According to a study released by Colombia’s Ministry of Energy and Mines, Colombia will offer $554 million in renewable energy incentives over the next fifteen years. Incentives take the form of discounts on income taxes as well as VAT and duty exemptions.
Though this program, installed capacity of renewables could increase from 420 MW today to over 3.6 GW by 2030.
Source: http://theglobalpanorama.com
Incentives can be applied to solar, wind, small hydro, geothermal and biomass power projects. The Unidad de Planeacion Minero Energetica (UPME) estimates that Colombia will gain $775 million in cost savings through economic benefits such as cost savings, job creation, emission reduction, and health improvement.
To read more about renewable energy in Colombia, click here.
