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energy incentives may not be enough to overcome high political risk, excessive permitting requirements, limited access to capital, or other constraints.9 Diverse financial challenges confront efforts in this sector. Some technologically advanced renewable energy projects with high up-front costs can fall into a situation in which no one wants to finance a project without a successful demonstration, yet successful demonstrations require financing (the so-called “V alley of Death”). 10 Additionally, projects like rooftop solar panels often face a financing mismatch, such as when landlords incur the upfront costs of installing renewable energy while tenants reap the benefits of lower heating costs. These gaps can theoretically be addressed through contracts, but in practice, doing so can be difficult. Broader events can affect the financial landscape as well; for example, California’s electricity crisis during 2000–01 dried up renewable energy financing in the state.11 Greater financial challenges require larger incentives to achieve a given amount of renewable energy deployment. Along with financial needs, an International Energy Agency (IEA) survey found that risk of policy changes was among the largest barriers to renewable energy deployment.12 Credible commitments to long-term policies are important for investor certainty. An example is the U.S. wind production tax credit, which subsidizes wind power by 2.2 cents per kWh. The tax credit was established in 1992 but has had a checkered history: it was allowed to expire in June 1999 before being restored in December 1999, expired again in December 2001 and was restored in March 2002, expired again in December 2003 and was restored in October 2004, and expired yet again at the end of 2012 before being extended a few days later (applying only to wind projects that are under construction by the end of 2013). By some accounts, the uncertainty regarding the tax credit’s post-2012 status made investors reluctant to finance wind projects (see figure 6.1).13 Stable policy frameworks allow companies to take a long-term perspective, enabling them to take the plunge and optimize their supply chains, while “stop and go” policies can prompt firms and banks to take a wait-and-see approach.14 Regions with a good supply of relevant resources, such as wind, solar, and geothermal endowments, reliable electrical grid infrastructure, and advanced supporting industries (such as silicon wafer manufacturing and engineering services), are well positioned to deploy renewable energy, and can meet ambitious renewable energy targets at lower cost. For example, renewable energy producers in San Diego benefit from complementary defense and biotech industrial clusters; research institutions at the University of California, San Diego, and the Scripps Research Institute; proximity to the Imperial Valley (which has a lot of sunshine) and to Baja California (which has low-cost manufacturing); and the availability of venture capital.15 Similarly, Hamburg, Germany, evolved naturally into a renewable energy industry cluster due to its robust wind resources, its well-developed financial sector, and the fact that its shipbuilders were able 9 Industry representatives, interview by USITC staff, Bonn, Germany, May 14, 2013. 10 Jenkins and Mansur, “Bridging the Clean Energy Valleys of Death,” November 2011. 11 Bird et al., “Policies and Market Factors Driving Wind Power,” 2005. California’s utilities were paying extremely high prices for electricity on spot markets, putting them under financial pressure and eventually driving the state’s largest utility (the Pacific Gas and Electric Company) into bankruptcy. As a result, new electricity generators found it difficult to secure power purchase agreements and obtain financing. California Energy Commission, “Renewable Energy Program,” December 2002, 15. 12 IEA, “Renewable Energy: Policy Considerations,” November 2011, 43. 13 Cardwell, “Tax Credit in Doubt,” September 20, 2012. 14 Industry representatives, interview by USITC staff, Madrid, Spain, May 8, 2013. 15 Industry representatives, interview by USITC staff, San Diego, California, October 31, 2012. 6-3PDF Image | Renewable Energy and Related Services: Recent Developments
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