US PREF Tax Equity Market Observations (235K)
(Updated December 2011) In response to a request from the DOE and multiple Congressional contacts, US PREF compiled an analysis of the tax equity market for renewable energy projects. This updated analysis focuses on the tax equity capacity for these projects from 2005-2011, and provides an estimate on the state of the market in 2011-2012 absent the 1603 Treasury Cash Grant Program. US PREF gathered this data by surveying 100% of the leading tax equity market participants in 2011. Absent the grant, the available tax equity is expected to shrink to $3.6B in 2012, an almost 50% decline from the expected tax equity deployment at the end of 2011.

Alternative Energy Projects Affected by 1603 Expiry 2011 (September 2011) This analysis estimates that at least $20 billion of the renewable energy pipeline could be affected by the expiry of the PTC and 1603 programs.

Estimate of Renewable Energy Jobs Created by Section 1603 Grant (September 2011) US PREF found that approximately 115,000 U.S. jobs have been created through the 1603 Treasury Cash Grant program since the program’s inception in 2009. To gather this data, US PREF utilized the NREL Job and Economic Development Impact (JEDI) models and data from the US Treasury.

Tax Credits, Tax Equity and Alternatives for Clean Energy Financing (September 2011) The 1603 cash grant has proven to be a more efficient, lower cost approach to spur additional private sector investment in renewable energy. Continuation of the 1603 cash grant, or its replacement with a new program that avoids the limitations of the tax equity market, will continue to make efficient use of capital and promote lower cost development of renewable energy in the domestic market.

RENEWABLE ENERGY POLICY SUPPLY CHAIN ONE-PAGER V2.2.PDF (353K)
November 2010; Updated April 2011 Illustrates the complementary nature of current renewable energy policies including 48c Tax Credit, DOE Loan Guarantee Program, PTC/ITC/1603 Cash Grant tax incentives, Renewable Portfolio Standards.

Clean Energy Moves Toward Grid Parity Chart

CEDA ANALYSIS V2.2
(July 2011) This paper presents how the establishment of new independent administration within the DOE, the Clean Energy Deployment Administration (CEDA), would take over the existing Loan Program–which has demonstrated success over the past few years–and improve upon it.

THE IMPORTANCE OF THE DOE LGP IN FINANCING INNOVATIVE RENEWABLE TECHNOLOGIES V2.3.PDF (471K)
(Originally published November 2010; Updated February 2011) This paper analyzes the importance of the Department of Energy’s Loan Guarantee Program in helping innovative renewable energy projects cross the “valley of death.” As of January 2011, the loan program has provided conditional commitments to 11 innovative renewable energy projects. Though this marks significant progress, the program is only now starting to fulfill its potential. With its scheduled September 2011 expiration, the loan program will soon lose much of its effectiveness – and the U.S. will lose a main tool for developing important innovative energy technologies.

INTERIM GOVERNMENT SUPPORT TO BRING DOWN COST OF CLEAN ENERGY V2.0.PDF (401K)
(February 2011) The objective of this paper is to explain how government support has been critical to the success of all generation technologies, and to show how government incentives have driven technological innovation and scale in emerging industries. This will result in a continued decrease in the cost of clean energy technologies so that they will soon reach grid parity.

US PREF VENTURE CAPITAL WHITE PAPER VERSION V2.1 (198K)
(April 2010) This white paper describes the venture capital industry, its role in the development of a U.S. renewable energy sector, and the aspects of government policy that have the greatest impact on venture capital investing in renewable energy.

U.S. RENEWABLE ENERGY TAX EQUITY INVESTMENT AND THE TREASURY CASH GRANT PROGRAM (186K)
(April 2010) This white paper describes tax equity, how regulatory uncertainty has impacted renewable energy development, the stimulative impact of the cash grant program in the midst of the financial crisis, and the potential impact extending this program has on renewable energy deployment.

PTC ITC AND SECTION 1603 GRANTS V2.2.PDF (476K)
(April 2010, Updated February 2011) Compare and Contrast: This white paper provides an analysis of the different tax credits that were made available to qualified renewable energy projects through the American Recovery and Reinvestment Act of 2009 (“ARRA”).

RENEWABLE ENERGY FINANCE FUNDAMENTALS (514K)
(November 2009) This white paper describes project finance and how it is used to fund renewable energy projects. This paper includes a description of tax credits, sources of project capital including equity and debt, as well as an explanation of how public policy affects project finance.

RENEWABLE ENERGY MARKET CONDITIONS AND THE 1705 LOAN GUARANTEE PROGRAM (201K)
(November 2009) This white paper describes how renewable energy projects were financed prior to and during the financial crisis. It discusses how the Department of Energy’s 1705 loan guarantee program has helped finance projects during this financial crisis, but also addresses two stipulations that may jeopardize the effectiveness of the program.

PROJECT FINANCE REQUIREMENTS IMPLICIT IN EXISTING STATE/PROPOSED FED RE MANDATES (248K)
(October 2009) This white paper provides a summary of the additional capacity and corresponding capital required by existing state and proposed federal renewable energy mandates. It also analyzes the Department of Energy’s loan guarantee program as one method of facilitating the unprecedented flux of capital to renewable energy.