The efficiency of Ireland's Renewable Energy Feed-In Tariff (REFIT) for wind generation

► We review and summarise Ireland's support scheme for renewable energy. ► We present information about the operation of the scheme in industry to date. ► The scheme is really a series of put options. ► Our option pricing model shows that the scheme is much more expensive/valuable than the industry has recognised to date. ► The existing scheme is inefficient and simple variations represent much better policy instruments.