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2. Establish reliable support for production tax credits and investment tax credits for renewables. Production tax credits and investment tax credits for renewable energy generators should be scheduled reliably over time and political regimes. The production tax credits provide large-scale centralized renewable generators a more profitable return on investment through a subsidy for each kWh of generation they produce for the first 10 years of plant operation. Investment tax credits encourage the installation of renewable electrical systems by offering an income tax reduction for businesses and small residences equal to a designated portion of the system’s purchase price. Interviewed experts cited these two incentives as most important for market-viable renewable energy resources (such as solar, wind, hydroelectric, geothermal, and biomass), renewable energy resources in research stages (wave, ocean current, ocean thermal, tidal hydrogen, and geopressured/co-produced fluids) and electricity distribution technologies such as smart grid and distributed generation investments. Mark Mehos, Concentrating Solar Power Manager at NREL, said, “Investment tax credits are key whether they are federal tax credits or state tax credits... Investment tax credits need to be implemented in the near-term to increase deployment while costs are still high.” 36 Tom Weimer, Minority Staff Director of the House Select Committee on Energy Independence and Global Warming, also noted that industrial growth in renewables has suffered starts and fits because of the lack of sustained federal commitment to production tax credits or investment tax credits over time.37 For example, production tax credits for renewables were allowed to expire three times between 1999 and 2004, creating a boom and bust cycle of energy development projects that may have otherwise grown more smoothly.38 Establishing more consistent support of investment and production tax credits over the next 5-15 years will enable a smoother and more predictable energy technology transition by signaling to renewables developers that it is safe to proceed with large capacity projects that may take several years to permit and construct. In the future, more reliable tax incentives for renewable energy can be used to urge renewable generating companies to achieve market parity. For example, clear per kWh credit reductions or phase-outs in the production tax credit can be used to encourage more cost-effective operations through the short and medium term (over 5-15 years). When combined with the carbon tax, renewables will achieve market parity more rapidly, as higher production costs of coal and natural gas will also raise consumer market prices toward the higher, renewable generating price. 3. Rapidly deploy and extend new DOE loans for renewable electricity. The 2009 American Recovery and Reinvestment Act amends EPAct 2005 to provide additional government loans to renewables through the Temporary Program for Rapid Deployment of Renewable Energy and Electric Power Transmission Projects (Temporary Program). Secretary of Energy Steven Chu has announced his intent to streamline the loan process and release the first loans under this title as soon as possible in 2009.39 The 178PDF Image | Shaping Energy Technology Transition
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