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under a RPS, it can purchase a certificate in lieu of deploying one MWh of its own renewable energy. Renewable energy generators can receive revenue both from selling electricity on the open market and from selling certificates to entities covered by the RPS. With a robust certificate market, regions can meet their RPSs by deploying renewable energy wherever within the area of coverage it is cheapest to do so.39 However, the prices of tradable certificates can be volatile. In Connecticut, prices fell from more than $30 per MWh in June 2005 to less than $10 in October 2005, due to changes in the eligibility of biomass-based generators under the state’s RPS. Maine’s certificate prices hovered near zero through 2006, reflecting the fact that Maine’s target could be met entirely with existing renewable energy generation.40 Most RPSs have been implemented since 2000—for example, the EU imposed mandatory renewable energy targets for member countries in 200141—so there are limited data on their impact. One study on U.S. states found that RPSs do not predict the percent of renewable energy generation in a state’s total electricity mix, but each additional year that a state has a RPS increases total renewable energy generation.42 Tax Incentives and Public Financing Many countries and regions use tax codes to provide incentives for renewable energy investment. Such incentives effectively replicate direct government spending while being more popular and easier to implement politically. In China, advanced and new technology enterprises in the solar, wind, and geothermal energy sectors are subject to a reduced corporate income tax rate, and 50 percent of the value-added tax on sales of wind power is refunded.43 Romania exempts renewable electricity from excise duties,44 while the Republic of Korea reduces import duties by 50 percent for components and equipment used in renewable energy plants.45 Another type of tax incentive is accelerated depreciation. Many countries allow renewable energy generators to adopt accelerated depreciation schedules, in which equipment depreciates at a higher rate early during the life of the asset compared to later years. This accounting technique reduces the taxable profits, especially in the first years of operation, of firms who claim depreciation as an expense (even though their actual assets depreciate more slowly than the schedule). For example, wind farms in India built before April 1, 2012, could claim accelerated depreciation on 80 percent of the cost of equipment, and this tax incentive was estimated to be a factor in 70 percent of all India’s wind installations in 2011.46 Renewable energy projects often have large up-front costs, and accelerated depreciation attempts to soften this particular barrier to investment by deferring tax payments. 39 Some proposed federal RPS programs would facilitate interstate certificate trading, which would further increase the size and liquidity of the market. Where cross-border trade is allowed and certificates are trustworthy, regions that do not have RPSs still have incentives to develop renewable energy in order to get certificates that can be sold to their neighbors. University of Texas at Austin, Harmonization of Renewable Energy Credit Markets, November 2009. 40 Wiser et al., “Renewables Portfolio Standards,” April 2007, 11. 41 EU directive 2001/77/EC. 42 Carley, “State Renewable Energy Electricity Policies,” 2009. 43 KPMG International, “Taxes and Incentives for Renewable Energy,” June 2012, 17. 44 Ibid., 36. 45 Ibid., 37. 46 Ernst & Young, “Renewable Energy Country Attractiveness Indices,” May 2012, 27. 6-9PDF Image | Renewable Energy and Related Services: Recent Developments
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