IDEAS home Printed from https://ideas.repec.org/a/ags/plecrs/342844.html
   My bibliography  Save this article

Behavioral Aspects of Investments in Renewable Energy Sources on the Example of Podkarpackie Province

Author

Listed:
  • Szara, Katarzyna

Abstract

Subject and purpose of work: The subject of the study consists of the biasess made when investing in photovoltaic panels. The purpose of the study is to identify biasess associated with investing in renewable energy sources. Materials and methods: Data from a survey conducted among owners of photovoltaic installations in Subcarpathia were used. The literature has identified papers on factors other than behavioral errors affecting investments in photovoltaic panels. Results: Respondents succumbed to the anchoring effect, the error of positive retrospection, information bias, choice-supportive bias and framing bias when deciding to invest in photovoltaic panels. Conclusions: The research conducted makes it possible to confirm that people’s behavior while investing is influenced by non-economic factors. Knowledge of behavioral biases can allow one to calibrate financial incentives in order to influence customers more effectively.

Suggested Citation

  • Szara, Katarzyna, 2024. "Behavioral Aspects of Investments in Renewable Energy Sources on the Example of Podkarpackie Province," Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 17(01), January.
  • Handle: RePEc:ags:plecrs:342844
    DOI: 10.22004/ag.econ.342844
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/342844/files/BEHAVIORAL.pdf
    Download Restriction: no

    File URL: https://libkey.io/10.22004/ag.econ.342844?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Maic Rakitta & Jannis Wernery, 2021. "Cognitive Biases in Building Energy Decisions," Sustainability, MDPI, vol. 13(17), pages 1-21, September.
    2. Magdalena Grębosz-Krawczyk & Agnieszka Zakrzewska-Bielawska & Beata Glinka & Aldona Glińska-Neweś, 2021. "Why Do Consumers Choose Photovoltaic Panels? Identification of the Factors Influencing Consumers’ Choice Behavior regarding Photovoltaic Panel Installations," Energies, MDPI, vol. 14(9), pages 1-20, May.
    3. Fransisca Angelica Rahardja & Shih-Chih Chen & Untung Rahardja, 2022. "Review of Behavioral Psychology in Transition to Solar Photovoltaics for Low-Income Individuals," Sustainability, MDPI, vol. 14(3), pages 1-17, January.
    4. Zhai, Pei & Williams, Eric D., 2012. "Analyzing consumer acceptance of photovoltaics (PV) using fuzzy logic model," Renewable Energy, Elsevier, vol. 41(C), pages 350-357.
    5. Bikrant Kesari & Sunil Atulkar & Satyanarayan Pandey, 2021. "Consumer Purchasing Behaviour towards Eco-Environment Residential Photovoltaic Solar Lighting Systems," Global Business Review, International Management Institute, vol. 22(1), pages 236-254, February.
    6. Litvine, Dorian & Wüstenhagen, Rolf, 2011. "Helping "light green" consumers walk the talk: Results of a behavioural intervention survey in the Swiss electricity market," Ecological Economics, Elsevier, vol. 70(3), pages 462-474, January.
    7. Howard Kunreuther & Anna Polise & Quinlyn Spellmeyer, 2021. "Addressing Biases that Impact Homeowners’ Adoption of Solar Panels," NBER Working Papers 28678, National Bureau of Economic Research, Inc.
    8. Kasperbauer, T.J., 2017. "The permissibility of nudging for sustainable energy consumption," Energy Policy, Elsevier, vol. 111(C), pages 52-57.
    9. Roman Seidl & Corinne Moser & Yann Blumer, 2017. "Navigating behavioral energy sufficiency. Results from a survey in Swiss cities on potential behavior change," PLOS ONE, Public Library of Science, vol. 12(10), pages 1-19, October.
    10. Wierzbowski, Michal & Filipiak, Izabela & Lyzwa, Wojciech, 2017. "Polish energy policy 2050 – An instrument to develop a diversified and sustainable electricity generation mix in coal-based energy system," Renewable and Sustainable Energy Reviews, Elsevier, vol. 74(C), pages 51-70.
    11. Alipour, M. & Salim, H. & Stewart, Rodney A. & Sahin, Oz, 2021. "Residential solar photovoltaic adoption behaviour: End-to-end review of theories, methods and approaches," Renewable Energy, Elsevier, vol. 170(C), pages 471-486.
    12. Braito, Michael & Flint, Courtney & Muhar, Andreas & Penker, Marianne & Vogel, Stefan, 2017. "Individual and collective socio-psychological patterns of photovoltaic investment under diverging policy regimes of Austria and Italy," Energy Policy, Elsevier, vol. 109(C), pages 141-153.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Magdalena Grębosz-Krawczyk & Agnieszka Zakrzewska-Bielawska & Sylwia Flaszewska, 2021. "From Words to Deeds: The Impact of Pro-Environmental Self-Identity on Green Energy Purchase Intention," Energies, MDPI, vol. 14(18), pages 1-17, September.
    2. Magdalena Grębosz-Krawczyk & Agnieszka Zakrzewska-Bielawska & Beata Glinka & Aldona Glińska-Neweś, 2021. "Why Do Consumers Choose Photovoltaic Panels? Identification of the Factors Influencing Consumers’ Choice Behavior regarding Photovoltaic Panel Installations," Energies, MDPI, vol. 14(9), pages 1-20, May.
    3. Hackbarth, André, 2018. "Attitudes, preferences, and intentions of German households concerning participation in peer-to-peer electricity trading," Reutlingen Working Papers on Marketing & Management 2019-2, Reutlingen University, ESB Business School.
    4. Sofia-Despoina Papadopoulou & Niki Kalaitzoglou & Maria Psarra & Sideri Lefkeli & Evangelia Karasmanaki & Georgios Tsantopoulos, 2019. "Addressing Energy Poverty through Transitioning to a Carbon-Free Environment," Sustainability, MDPI, vol. 11(9), pages 1-17, May.
    5. Brown, Marilyn A. & Kale, Snehal & Cha, Min-Kyeong & Chapman, Oliver, 2023. "Exploring the willingness of consumers to electrify their homes," Applied Energy, Elsevier, vol. 338(C).
    6. Evangelia Karasmanaki & Spyridon Galatsidas & Georgios Tsantopoulos, 2019. "An Investigation of Factors Affecting the Willingness to Invest in Renewables among Environmental Students: A Logistic Regression Approach," Sustainability, MDPI, vol. 11(18), pages 1-18, September.
    7. Alipour, Mohammad & Taghikhah, Firouzeh & Irannezhad, Elnaz & Stewart, Rodney A. & Sahin, Oz, 2022. "How the decision to accept or reject PV affects the behaviour of residential battery system adopters," Applied Energy, Elsevier, vol. 318(C).
    8. Hackbarth, André & Löbbe, Sabine, 2020. "Attitudes, preferences, and intentions of German households concerning participation in peer-to-peer electricity trading," Energy Policy, Elsevier, vol. 138(C).
    9. Ryszard Kata & Kazimierz Cyran & Sławomir Dybka & Małgorzata Lechwar & Rafał Pitera, 2021. "Economic and Social Aspects of Using Energy from PV and Solar Installations in Farmers’ Households in the Podkarpackie Region," Energies, MDPI, vol. 14(11), pages 1-21, May.
    10. Alipour, M. & Irannezhad, Elnaz & Stewart, Rodney A. & Sahin, Oz, 2022. "Exploring residential solar PV and battery energy storage adoption motivations and barriers in a mature PV market," Renewable Energy, Elsevier, vol. 190(C), pages 684-698.
    11. Sikke R. Jansma & Le Anh Nguyen Long & Dasom Lee, 2023. "Understanding Energy Citizenship: How Cultural Capital Shapes the Energy Transition," Energies, MDPI, vol. 16(5), pages 1-19, February.
    12. Kyere, Francis & Dongying, Sun & Bampoe, Gertrude Dotse & Kumah, Naana Yaa Gyamea & Asante, Dennis, 2024. "Decoding the shift: Assessing household energy transition and unravelling the reasons for resistance or adoption of solar photovoltaic," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    13. Dalia Streimikiene, 2023. "Use of Nudges for Promotion of Sustainable Energy Consumption in Households," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 17(1), March.
    14. Tiruwork B. Tibebu & Eric Hittinger & Qing Miao & Eric Williams, 2024. "Adoption Model Choice Affects the Optimal Subsidy for Residential Solar," Energies, MDPI, vol. 17(3), pages 1-19, February.
    15. Agnieszka Kuś & Dorota Grego-Planer, 2021. "A Model of Innovation Activity in Small Enterprises in the Context of Selected Financial Factors: The Example of the Renewable Energy Sector," Energies, MDPI, vol. 14(10), pages 1-17, May.
    16. Bauwens, Thomas, 2019. "Analyzing the determinants of the size of investments by community renewable energy members: Findings and policy implications from Flanders," Energy Policy, Elsevier, vol. 129(C), pages 841-852.
    17. Liu, Xiaoqi & Lee, Seungjae & Bilionis, Ilias & Karava, Panagiota & Joe, Jaewan & Sadeghi, Seyed Amir, 2021. "A user-interactive system for smart thermal environment control in office buildings," Applied Energy, Elsevier, vol. 298(C).
    18. Koltsaklis, Nikolaos E. & Nazos, Konstantinos, 2017. "A stochastic MILP energy planning model incorporating power market dynamics," Applied Energy, Elsevier, vol. 205(C), pages 1364-1383.
    19. Rockstuhl, Sebastian & Wenninger, Simon & Wiethe, Christian & Ahlrichs, Jakob, 2022. "The influence of risk perception on energy efficiency investments: Evidence from a German survey," Energy Policy, Elsevier, vol. 167(C).
    20. Tabi, Andrea & Hille, Stefanie Lena & Wüstenhagen, Rolf, 2014. "What makes people seal the green power deal? — Customer segmentation based on choice experiment in Germany," Ecological Economics, Elsevier, vol. 107(C), pages 206-215.

    More about this item

    Keywords

    Consumer/Household Economics;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:plecrs:342844. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: http://www.ers.edu.pl/en .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.