Generating a framework to facilitate decision making in renewable energy investments
Beliz Ozorhon,
Arda Batmaz and
Semih Caglayan
Renewable and Sustainable Energy Reviews, 2018, vol. 95, issue C, 217-226
Abstract:
The role of energy sector is quite crucial due to its economic, social, and political implications. World energy consumption has increased significantly with the growth of world population and gross domestic product throughout the history. There has been considerable increase in the renewable energy investments recently. However, conventional fossil fuels are still the primary source of energy generation of the world. The major objective of this study is to create a framework to support decision making process in renewable energy investments. For this purpose, main criteria that influence the decisions of the investors are determined based on an extensive literature survey and investigation of sector practice. The relevant criteria are categorized under three groups as technical, economic, and environmental & social. Then, interrelations between the criteria are identified and analytic network process method is applied to obtain the importance weights. Based on the findings of this research, economic criteria such as policies and regulations, availability of funds, and investment cost are found to be the most significant factors in the decision process of renewable energy investments. Research findings are expected to help (i) the investors assess the competencies of their investments and (ii) the governments shape their policies in line with the needs of renewable energy investments in order to increase the use of renewable energy.
Keywords: Renewable energy; Investment decision making; Analytic network process (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032118305434
Full text for ScienceDirect subscribers only
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:rensus:v:95:y:2018:i:c:p:217-226
Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic
DOI: 10.1016/j.rser.2018.07.035
Access Statistics for this article
Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski
More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().