What an RFIT does is adapt the principles that made feed-in tariffs (FITs) wildly successful in Germany and other parts of the world — including certainty for investors and early stage support for nascent clean energy markets — to a radically different operating environment. That’s because policy making beyond the grid requires a whole new approach steeped in the realities of the communities it’s attempting to serve.
The Government will soon develop a tariff policy for the utilisation of renewable energy resources in the country, a Government energy expert has said. Stakeholders in the energy sector have been calling on Government to come up with attractive and cost-reflective tariffs to attract investors.
Renewable energy Feed-in Tariffs (REFIT) have been highly effective in many countries, and provide a proven example of a results-based climate finance instrument, if tuned carefully over time to be sustainable.
The comprehensive study conducted by the World Future Council and the Heinrich Böll Foundation with the support of Friends of the Earth England, Wales and Northern Ireland shows that Renewable Energy Feed-in Tariff policies (REFiT) are a promising mechanism to unlock renewable energy development in Africa. REFiTs encourage investment in the generation of renewable energy – from individual home owners and communities as well as big companies – by guaranteeing to buy and pay for all the electricity that is produced from renewable sources. . .