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What are the main policy instruments and incentives that support renewable energy development and deployment?

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Renewable energy sources, such as wind, solar, hydro, and biomass, offer many benefits for the environment, society, and economy. However, they also face various challenges and barriers that limit their growth and competitiveness. To overcome these obstacles and accelerate the transition to a low-carbon future, governments and other stakeholders have implemented various policy instruments and incentives that support renewable energy development and deployment. In this article, you will learn about some of the main types and examples of these policies and incentives, as well as their advantages and disadvantages.

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Elena Ocenic

Senior Policy Adviser on Climate Change, Sustainability and the Energy Transition based on renewables

1 Feed-in tariffs

A feed-in tariff (FIT) is a policy that guarantees a fixed price for the electricity generated by renewable energy sources and sold to the grid. The FIT is usually set above the market price to provide a stable and attractive income for renewable energy producers. FITs can stimulate investment, innovation, and job creation in the renewable energy sector, as well as reduce greenhouse gas emissions and fossil fuel dependence. However, FITs can also entail high costs for consumers and taxpayers, create market distortions and inefficiencies, and require careful design and adjustment to avoid over- or under-compensation.

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Elena Ocenic

Senior Policy Adviser on Climate Change, Sustainability and the Energy Transition based on renewables
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Feed-in-premiums are another option, which can be fixed or sliding (e.g. Contracts for Difference). These are usually secured through Power Purchase Agreements (PPAs) either negotiated or awarded after a public tender.

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2 Renewable portfolio standards

A renewable portfolio standard (RPS) is a policy that requires a certain percentage or amount of electricity supply to come from renewable energy sources by a specific date. The RPS can be enforced by imposing penalties for non-compliance, or by creating a market for renewable energy certificates (RECs) that can be traded among electricity suppliers. RPSs can create a demand for renewable energy, diversify the energy mix, and reduce emissions and reliance on imported fuels. However, RPSs can also increase electricity prices, create uncertainty and risk for investors, and face political and legal challenges.

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3 Subsidies and grants

A subsidy is a financial support that reduces the cost or increases the revenue of renewable energy production or consumption. A grant is a non-repayable fund that supports renewable energy projects or programs. Subsidies and grants can take various forms, such as tax credits, rebates, loans, guarantees, or direct payments. Subsidies and grants can lower the barriers to entry and scale up renewable energy deployment, as well as stimulate research and development, innovation, and competitiveness. However, subsidies and grants can also be costly, inefficient, regressive, and distortive, as well as face political opposition and public scrutiny.

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4 Carbon pricing

A carbon pricing is a policy that puts a price on the carbon dioxide (CO2) emissions from fossil fuel combustion and other sources. Carbon pricing can be implemented through a carbon tax, which is a levy on the carbon content of fuels, or through a cap-and-trade system, which is a market-based mechanism that sets a limit on the total emissions and allows emitters to buy and sell emission permits. Carbon pricing can create an incentive for reducing emissions and switching to renewable energy sources, as well as generate revenue for public spending or redistribution. However, carbon pricing can also raise energy costs, affect competitiveness, and require coordination and cooperation among different jurisdictions.

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Elena Ocenic

Senior Policy Adviser on Climate Change, Sustainability and the Energy Transition based on renewables
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The European Emissions Trading System (EU-ETS) is the world's first and biggest such scheme. Beyond current sectors covered, like energy-intensive industries and aviation, it will be extended to also cover transport and heating & cooling in buildings.

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5 Green procurement

A green procurement is a policy that requires or encourages public entities or private organizations to purchase goods and services that have a lower environmental impact, such as renewable energy. Green procurement can be implemented through mandates, targets, criteria, or labels. Green procurement can create a market and a signal for renewable energy, as well as reduce emissions and promote sustainability. However, green procurement can also face barriers such as higher costs, lack of information, technical issues, or institutional resistance.

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6 Net metering

A net metering is a policy that allows renewable energy producers to sell their excess electricity to the grid and offset their consumption from the grid. The net metering is usually based on a one-to-one ratio, meaning that the producer pays or receives the same price for the electricity sold or bought from the grid. Net metering can encourage distributed generation, self-consumption, and grid integration of renewable energy, as well as reduce electricity bills and transmission losses. However, net metering can also create cross-subsidies, revenue losses, grid instability, and fairness issues.

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Elena Ocenic

Senior Policy Adviser on Climate Change, Sustainability and the Energy Transition based on renewables
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Net-billing is a more innovative and supportive scheme in countries/regions where liberalised and well-functioning markets are in place. Basically, the (monetary) market value of each kWh injected to/consumed from the grid is netted out, compared to netting out the mere quantity of the kWh injected/consumed.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the main policy instruments and incentives that support renewable energy development and deployment?

1

2

3

4

5

6

7

1 Feed-in tariffs

2 Renewable portfolio standards

3 Subsidies and grants

4 Carbon pricing

5 Green procurement

6 Net metering

7 Here’s what else to consider

Renewable Energy

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What are the main policy instruments and incentives that support renewable energy development and deployment?

1

2

3

4

5

6

7

1 Feed-in tariffs

2 Renewable portfolio standards

3 Subsidies and grants

4 Carbon pricing

5 Green procurement

6 Net metering

7 Here’s what else to consider

Renewable Energy

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