Estimating willingness to pay for renewable energy in South Korea using the contingent valuation method

Chul-Yong Lee and Hyejin Heo

Energy Policy, 2016, vol. 94, issue C, 150-156

Abstract: The importance of renewable energy as a response to climate change is universally acknowledged. However, its successful implementation requires public approval and cooperation. This study aims to identify the level of renewable energy acceptance in Korea by estimating Korean consumers’ additional willingness to pay (WTP) using the contingent valuation (CV) method, which is the most widely used to analyze consumer preferences. The estimation results indicate that Korean consumers are willing to pay an additional USD 3.21 per month for electricity generated with renewable energy. However, WTP in Korea is low relative to other advanced nations, indicating that these values could be influenced through policies aimed at improving knowledge and acceptance of renewable energy sources among Korean consumers.

Keywords: Renewable energy sources; Willingness to pay; Contingent valuation (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (65)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:94:y:2016:i:c:p:150-156

DOI: 10.1016/j.enpol.2016.03.051

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