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Government Incentives for Renewable Energy to Boost the North American Renewable Energy Market Says Frost & Sullivan - 2009 Renewable energy sources gain attention as fossil fuels continue to decrease and fluctuate in price
Government Incentives for Renewable Energy to Boost the North American Renewable Energy Market Says Frost & Sullivan

 

NewswireToday - /newswire/ - Mountain View, CA, United States, 2009/05/21 - 2009 Renewable energy sources gain attention as fossil fuels continue to decrease and fluctuate in price.

   
 
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Alternative sources of power generation can ensure energy security by reducing North America's dependency on foreign oil. Moreover, there are increasing environmental concerns about air pollution and electricity consumption. Federal and state incentives, subsides, and standards for the use of renewable energy can help the renewable energy market by increasing the installed capacity of renewable energy.

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 Georgina Benedetti. "Therefore, North American and other global governments are encouraging alternative energy deployment and development."

"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."

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.

 
 
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Government Incentives for Renewable Energy to Boost the North American Renewable Energy Market Says Frost & Sullivan

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