§1603 Treasury Grant Expiration. Industry Insight on Financing and Market Implications

Mendelsohn, Michael; Harper, John

doi:10.2172/1219727

Cited by 11 publications

(9 citation statements)

References 1 publication

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“…• Are sufficiently sophisticated to account for a shifting tax policy environment in their investment decisions (Mendelsohn and Harper 2012).…”

Section: Historical Challenges To Tpo Of Residential Pv Systemsmentioning

confidence: 99%

On the Path to SunShot: Emerging Opportunities and Challenges in Financing Solar

David

Bolinger

2016

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Preface The U.S. Department of Energy launched the SunShot Initiative in 2011 with the goal of making solar electricity cost-competitive with conventionally generated electricity by 2020. At the time this meant reducing photovoltaic and concentrating solar power prices by approximately 75%relative to 2010 costs-across the residential, commercial, and utility-scale sectors. To examine the implications of this ambitious goal, the Department of Energy's Solar Energy Technologies Office (SETO) published the SunShot Vision Study in 2012. The study projected that achieving the SunShot price-reduction targets could result in solar meeting roughly 14% of U.S. electricity demand by 2030 and 27% by 2050-while reducing fossil fuel use, cutting emissions of greenhouse gases and other pollutants, creating solar-related jobs, and lowering consumer electricity bills. The SunShot Vision Study also acknowledged, however, that realizing the solar price and deployment targets would face a number of challenges. Both evolutionary and revolutionary technological changes would be required to hit the cost targets, as well as the capacity to manufacture these improved technologies at scale in the U.S. Additionally, operating the U.S. transmission and distribution grids with increasing quantities of solar energy would require advances in grid-integration technologies and techniques. Serious consideration would also have to be given to solar siting, regulation, and water use. Finally, substantial new financial resources and strategies would need to be directed toward solar deployment of this magnitude in a relatively short period of time. Still the study suggested that the resources required to overcome these challenges were well within the capabilities of the public and private sectors. SunShot-level price reductions, the study concluded, could accelerate the evolution toward a cleaner, more costeffective and more secure U.S. energy system. That was the assessment in 2012. Today, at the halfway mark to the SunShot Initiative's 2020 target date, it is a good time to take stock: How much progress has been made? What have we learned? What barriers and opportunities must still be addressed to ensure that solar technologies achieve cost parity in 2020 and realize their full potential in the decades beyond? To answer these questions, SETO launched the On the Path to SunShot series in early 2015 in collaboration with the National Renewable Energy Laboratory (NREL) and with contributions from Lawrence Berkeley National Laboratory (LBNL), Sandia National Laboratories (SNL), and Argonne National Laboratory (ANL). The series of technical reports focuses on the areas of grid integration, technology improvements, finance and policy evolution, and environment impacts and benefits. The resulting reports examine key topics that must be addressed to achieve the SunShot Initiative's price-reduction and deployment goals. The On the Path to SunShot series includes the following reports: • Emerging Issues and Challenges with Integrating High Levels of Solar i...

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“…• Are sufficiently sophisticated to account for a shifting tax policy environment in their investment decisions (Mendelsohn and Harper 2012).…”

Section: Historical Challenges To Tpo Of Residential Pv Systemsmentioning

confidence: 99%

On the Path to SunShot: Emerging Opportunities and Challenges in Financing Solar

David

Bolinger

2016

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“…Government policy incentives-including the ITC and accelerated depreciation schedule known as Modified Accelerated Cost Recovery Schedule, or MACRS-are designed to encourage investments in renewable energy sources. These incentive structures have encouraged primarily specialized tax equity investment (Mendelsohn and Harper 2012). Looking forward, wider-scale "public" capital will be required to support the scope and scale of investment in renewable energy projects to meaningfully reduce greenhouse gas emissions and garner other benefits.…”

Section: How Policy Can Support Capital Market Accessmentioning

confidence: 99%

Credit Enhancements and Capital Markets to Fund Solar Deployment: Leveraging Public Funds to Open Private Sector Investment

Mendelsohn¹,

Urdanick²,

Joshi³

2015

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“…The program entitled project developers to receive 30% of a project's capital cost in the form of an upfront cash payment (notionally the same value as the ITC mentioned previously). This freed developers from having to rely as extensively on tax equity investors to monetize the federal tax credits and attracted new investors to the market (Mendelsohn et al 2012). The cash grant program expired on 31 December 2011, with projects that started construction prior to that date eligible to receive the award.…”

Section: Revenue and Policy Incentivesmentioning

confidence: 99%

IEA Wind Task 26. Wind Technology, Cost, and Performance Trends in Denmark, Germany, Ireland, Norway, the European Union, and the United States: 2007–2012

Vitina

Silke

Wallasch

et al. 2015

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§1603 Treasury Grant Expiration. Industry Insight on Financing and Market Implications

Cited by 11 publications

References 1 publication

On the Path to SunShot: Emerging Opportunities and Challenges in Financing Solar

On the Path to SunShot: Emerging Opportunities and Challenges in Financing Solar

Credit Enhancements and Capital Markets to Fund Solar Deployment: Leveraging Public Funds to Open Private Sector Investment

IEA Wind Task 26. Wind Technology, Cost, and Performance Trends in Denmark, Germany, Ireland, Norway, the European Union, and the United States: 2007–2012

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