Risk-based assessment of the cost-efficiency and the effectivity of renewable energy support schemes: Certificate markets versus feed-in tariffs

► Paper analyzes the performance of feed-in tariffs and certificate markets. ► Model simulates the evolution of a power system considering investors' risk aversion. ► Tariffs could obtain better efficiency but also low effectiveness or over-investment. ► Barriers to entrance could result in higher certificates prices. ► Certificate performances benefit from higher social discount rates.