This paper aims to present a snapshot of some of the best practices in the promotion and use of renewable energy and provide practical examples of the development of renewable energy markets that countries in Latin America and the Caribbean can replicate. It examines current and potential renewable energy markets in Latin America and the Caribbean, economic development benefits of expanding renewable energy markets, policy tools and mechanisms that have been used to build and promote renewable energy in the United States, as well as the role of governments and the private sector.