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energy and create jobs simultaneously may cost more per job and per kilowatt-hour (kWh) than single-focus policies.4 Renewable energy incentives can be either quantity-based or price-based. Quantity-based incentives, such as RPSs, mandate a particular goal for electricity production (for example, that a particular percentage of electricity must come from renewable sources within 10 years), regardless of the cost. FITs and other fiscal incentives are price-based, meaning the cost of the policy is certain at least in a relative sense (for example, that producers will receive a particular dollar amount per kWh of electricity generated from renewable energy sources), but the total amount of energy that will be created is unknown.5 In practice, governments often use a mix of quantity-based and price-based incentives simultaneously. For example, Texas has a statewide RPS aiming to achieve 5,880 megawatts (MW) of capacity by 2015 (and 10,000 MW by 2025), while San Antonio and Austin have municipal RPSs of 20 percent and 35 percent respectively by 2020. Texas also incentivizes renewable energy with tax benefits (corporations can deduct up to 10 percent of the amortized cost of a solar energy system from the state franchise tax, and the cost of installing solar or wind-powered systems can be deducted from property tax) and with loans and grants (the Texas Department of Rural Affairs offers grants via the Renewable Energy Demonstration Pilot Program). Additionally, governments can establish regulations and standards that facilitate renewable energy deployment without directly incentivizing it. For example, the Public Utility Commission of Texas established interconnection standards in 1999 that allow on-site distributed generation.6 FITs and RPSs are the most widely used renewable energy incentives. However, the variety and complexity of FITs and RPSs make it difficult to draw broad conclusions about their relative merits. It is nonetheless possible to measure the effect of the existence of FITs or RPSs. By some accounts, developers may prefer FITs, as RPSs can prompt overly aggressive bidding processes.7 In addition, one study found that FITs may outperform RPSs in promoting wind-energy capacity installation.8 The Need for Incentives The renewable energy sector is affected by technology, regulations, institutions, financial markets, human capital, politics, and physical infrastructure. All of these factors can pose barriers to current deployment and be sources of future risk, both in their absolute levels and in their fluctuations (for example, both the price of natural gas and the volatility of that price shape investment decisions about renewable energy). To drive investment in renewable energy, incentives must increase the risk-adjusted net present value of renewable energy projects enough to attract investors. However, even large renewable 4 Industry representatives, interview by USITC staff, San Francisco, California, November 1, 2012. 5 Price and quantity instruments should theoretically have the same effect on social welfare. However, quantity instruments may be more efficient when the “benefit function” is steeply sloped (curved) and the “cost function” is flat (linear), meaning that it is better for a policy to cost more than expected than to have fewer benefits than expected; by contrast, price instruments may be more efficient when benefits are linear and costs are curved. In wind energy, costs are mostly linear, suggesting in theory that an RPS, as a quantity instrument, may be more efficient. Weitzman, “Prices vs. Quantities,” October 1974; Dong, “Feed-in Tariff vs. Renewable Portfolio Standard,” 2012, 477. 6 North Carolina Solar Center DSIRE database (accessed November 30, 2012). 7 Alagappan et al., “What Drives Renewable Energy Development?” 2011. 8 Dong, “Feed-in Tariff vs. Renewable Portfolio Standard,” 2012. 6-2PDF Image | Renewable Energy and Related Services: Recent Developments
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