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Government Incentives for Renewable Energy
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Investment Tax Credit (ITC) for Solar Energy
Provides a tax credit for solar energy systems, resulting in increased solar installations and reduced dependency on non-renewable energy.
Production Tax Credit (PTC) for Wind Energy
Offers a per kilowatt-hour tax credit for electricity generated by qualifying wind turbines, facilitating wind power market growth.
Feed-in Tariffs (FiTs)
Guaranteed payments to renewable energy providers for the electricity they produce, spurring investment in renewable technologies.
Renewable Portfolio Standards (RPS)
Mandates that a certain percentage of electricity must come from renewable sources, driving the development of renewable energy projects.
Net Metering
Allows consumers with solar panels to sell excess electricity back to the grid, promoting solar energy investments.
Green Energy Grants
Financial grants provided to businesses or individuals for renewable energy projects, which lower the investment barrier.
Carbon Pricing
Imposes a cost on greenhouse gas emissions, incentivizing businesses to invest in clean energy solutions.
Energy Efficiency Resource Standards (EERS)
Requires energy providers to achieve a set reduction in energy consumption through efficiency improvements, which indirectly supports renewables.
Renewable Energy Certificates (RECs)
Certificates that represent the environmental benefits of renewable energy, which can be sold or traded, incentivizing green power generation.
Electric Vehicle (EV) Tax Credits
Provides tax credits for purchasers of electric vehicles, promoting the adoption of EVs and supporting the green energy sector.
Clean Renewable Energy Bonds (CREBs)
Low-interest bonds for financing renewable energy projects, which makes renewable projects more financially viable.
Renewable Energy Zones (REZs)
Designated areas where renewable energy production is prioritized, streamlining project approvals and infrastructure development.
Green Power Purchasing Agreements (PPAs)
Long-term agreements where a business agrees to purchase renewable energy, providing security for renewable energy projects.
Renewable Heat Incentive (RHI)
Provides financial support to generate heat from renewable sources, encouraging the use of renewable heating systems.
Advanced Research Projects Agency-Energy (ARPA-E)
Funds high-potential, high-impact energy technologies that are too early for private-sector investment, accelerating innovation in renewable energy.
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