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TABLE 2.2 Selected U.S. fiscal incentives to promote renewable energy deployment Type of incentive Production tax credit (PTC) Investment tax credit (ITC) Cash grant program (Treasury 1603 program) Loan guarantee program (DOE 1705 loan program) Manufacturing tax credit (MTC)a Description 10-year, production-based credit equal to 2.3¢/kWh 10-year, production-based credit equal to 1.1¢/kWh Credit equal to 30 percent of eligible capital expenditures Credit equal to 10 percent of eligible capital expenditures Renewable sector Biomass (closed-loop), geothermal, solar, wind Biomass (open-loop), hydropower, marine, landfill gas, trash combustion Biomass, geothermal hydropower, marine/tidal, wind Geothermal Combined heat and power (CHP) systems Expiration date Project must be under construction by end of 2013. Project must be under construction by end of 2013. Project must be commissioned by end of 2016 for 30 percent ITC (10 percent ITC after 2016, without expiration). End of 2013. No expiration. End of 2016. Project must be under construction by end of 2011 and completed by end of 2016. Must have begun construction on project before September 30, 2011. Project must have been commissioned before February 17, 2013. Fuel cells, solar, small-capacity wind (projects of 100kw or less) Cash grant equal to up to 30 percent of eligible capital expenditures in lieu of the ITC Same as those that qualify for the ITC Authorized $16 billion in loan guarantees, mostly for wind and solar generation projects Biomass, geothermal, solar, wind Allocated $2.3 billion in investment tax credits up to 30 percent of investment in manufacturing facilities of clean energy products Batteries, biomass, fuel cells, solar, wind Source: Bloomberg, Sustainable Energy in America 2013, 2013, 21–23; DOE, Loan Programs Office, https://lpo.energy.gov/?page_id=45 (accessed February 5, 2013); North Carolina Solar Center, DSIRE database, “Federal Incentives/Policies for Renewables and Efficiency,” January 3, 2013; IRS, “Fact Sheet: $2.3 Billion in New Clean Energy Manufacturing Tax Credits,” January 8, 2010; IRS, “Advanced Energy Credit for Manufacturers (IRC 48C),” n.d. (accessed February 5, 2013); EIA, “Biomass for Electricity Generation,” n.d. (accessed February 6, 2013). Note: “Closed-loop” refers to biomass materials that are grown exclusively to produce energy. “Open-loop” refers to biomass materials considered either as waste or a byproduct that is used to produce energy. aQualified Advanced Energy Project Credit, enacted by the American Recovery and Reinvestment Act of 2009 (February 17, 2009), as section 48C of the Internal Revenue Code (IRS). biomass.25 Because it effectively creates demand for renewable energy by mandating its use, an RPS can also be seen as promoting increased energy production from renewable sources.26 Twenty-two countries and 54 jurisdictions at the state, provincial, or regional 25 An electricity generator may have the option of purchasing a tradable renewable energy certificate (REC) or credit in order to comply with an RPS. An REC or similar credit represents a claim to have purchased electricity generated from an eligible renewable source. NREL, “Renewable Portfolio Standards” (accessed February 1, 2013); North Carolina Solar Center, DSIRE database, “Glossary” (accessed February 5, 2013). 26 NREL, “Renewable Portfolio Standards” (accessed February 1, 2013). 2-10PDF Image | Renewable Energy and Related Services: Recent Developments
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