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Analysis of Investments in RES Based on the Example of Photovoltaic Panels in Conditions of Uncertainty and Risk—A Case Study

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  • Anna Wojewnik-Filipkowska

    (Department of Investment and Real Estate, Faculty of Management, University of Gdańsk, Armii Krajowej 101, 81-824 Sopot, Poland)

  • Paweł Filipkowski

    (Department of Food Chemistry, Technology and Biotechnology, Faculty of Chemistry, Gdańsk University of Technology, Gabriela Narutowicza 11/12, 80-233 Gdańsk, Poland)

  • Olaf Frąckowiak

    (Department of Investment and Real Estate, Faculty of Management, University of Gdańsk, Armii Krajowej 101, 81-824 Sopot, Poland)

Abstract

The aim of this study is to examine the profitability of investment in a photovoltaic microinstallation, to analyze the impact of legal changes on its profitability, and to perform a sensitivity analysis of the investment profitability to energy price changes. The novelty of the research applies to the financial analysis of two legal systems of discount called net-metering and net-billing. The two systems and the change in energy prices present legal and macroeconomic risks. Climate neutrality strategy implementation is the analysis background. The authors formulate the hypothesis that, firstly, the solar panel installations in Poland are aimed at reducing the operating costs of the building; secondly, the investment motivation is environmental. The main research conclusion is that taking into consideration the solar panel ‘boom’ in Poland, the ‘regulator’ has achieved its intended goal connected with progress toward climate neutrality. This research used the method of logical design, experiment, and comparative analysis. The tools applied to calculate project profitability included the internal rate of return (IRR) and net present value (NPV). The case study method has been applied. The analysis uses real-world assumptions and is conducted for weather conditions in Gdańsk, Poland.

Suggested Citation

  • Anna Wojewnik-Filipkowska & Paweł Filipkowski & Olaf Frąckowiak, 2023. "Analysis of Investments in RES Based on the Example of Photovoltaic Panels in Conditions of Uncertainty and Risk—A Case Study," Energies, MDPI, vol. 16(7), pages 1-15, March.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:7:p:3006-:d:1107139
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    References listed on IDEAS

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    1. Gallo, A.B. & Simões-Moreira, J.R. & Costa, H.K.M. & Santos, M.M. & Moutinho dos Santos, E., 2016. "Energy storage in the energy transition context: A technology review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 65(C), pages 800-822.
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    Cited by:

    1. Jacek Caban & Arkadiusz Małek & Branislav Šarkan, 2024. "Strategic Model for Charging a Fleet of Electric Vehicles with Energy from Renewable Energy Sources," Energies, MDPI, vol. 17(5), pages 1-17, March.
    2. Paweł Ziemba, 2023. "Selection of Photovoltaic Panels Based on Ranges of Criteria Weights and Balanced Assessment Criteria," Energies, MDPI, vol. 16(17), pages 1-18, September.
    3. Beata Hysa & Anna Mularczyk, 2024. "PESTEL Analysis of the Photovoltaic Market in Poland—A Systematic Review of Opportunities and Threats," Resources, MDPI, vol. 13(10), pages 1-29, September.

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