Government Incentives for Renewable Energy to Boost the North American Renewable Energy Market, Says Frost & Sullivan
Posted on: Thursday, 21 May 2009, 07:30 CDT
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The following are findings from the analysis:
- The solar energy market expects to grow at a compound annual growth rate (CAGR) of 39.9 percent from 2009 to 2015.
- Wind energy installed capacity projects an increase at a CAGR of 31.6 percent during the forecast period.
- Production tax credit (PTC) has leveled the economic playing field for wind projects in the energy market.
- In several parts of the U.S., the PTC has lowered the electricity price generated by wind power plants to less than
5 cents /kWh, making wind energy competitive with new coal or gas-fired power plants. - Investment tax credit (ITC), the removal of the
$2,000 cap, and an eight-year extension of the 30 percent federal solar tax credit for homeowners promotes solar power projects and expects to reduce the costs of photovoltaic (PV) modules. - The major challenge to the expanded adoption of clean energies is the high capital costs. In general, renewable energy technologies are extremely capital intensive.
From the Analyst
"Most renewable energy technologies are in their infancy and must compete in terms of cost and market share with other well-established sources of energy generation," says Frost & Sullivan Research Analyst
"Technological improvements, such as higher energy efficiency, greater reliability of renewable energy technologies, low-cost materials, and improved methods to store energy, can be addressed by stimulating technological research in private and government laboratories," concludes Benedetti. "In fact, R&D in renewable energy has been receiving increasing attention from various governments."
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Contact: Johanna Haynes Frost & Sullivan 210.247.3870 johanna.haynes@frost.comSOURCE Frost & Sullivan
Source: PR Newswire
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