Financial incentives for renewable energy

Financial incentives reduce the costs of renewable energy by lowering the price paid for RETs or energy, increasing the payment received, or reducing the cost of production. They include market compensation in the form of tax credits, rebates and payments to subsidize investment in a technology or in energy production. Such incentives have been used extensively in Europe, Japan, the US and India — one of the few developing countries with tax credits to date.5 Long-term, low-interest loans and loan guarantees work to reduce the cost of capital. And the reduction or elimination of subsidies for conventional energy, while not a subsidy for renewable energy, helps to level the playing field so that renewables are better able to compete on a cost basis.

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