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Determinants of solar photovoltaic deployment in the electricity mix: Do oil prices really matter?

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  • Escoffier, Margaux
  • Hache, Emmanuel
  • Mignon, Valérie
  • Paris, Anthony

Abstract

This paper investigates the determinants of solar photovoltaic (PV) deployment in the electricity mix for a panel of OECD and BRICS countries from 1997 to 2016 by paying particular attention to the impact of oil market conditions. Relying on a nonlinear, regime-switching specification, we show that rising oil prices stimulate PV deployment only if their growth rate exceeds 6.7% per annum. Although we find that various other determinants matter—with the influence of some of them depending on the situation on the oil market—public policies play a crucial role.

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  • Escoffier, Margaux & Hache, Emmanuel & Mignon, Valérie & Paris, Anthony, 2021. "Determinants of solar photovoltaic deployment in the electricity mix: Do oil prices really matter?," Energy Economics, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:eneeco:v:97:y:2021:i:c:s0140988320303649
    DOI: 10.1016/j.eneco.2020.105024
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    More about this item

    Keywords

    Solar photovoltaic; Renewables deployment; Oil prices; Panel smooth transition regression.;
    All these keywords.

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models

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