GVR Report cover Renewable Energy Certificate Market By Size, Share & Trends Report

Renewable Energy Certificate Market By Size, Share & Trends Analysis Report By Energy Type (Solar Energy, Hydroelectric Power Energy, Wind Power Energy, and Gas Power Energy), By Capacity, By End use, By Region, And Segment Forecasts, 2023 To 2030

A renewable energy certificate or REC is a market-based instrument that indicates ownership of renewable electricity production's environmental, social, and other non-energy components. These are also known as renewable energy credits, green tags, or tradable renewable certificates in the U.S. and are tradable and intangible energy commodities that prove that 1 MWh of electricity was produced using an acknowledged renewable energy source.

The global demand for electricity is on the rise due to various factors like population growth, industrial expansion, and advancements in technology. Governments worldwide are implementing policies and initiatives to encourage the adoption of renewable energy sources. For instance, in July 2022, the government of India took significant steps to promote renewable energy within the country. These measures include the establishment of ultra mega renewable energy parks, which provide ready-to-use land and transmission infrastructure to renewable energy developers. Additionally, skill development programs have been initiated to create a skilled workforce capable of implementing, operating, and maintaining renewable energy projects. The government has also set up a project development cell to attract and facilitate investments in the sector. Furthermore, Foreign Direct Investment (FDI) of up to 100 percent is permitted under the automatic route, enabling increased participation and investment in renewable energy projects. These initiatives demonstrate the government's commitment to accelerating the adoption of renewable energy in India. By providing necessary infrastructure, skill development opportunities, investment facilitation, and favorable policies, the government aims to drive the growth of renewable energy sources and achieve its sustainable energy goals.

Solar renewable energy dominates the renewable energy certificate market. Solar power converts sunlight energy into electricity using photovoltaic cells or concentrated solar power. Photovoltaics were initially used for small and medium-sized applications, from the single solar cell calculator to remote home lights powered by off-grid rooftop photovoltaic cells. Solar energy is rapidly becoming inexpensive with low-carbon technology to exploit renewable energy from the sun. The increasing depletion of fossil fuel resources, global warming, and the greenhouse effect have fostered the growth of solar power generation. The heavy investment by the government and private institutes in renewable energy, particularly large-scale solar power plants, is driving market growth. For instance, in April 2023, the U.S. Department of Energy (DOE) recently disclosed a funding allocation of USD 52 million for a carefully chosen set of 19 projects. This includes USD 10 million sourced from the Bipartisan Infrastructure Law, aimed at bolstering the domestic solar supply chain in the U.S. Additionally, USD 30 million funding has been designated to support the development of technologies that facilitate the seamless integration of solar energy into the existing power grid. The projects aim to strengthen the production of solar panels within the country, promote the recycling of solar panels, and foster the creation of innovative solar technologies in the U.S.

Renewable Energy Certificate Market Segmentation

  • By Energy type

    • Solar energy

    • Hydroelectric power energy

    • Wind power energy

    • Gas power energy

  • By Capacity

    • 0-1,000 KWH

    • 1,100-5,000 KWH

    • More than 5,000 KWH

  • By End use

    • Voluntary

    • Compliance

  • Key players

    • Central Electricity Regulatory Commission

    • Green-e Energy

    • Environmental Tracking Network of North America

    • General Services Administration

    • Western Area Power Administration

    • U.S. Environment Protection Agency

    • Defense Logistics Agency Energy

    • I-REC standard

    • TÜV SÜD

    • Statkraft

    • The Green Certificate Company Limited

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