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Financial Investment Valuation Models for Photovoltaic and Energy Storage Projects: Trends and Challenges

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  • Angela María Gómez-Restrepo

    (Grupo de Investigación en Ingeniería Financiera GINIF, Programa de Ingeniería Financiera, Facultad de Ingenierías, Universidad de Medellín, Medellín 050026, Colombia
    Estudiante de Doctorado en Ingeniería—Industria y Organizaciones, Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad Nacional de Colombia, Sede Medellín, Medellín 050034, Colombia)

  • Juan David González-Ruiz

    (Grupo de Investigación en Finanzas y Sostenibilidad, Departamento de Economía, Facultad de Ciencias Humanas y Económicas, Universidad Nacional de Colombia, Sede Medellín, Medellín 050034, Colombia)

  • Sergio Botero Botero

    (Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad Nacional de Colombia, Sede Medellín, Medellín 050034, Colombia)

Abstract

Energy production through non-conventional renewable sources allows progress towards meeting the Sustainable Development Objectives and constitutes abundant and reliable sources when combined with storage systems. From a financial viewpoint, renewable energy production projects withstand significant challenges such as competition, irreversibility of investments, high uncertainty levels, and considerable investment amounts. These facts make their financial valuation fundamental for all the agents involved. Using the Web of Science (WoS) and Scopus databases, a scientometric analysis was carried out to understand the methods that have been used in the financial appraisal of photovoltaic energy generation projects with storage systems. The present research project was developed from 268 studies published between 2013 and 2023; tools such as Bibliometrix 4.1.3, VOSViewer 1.6.19, and Tree of Science 0.0.1a9 were used. Two main findings stand out: (i) the most used methods in the literature are the traditional ones, and within them, the levelized cost of energy has been used with greater frequency; and (ii) there is an interest in analyzing the investments of these systems for residences within the framework of distributed energy generation. Two gaps were found in the literature: (i) the studies that were carried out have not comprehensively incorporated the financial challenges faced by these investments; and (ii) the evaluation of these projects has not been addressed from the perspective of a utility-based power generator.

Suggested Citation

  • Angela María Gómez-Restrepo & Juan David González-Ruiz & Sergio Botero Botero, 2024. "Financial Investment Valuation Models for Photovoltaic and Energy Storage Projects: Trends and Challenges," Energies, MDPI, vol. 17(11), pages 1-29, May.
    • Handle: RePEc:gam:jeners:v:17:y:2024:i:11:p:2653-:d:1405394
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