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consideration for potential REHC investors, lowering it can effectively bring down the average cost per unit and hence reduce the investment risk. Loans offered at subsidised interest rates, lower than the market rates (defined as soft loans), may also incorporate long repayment periods and/or payment holidays or deferments. An advantage associated with this type of incentive is that it is easily implemented by banking institutions that normally provide investment support to developers. Banks often hesitate to provide loans for equipment which is still developing a market presence but when “bankability” by established institutions is assured, then this may pave the way for project developers to accrue additional funding sponsorship. Very little risk for the administrative body is associated with soft loans and loan guarantees. However, they do not necessarily encourage investors to purchase the most reliable systems available or to maintain them adequately and produce as much heat as possible from the RES. Fiscal incentives Tax incentives including tax credits, reductions, and accelerated depreciation, may be based on investment costs or energy production. A wide array of tax incentives exist and these increase the competitiveness of renewable heating. Fiscal incentives typically present a lower financial burden for administrating and transaction costs and are thus an attractive option, but the overall level of fiscal incentive needs to be carefully established to achieve successful outcomes. Where value added tax (VAT) or carbon charges are in place, these can affect the cost-competitiveness of REHC technologies. VAT rates are often reduced for electricity and gas but a full rate is applied to REHC technologies. Where possible, government regulations for VAT reductions should be adjusted to include REHC technologies. Tax credits Under the definition of a tax deduction support scheme, renewable heating installations represent an expense to a tax payer. Credits, or deductions, may be a percentage of the total investment or a pre-defined fixed sum per installation. The expense of the installation (as defined by the policymaker) is deducted from the gross total amount of taxable capital and thus results in a lower overall taxable income. Accelerated depreciation can also support investments where taxes employed on income or property are limited to a pre-determined number of years following the installation. Tax credits may provide a greater benefit to people and businesses with higher income levels and tax loads. Only those parties with an income or property tax may benefit which therefore provides no incentive to potential investors without such tax liabilities. Investment tax credits that cover either a percentage or the full costs of installation are especially good for the early diffusion of early market technologies (Section 2) whose costs are relatively high (Sawin, 2006). Alternatively, production tax credits can provide tax benefits for the amount of renewable heat or cold actually produced, therefore increasing the rate of return or decreasing the payback period. In general, production incentives are preferable to investment incentives because they promote the desired outcome of increased renewable heat generation. Tax reductions and exemptions A tax reduction or exemption system reduces the amount of tax that must be paid in total, thus reducing the total cost of investment in REHC. Tax reduction systems include relief from taxes on sales and property and value added tax exemptions. External benefits provided for REHC could also occur in the form of exemptions for eco-taxes, carbon charges, or energy taxes imposed on conventional heating fuels. Such exemptions act as an indirect support making REHC more cost competitive. This policy instrument has been notably successful in Sweden where the exemption of biomass from the energy tax in the 1990s levelled the playing field such that today the majority of heat is generated from biomass. 65PDF Image | RENEWABLES FOR HEATING AND COOLING
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