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首页> 外文期刊>Manufacturing and Service Operations Management >Promoting Solar Panel Investments: Feed-in-Tariff vs. Tax-Rebate Policies
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Promoting Solar Panel Investments: Feed-in-Tariff vs. Tax-Rebate Policies

机译：促进太阳能电池板投资：送入税收与税收折扣政策

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摘要

Problem definition: Governments have adopted various subsidy policies to promote investment in renewable energy sources such as rooftop solar panels. The German government uses a feed-in-tariff policy that provides a guaranteed stream of payments for each unit of electricity generated by a household. In contrast, the U.S. government uses a tax-rebate policy that reduces the initial investment cost, and the household receives the retail price for the generated electricity. In this paper, we study the key practical factors that favor one policy over the other from the perspective of the government. These factors are the heterogeneity in the generating efficiency, the variability in the electricity price, and the variability in the investment cost. Academic relevance: Unlike the previous literature on the feed-in-tariff and tax-rebate policies, we focus on the effects of variability on a household's investment timing. We identify the optimal policy for the government to manage the aggregate household investment, accounting for the heterogeneity in efficiency. Methodology: We consider an infinite-horizon, continuous-time model where the government moves first and announces either a feed-in tariff or a tax rebate. Then each household dynamically decides if and when to invest in a unit of solar panels. The objective of the government is to maximize the expected value of a subsidy policy, that is, the difference between the societal benefit of solar panel investments and the subsidy cost over time. Results: We characterize the timing of the investment decision of the households and the optimal subsidy parameters for the government. We identify which practical factors favor the feed-in-tariff or the tax-rebate policy. Policy implications: Our results suggest that a government should prefer the feed-in-tariff policy when the electricity price is highly uncertain. Intuitively, feed-in-tariff policy eliminates the price variability; thus, it removes the strategic delay in the investment. The tax-rebate policy should be adopted if the households are heterogeneous in generating efficiency, if the investment cost is highly variable, or if the price and cost uncertainty are positively correlated.
机译：问题定义：各国政府采取了各种补贴政策，以促进屋顶太阳能电池板等可再生能源的投资。德国政府利用了携带税的送入政策，为家庭产生的每单位电力提供了保证的付款流。相比之下，美国政府利用税收折扣政策减少初始投资成本，家庭收到了发电的零售价。在本文中，我们研究了从政府的角度来看有利于对另一个政策的关键实际因素。这些因素是发电效率的异质性，电价的可变性以及投资成本的可变性。学术意义：与前一篇关于税收税收和税收退税政策的文献不同，我们专注于可变异对家庭投资时机的影响。我们确定政府管理总家庭投资的最佳政策，效率地核算了异质性。方法论：我们考虑一个无限的地平线，政府首先举动的连续时间模型，并宣布送入关税或退税。然后每个家庭动态决定是否以及何时投资太阳能电池板单位。政府的目标是最大限度地提高补贴政策的预期价值，即太阳能电池板投资的社会利益与补贴成本随着时间的推移。结果：我们对家庭投资决策的时间和政府的最佳补贴参数表示。我们确定哪些实际因素有利于送入关税或税收折扣政策。政策含义：我们的结果表明，当电价高度不确定时，政府应该更喜欢提交的课程政策。直观地，送入课程政策消除了价格变异性;因此，它消除了投资的战略延误。如果投资成本高度变化，应在发电效率方面是异质的，应采用税收退税政策，如果投资成本高度变化，或者价格和成本不确定性是正相关的。

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