Abstract
All major developing nations have started to invest in renewable energy to promote a cost-effective and low emission way of power production. Policy planning and financial aspects are the key issues for renewable power development. Comparing two major developing countries, Iran and India, would provide a deeper understanding of the future trends and policy scenarios related to renewable energy. This paper provides a review of the governance structure, current renewable energy policies, legislation, economic policies, and incentives that would analyze the renewable energy development in both countries. The final section of the paper discusses the current status of renewable energy generation in both countries followed by comparative policy analysis. The results concluded from the paper are that India shows a much stronger commitment towards renewable energy with a higher percentage of generation, well-structured governance, and independent ministry which presides over the whole sector. Iran although new to the industry shows a lot of promise with better feed-in tariffs and an open market for independent investors and producers. The paper suggests lesser investment interest rates, better technical expertise, and incentives for off-grid producers for India while a more developed legislative structure for Iran along with the formation of subordinate research organizations.
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