Ecuador’s national electricity board, Directorate of CONELEC, approved a series of regulations to create a system of feed-in tariffs on April 14, 2011. The tariff for solar PV, irrespective of size, will be US$0.4269 for 15 years.
Regulation 004/11 sets conditions, prices and lengths of contracts: "(It) is of fundamental importance to implement mechanisms to promote and ensure the sustainable development of unconventional renewable technologies, given that higher initial investment costs are offset by the low variable costs of production, which in the medium term, will result in lower generation costs and the consequent benefit to end users.
"To reduce short-term energy dependency and vulnerability of the country, it is important to improve reliability of supply, which is required to accelerate the process of diversifying the energy matrix, and to give priority to unconventional renewable energy sources, thereby contributing to the diversification and multiplication of actors involved, creating new jobs and technology transfer."
The program will include tariffs for wind, biomass, biogas, geothermal and hydroelectric plants up to 50MW in size.