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CHAPTER 6 Market Effects of Clean Energy Incentive Programs Introduction This chapter examines incentives that promote investment in renewable energy. It identifies the goals of such incentives, and examines the structure and implementation of feed-in tariffs (FITs), renewable portfolio standards (RPSs), and production tax credits. It then analyzes the effect of incentives on profits and renewable energy deployment. The overarching purpose of these incentives is to “internalize” the external benefits of using renewable energy instead of other energy sources. These spillover benefits exist because electricity generated from nonrenewable sources, particularly fossil fuels, often has negative externalities (i.e., social costs imposed at the regional and global levels) in the form of pollution, health costs, and carbon emissions. For example, fossils fuels yield large quantities of carbon dioxide (CO2) compared to renewable energy.1 The emission of carbon dioxide may play a role in trapping heat in the earth’s atmosphere, potentially leading to an acceleration in climate change. Often, firms do not face the full social costs of producing electricity using CO2-emitting power plants.2 Policies intended to reduce negative externalities include carbon taxes or a cap-and-trade system that would set the private cost of energy at a price closer to its social cost. However, these policies can be politically controversial and technically challenging. Providing incentives to develop and use renewable energy can thus help reduce CO2-related negative externalities insofar as renewable energy replaces fossil fuel-based energy. Renewable energy policies are also used to meet an array of additional goals. They can be industrial policies for governments that anticipate growing demand for renewable energy in the future (in the same way that governments promote investment in high-tech manufacturing and other industries). Policymakers often talk about the need to improve domestic competitiveness and increase their country’s share of the global renewable energy market.3 Renewable energy incentives are also used to achieve economic development, job creation, and environmental justice (for example, reducing emissions of particulates such as soot and ash near low-income communities). Renewable energy incentives that are sufficiently powerful can accomplish these goals, but such goals are often in tension with each other. For example, a policy that aims to deploy renewable 1 A coal generator without scrubbing systems has estimated lifecycle emissions of 1,050 gCO2e per kWh (the equivalent of grams of carbon dioxide per kilowatt-hour), while an offshore wind generator has estimated lifecycle emissions of 9 gCO2e per kWh. Sovacool, “Valuing the Greenhouse Gas Emissions from Nuclear Power,” 2008, 2950. 2 A 2013 estimate by the U.S. government puts the social cost of carbon at about $36 per ton of CO2. U.S. Government, Interagency Working Group on Social Cost of Carbon, Technical Update, May 2013. Other estimates, relying on different methodologies and discount rates, put such costs as high as $266 per ton of CO2. Johnson and Hope, “The Social Cost of Carbon in U.S. Regulatory Impact Analysis,” September 2012. For more information on climate change, see IPCC, “Climate Change 2007,” 2007. 3 “President Barack Obama, May 6, 2011, Remarks at Allison Transmission Headquarters, Indianapolis, Indiana. Cited in Morris et al., “Clean Energy,” June 4, 2012, 1. 6-1PDF Image | Renewable Energy and Related Services: Recent Developments
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