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Addressing Biases that Impact Homeowners’ Adoption of Solar Panels

Author

Listed:
  • Howard Kunreuther
  • Anna Polise
  • Quinlyn Spellmeyer

Abstract

Solar power is now economically competitive with fossil fuels in many countries, yet relatively few homeowners have installed solar panels on their property. A principal reason for this behavior stems from cognitive biases—such as myopia, inertia and herding—that cause consumers to avoid investing in long-term measures, even those that are financially attractive to them and produce social benefits such as reducing the long-term consequences of climate change. A behavioral risk audit can demonstrate ways to address these cognitive biases, in concert with short-term economic incentives and social influences. We focus on the installation of solar panels, an issue that has relevance to residents in the United States and the European Union, and to property owned by businesses and governments.

Suggested Citation

  • 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.
  • Handle: RePEc:nbr:nberwo:28678
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    Cited by:

    1. 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.

    More about this item

    JEL classification:

    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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