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New DOE Report Examines How Incentives Used for Renewables Could Benefit Small Modular Reactors

 

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According to a new report by the U.S. Department of Energy (DOE), the federal government provided more than $51 billion in incentives over the last decade to help deploy renewable technologies.

The study also projects that if the same types of tax incentives and mandates were applied to small modular reactors (SMRs), the government could see a return on investment that is three times less expensive per kilowatt-hour (KWh) than historical investments in wind and solar.

Renewables accounted for nearly half of the installed capacity in 2017 and are expected to be the fastest-growing energy source through 2040.

As higher penetrations of renewables come online, new opportunities will emerge to help bring resilience and reliability to the grid something SMRs could meet as a flexible and carbon-free energy source.

The growth of renewables

The new report Examination of Federal Financial Assistance in the Renewable Energy Market examines  the financial support from the state, local and federal government that was used to spur the development of wind and solar.

According to the study, the two technologies received $51.2 billion from 2005-2015 in the form of mandates, tax incentives, loans and research grants.

Roughly 90% of that came in the form of subsidies, which included investment and production tax credits.

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