Endorse of Renewable Energy Plants, Still An Alternative Investment in Spain?

The development of renewable energy technologies depends on two main factors: progress of the related technologies and incentive policies. Long-term incentive policies are essential to achieve progress and spreading of clean energies. However, this scenario is not always met and in some countries some confusion emerge owing to the lack of stable incentive policies. This paper deals with the financial and economical analysis of a standard investment in renewable energy photovoltaic systems in Spain. Main investment parameters related to photovoltaic solar energy plants in Spain during the last decade have been analyzed. Net present value, payback and internal rate of return of a typical 20 kWp photovoltaic solar plant have been calculated in the frame of the recent history of energy policies in Spain. Despite the high variations of incentive policies withdrawn by renewable energy plants, we demonstrate that the evolution of related technology and market has been able to surpass the absence of long-term policies and even nowadays the photovoltaic systems can still be considered as a profitable investment from the economic point of view. Keywords