating its use, while FITs primarily affect the supply of renewable energy by paying a renewable energy generator a known rate of return. Similar to fiscal incentives, the number of countries implementing RPSs and FITs has grown in recent years to encourage the development of renewable energy markets. An RPS (also known as a renewable energy standard) is a regulatory mandate that requires entities that supply electricity, such as utility companies, to generate or buy a portion of their retail electricity sales from renewable sources such as wind, solar, and 21 REN-21, Renewables 2013, 2013, 80–82. 22 SEIA, “Solar Investment Tax Credit (ITC),” n.d. (accessed February 5, 2013); North Carolina Solar Center, DSIRE database, “Business Energy Investment Tax Credit (ITC),” January 3, 2013. 23 For more information on the wind sector, see chapter 4 of this report. 24 Public Law 111-5. 2-9PDF Image | Renewable Energy and Related Services: Recent Developments
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