Abstract
Measures are being taken across the globes to reduce greenhouse emission. Installation of renewable energy has been successfully achieving the goal. To further aid in this effort governments provide some form of subsidy. In United States Federal Tax Credit has played an important role in the deployment of clean, renewable energy. This paper discusses the implication of production tax credit (PTC) and investment tax credit (ITC) on reduction in cost of wind and solar technology, installed capacity of wind and solar generation, impact on electricity market prices, and change in interconnection rules for renewable generators to provide reactive power support to the grid. To demonstrate some of the findings Electric Reliability Council of Texas (ERCOT) market, has been used as it has significant penetration of renewable generation.
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