Feed-in
Tariff (FIT) is designed to accelerate investment in
renewable energy technologies. It achieves
this by offering long-term contracts to renewable energy producers, typically
based on the cost of generation of each technology.
|
Technology
|
Installation
Target, MW
|
Official ERC Rate
|
||
|
|
Phase 1
|
Phase 2
|
Phase 1
|
Phase 2
|
|
|
|
|
As of July, 2012
|
As of Apr, 2014
|
|
Solar
|
50
|
500
|
9.68
|
8.69
|
|
Wind
|
200
|
|
8.05
|
|
|
Biomass
|
250
|
|
6.75
|
|
|
Run of River Hydro
|
250
|
|
5.75
|
|
|
Ocean
|
10
|
|
|
|
As of 2017, there is no more FIT allocation for all technologies. Some of the companies already awarded and Department of Energy (DOE) is not keen on extending the FIT system.