From the perspective of policy optimization of power industry pricing, the objectives, subsidy rates, and total subsidy funds of two kinds of environmental related feed-in tariffs were examined in this paper. Comparisons in terms of subsidy scale, micro-mechanism, sources of funding, and decision-making mechanism were further discussed. The results showed that, the unadjusted environmental protection price provided stable expectation of rich pollution control fund of thermal power industry, while the reductions of renewable energy pricemotivated technological innovation as well as speculation. As for the micro-mechanism, environmental protection price encouraged the technology innovation of pollution control and reduced the private cost of thermal power industry. However, it also transferred emission reduction costs to the whole society by adding substantial costs. By contrast, the renewable energy price promoted the decrease of social cost of power generation. Although the transmission mechanism of renewable energy subsidy funds was more rigid, some obstacles still emerged, such as low additional levy rate, large fund gap, and incompatibility of policy design. In 2015, the total subsidy funds for environmental protection price and renewable energy price were 76.797 billion yuan (excluding tax) and 42.91billion yuan (supply side),respectively.The total funds of environmental protection price exceeded the subsidy of renewable energy, which further consolidated the cost advantage of thermal power. The subsidy structure restricted the development of renewable energy as inconducive to the cleanliness of power structure.