Renewable energy incentives provided by the governments coupled with rising cost competitiveness of renewable technology, when compared with other sources of power generation, increases the demand for renewable power generation
“Renewable energy incentives provided by the governments coupled with rising cost competitiveness of renewable technology, when compared with other sources of power generation, increases the demand for renewable power generation”
Countries worldwide are planning to promote renewable energy in one way or the other in order to reduce dependency on fossil fuels. Hence, mandatory renewable energy targets are being laid down by the governments to ensure that the power producers produce certain proportions of the total electricity generation from renewable energy sources.
For instance, the EU and the U.S. have set a baseline renewable energy target of 20% by 2020.
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“Solar is the fastest growing renewable energy generation technology”
In terms of renewable energy installation, by technology, wind is the most widely used renewable energy source, followed by solar, bio energy, and geothermal. However, in terms of adoption rate, solar is being widely adopted and deems to be a promising technology in the near future.
China alone added approximately 15,150 MW of capacity to its solar energy in 2015. Moreover, in 2015, China surpassed Germany to become the largest installer of solar Photovoltaic (PV).
The country aims to reach a renewable energy target of around 100 GW of solar PV capacity by 2020. In 2015, the largest capacity addition of geothermal and bio energy technology was observed in the U.S. and Brazil respectively.
“Feed-in Tariff – an effective energy supply policy”
Feed-in tariff is a performance-based incentive, promoting rapid deployment of renewable energy technologies. Well-designed feed-in tariff policies can positively impact job creations and economic growth.
These policies are successful world over, especially in the European countries. Feed-in tariff policies can be implemented to support all renewable technologies including wind (onshore and offshore), solar (PV and thermal), geothermal, bio energy (biogas and biomass), fuel cells, and tidal & wave power.
Feed-in tariffs are generally awarded as long-term contracts set over a period of 10years to 20 years. Currently, there are seven U.S.
states such as California and Washington that mandate feed-in tariffs.
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“Organizations present in the renewable energy value chain”
Some of the leading organizations present in the renewable energy value chain includes Ministry of Environment, Energy and the Sea (France), Ministry of New and Renewable Energy (India), Ontario Power Authority (Canada), Office of Gas & Electricity Markets, U.K. Government (U.K.), Ministry of Economy, Trade and Industry (Japan), Dominion Virginia Power (U.S.), Tennessee Valley Authority (U.S.), Los Angeles Department of Water & Power (U.S.), Orcas Power & Light (U.S.), Green Mountain Power (U.S.), and Eugene Water & Electric Board (U.S.), among others.
The report identifies and assesses the key countries that are involved in the renewable energy technologies adoption and gives ideas regarding the most promising technologies in the near future.
The report provides insights related to the different renewable energy technologies being implemented, capacity additions done each year, key projects related to main technologies, and renewable energy targets.
It also presents the feed-in tariff rates applicable for different renewable technologies in various countries.
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