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Energies 2017, 10, 413 6 of 26 regardless of fluctuations in electricity prices, premium tariffs are still susceptible to price variation and consequently stimulate the production of electricity when demand and consequently price is highest. Green certificates are issued to eligible renewable energy producers based on the energy produced and supplied to the grid. Such energy is sold to the grid at a price that is the sum of the green certificate value and of the current price of the electricity. Energy suppliers are obliged to include a specific amount of renewable electricity (quotas) in their portfolio. By purchasing green certificates from renewable energy generators, they can fulfill this requirement. Investment incentives include subsidies, as well as low-interest, long-term loans paid up front for renewable projects. Table 1 reports the investment incentives awarded by different European countries [28]. Table 1. Incentives on the investment cost [28]. Cost Covered (%) Belgium Bulgaria Czech Republic Finland France Germany Italy 25 - - Country Amount Awarded (ke) Note 80–1500 Min invest. 7.5–25 ke Latvia Lithuania Luxembourg Poland Romania Slovenia - 2000 - 80 200–1500 - 40–45 -- 5–50 15–70 50–70 3600 - 30–40 20–40 30 -- 1000–5000 - 100 - 50 2000 50 200 Min invest. 45.53–113.826 ke, 40 kW Own consumption only - 57 - - Min invest. 30 ke Auctions represent an alternative to FiTs. New power plants that are based on renewable technologies (e.g., biomass, solar, geothermal, etc.) can benefit from FiTs. Existing power plants can receive subsidies via auctions. Operators simultaneously submit sealed bids to obtain subsidies for a certain allocated capacity. The lowest bidder wins, ensuring an extra reward, which sums up with the price at which the grid pays its electricity. This way, the most cost-effective projects are awarded. Net-metering [29] is a support scheme for which the generated electricity is fed back to the grid and offsets the consumption. In the case of excess production, there is no reimbursement, but it might be carried forward to the next billing period. Figure 4 shows the cost of electricity and the price at which the owner of a power plant can sell the electricity generated to the grid in absence of incentives in the year 2016 in several European countries [25]. 18 16 14 12 10 8 6 4 2 0 Electricity price Electricity revenue Figure 4. 2016, electricity price and revenue [25]. €ct/kWhPDF Image | Small Scale Organic Rankine Cycle (ORC)
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