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首页> 外文OA文献 >Driving Renewable Energy Growth Through Effective Public Policy: A Financial and Policy Analysis of Cash Grants, Tax Credits and Pass-Through Tax Structures (MLPs and YieldCos)
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Driving Renewable Energy Growth Through Effective Public Policy: A Financial and Policy Analysis of Cash Grants, Tax Credits and Pass-Through Tax Structures (MLPs and YieldCos)

机译：通过有效的公共政策推动可再生能源增长：现金补助，税收抵免和传递税收结构的财务和政策分析（mLp和YieldCos）

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摘要

Energy and environmental concerns have motivated policymakers to support renewable energy technology development through various tax policies. Currently, the majority of renewable energy projects in the U.S. benefit from tax credit incentives. The associated tax equity financing structure has received criticism for its inefficient use of taxpayer resources relative to other policies, including the Section 1603 Cash Grant. The cash grant provided renewable energy developers with the option to receive a cash injection in lieu of the prevailing tax credit during 2009 to 2011.Conversely, renewable energy developers have begun to form dividend-oriented investment vehicles that house renewable energy assets with long-term power purchase agreements in a manner that parallels the master limited partnership (MLP) for conventional oil and gas companies. The relatively recent structure, known as a YieldCo, has lowered financing costs while providing renewable developers with access to an alternate investor base with a more competitive source of capital.Through the contribution of a proprietary framework for evaluating the financial impact of various public policies, this thesis seeks to evaluate the relative cost effectiveness of cash grants, tax credits and pass- through tax structures (MLPs and YieldCos) in achieving government policy objectives. The financial model helps determine how efficient each policy is in furthering renewable energy development for each dollar in government tax expenditures. The analysis is supported by a sensitivity analysis of the parameters of the financial model.Although the financial model corroborated existing literature with regards to cash grants being approximately twice as efficient as tax credit incentives, the financial analysis ultimately found pass-through structures to be the most efficient policy solution for furthering renewable energy growth. The ancillary benefits of the pass-through structure, including enhanced liquidity and borrowing cost improvements, propel the business structure ahead of the other policy options in terms of their efficient use of taxpayer resources. Government policy should support pass-through structures, either by facilitating market environments that accommodate YieldCo growth or by legislating the widespread introduction of the MLP structure to the renewable energy industry.
机译：能源和环境问题促使决策者通过各种税收政策来支持可再生能源技术的发展。目前，美国大多数可再生能源项目都受益于税收优惠政策。相关的税收股权融资结构因其对纳税人资源的利用相对于其他政策（包括第1603条现金补助）而效率低下而受到批评。现金赠款为可再生能源开发商提供了在2009年至2011年间代替现行的税收抵免的现金注入的选择。相反，可再生能源开发商已开始形成以股息为导向的投资工具，长期持有可再生能源资产电力购买协议，其方式与传统石油和天然气公司的有限责任合伙企业（MLP）类似。相对较新的结构称为YieldCo，它降低了融资成本，同时为可再生能源开发商提供了具有更富竞争力的资本来源的替代投资者基础。通过专有框架的贡献，用于评估各种公共政策的财务影响，本文旨在评估现金补助，税收抵免和转嫁税收结构（MLP和YieldCos）在实现政府政策目标方面的相对成本有效性。财务模型有助于确定每一项政策在政府税收支出中促进可再生能源发展的效率如何。该分析得到了财务模型参数的敏感性分析的支持，尽管该财务模型证实了现有文献的现金补助大约是税收抵免激励措施效率的两倍，但财务分析最终发现传递结构是最有效的方法。促进可再生能源增长的最有效的政策解决方案。传递结构的附带好处（包括增强的流动性和借款成本的改善）在有效利用纳税人资源方面，在其他政策选择之前推动了业务结构的发展。政府政策应通过促进适应YieldCo增长的市场环境或通过立法将MLP结构广泛引入可再生能源行业来支持传递结构。

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    Buxbaum Ryan;

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  • 年度 2014
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