Application of M-SWARA and TOPSIS Methods in the Evaluation of Investment Alternatives of Microgeneration Energy Technologies
Hasan Dinçer,
Serhat Yüksel,
Tamer Aksoy and
Ümit Hacıoğlu
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Hasan Dinçer: The School of Business, İstanbul Medipol University, 34810 Istanbul, Turkey
Serhat Yüksel: The School of Business, İstanbul Medipol University, 34810 Istanbul, Turkey
Tamer Aksoy: The School of Business, Ibn Haldun University, 34480 Basaksehir, Turkey
Ümit Hacıoğlu: The School of Business, Ibn Haldun University, 34480 Basaksehir, Turkey
Sustainability, 2022, vol. 14, issue 10, 1-16
Abstract:
Investments in microgeneration technologies help to boost the usage of clean energy while reducing pollution. However, selecting the appropriate investment remains the most critical phase in developing these technologies. This study aims to design a multi-criteria decision-making method (MCDM) to evaluate investment alternatives for microgeneration energy technologies. The proposed MCDM is based on a Multi Stepwise Weight Assessment Ratio Analysis (M-SWARA), to define the relative importance of the factors. The Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and q-Rung Orthopair Fuzzy Soft Sets (q-ROFSs) are used to rank investment alternatives. Calculations were also made with Intuitionistic Fuzzy Sets (IFSs) and Pythagorean Fuzzy Sets (PFSs). For analysis, five evaluation criteria were selected based on the literature: frequency of maintenance, ease of installation, environmental adaptation, transmission technologies, and efficiency of cost. Similarly, six alternatives for microgeneration technology investments were selected: ground source heat pumps, micro hydroelectric power, micro combined heat and power, micro bioelectrochemical fuel cell systems, small-scale wind turbines, and photovoltaic systems. The results showed that cost efficiency was the most significant factor in the effectiveness of microgeneration energy investments, and the photovoltaic system was the best alternative to increase microgeneration energy technology investment performance. Furthermore, the results were the same for the analyses made with IFSs and PFSs, demonstrating the reliability of the proposed method. Therefore, investors in microgeneration technologies should prioritize photovoltaic systems. This conclusion is supported by the fact that photovoltaic is a renewable energy source that has witnessed the most technological improvements and cost reductions over the last decade.
Keywords: microgeneration technologies; energy investments; renewable energy sources; multi-criteria decision-making method (MCDM); multi stepwise weight assessment ratio analysis (M-SWARA); technique for order preference by similarity to ideal solution (TOPSIS) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:14:y:2022:i:10:p:6271-:d:820695
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