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A "feed-in tariff" is an example of a Performance-based incentive (PBI), also known as production incentives which provide cash payments based on the number of kilowatt-hours (kWh) generated by a renewable energy system. It is a government program designed to promote the consumption of renewable and low-carbon electricity generation technologies. Its aim is to offer cost-based compensation to renewable energy producers to financially help them for renewable energy investments by providing them price certainty and long-term contracts.
The long-term contracts are offered to those who generate renewable energy based on the cost of production involved in each of the technologies such as wind, solar and tidal power. The key benefits of a feed-in tariff are improved investment in photovoltaic solar energy, an increasing number of jobs, inclination towards the reduction of air pollution, and curbing global warming emission. However, the inappropriate regulatory structure has hampered the market.
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On the basis of technology, the market is categorized by solar, wind, geothermal, and bio-energy. Among which solar energy is considered to be the most prominent technology to hold the largest market share and China has the highest installed capacity of solar photovoltaic technology. Whereas, economies such as the US have the largest capacity for geothermal and bio-energy. The long-term contract is generally set for 10-20 years.
Inclination towards the reduction of air pollution & curbing global warming emission along with decreasing dependence on coal and other fossil fuels are the major driving factors of the market. In addition, an increasing number of jobs, secured energy supply, and increased drive for technological advancement are expected to uplift the market. Inappropriate regulatory structure, such as improper FiT rates and power cuts which even led to the closure of many solar companies in the UK are major factors for inhibiting the market.
Some of the major companies that are present in renewable energy policy fit analysis market are First Solar, Inc., JUWI AG., Sunedison Inc., Hanwha Q Cells GmbH, Martifier Solar, Borea Construction ULC, Gamesa Corporation., Prenecon S.A., M.A. Mortenson Company, Suzlon Energy, Black & Veatch Holding., Areva., AMEC Foster Wheeler PLC, Ormat Technologies Inc., and Mannvit.
· 5-10 years
· 10-15 years
· 15-20 years
· Above 20 years
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The renewable energy policy fit analysis market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The US has a mandatory policy laid down by the government to ensure that the power producers, produce certain proportions of the total electricity from renewable energy sources. Whereas, Europe has set a baseline of renewable energy target of 20% by 2020. Meanwhile, economies such as China, India, and Japan are actively involved in meeting the renewable energy targets with help of incentives such as feed-in tariff that are provided by the governments to enhance renewable energy technology adoption. Countries such as Brazil, Mexico, and Chile have significantly participated in high investments in renewable energy technology. Major countries in the Middle East and Africa are actively supporting the growth of renewable energy renewable portfolio standards (RPS), feed-in tariffs (FiTs), net metering and tax exemptions.
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