Economic Efficiency of Renewable Energy Investments in Photovoltaic Projects: A Regression Analysis

Adem Akbulut, Marcin Niemiec, Kubilay Taşdelen, Leyla Akbulut, Monika Komorowska, Atılgan Atılgan, Ahmet Coşgun, Małgorzata Okręglicka, Kamil Wiktor (), Oksana Povstyn and Maria Urbaniec
Additional contact information
Adem Akbulut: Energy Management and Sustainability Coordination, Alanya Alaaddin Keykubat University, 07425 Alanya, Turkey
Marcin Niemiec: Department of Agricultural and Environmental Chemistry, Faculty of Agriculture and Economics, University of Agriculture in Krakow, 31-120 Krakow, Poland
Kubilay Taşdelen: Department of Electrical-Electronics Engineering, Faculty of Technology, Isparta University of Applied Sciences, 32200 Isparta, Turkey
Leyla Akbulut: Department of Electric and Energy, Akseki Vocational School, Alanya Alaaddin Keykubat University, 07630 Alanya, Turkey
Monika Komorowska: Department of Agricultural and Environmental Chemistry, Faculty of Agriculture and Economics, University of Agriculture in Krakow, 31-120 Krakow, Poland
Atılgan Atılgan: Department of Biosystem Engineering, Faculty of Engineering, Alanya Alaaddin Keykubat University, 07425 Alanya, Turkey
Ahmet Coşgun: Department of Mechanical Engineering, Faculty of Engineering, Akdeniz University, 07058 Antalya, Turkey
Małgorzata Okręglicka: Department of Economics, Investments and Real Estate, Faculty of Management, Czestochowa University of Technology, 42-201 Częstochowa, Poland
Kamil Wiktor: AGH University of Krakow, Faculty of Management, Department of Applications of Mathematics in Economics, 30-067 Krakow, Poland
Oksana Povstyn: AGH University of Krakow, Faculty of Management, Department of Applications of Mathematics in Economics, 30-067 Krakow, Poland
Maria Urbaniec: Department of Entrepreneurship and Innovation, Krakow University of Economics, 31-510 Krakow, Poland

Energies, 2025, vol. 18, issue 14, 1-17

Abstract: Energy Performance Contracts (EPC) are performance-based financing mechanisms designed to improve energy efficiency and support renewable energy adoption in the public sector. This study examines the economic efficiency of a 1710.72 kWp solar power plant (SPP), implemented under an EPC at Alanya Alaaddin Keykubat University, using a regression-based analysis. The model evaluates the effects of solar radiation, investment cost, and electricity sales price on unit production cost, and its predictions were compared with actual production data. Results show the system exceeded the EPC contract target by 16.2%, producing 2,423,472.28 kWh in its first year and preventing 1168.64 tons of CO 2 emissions. The developed multiple linear regression model achieved a predictive error margin of 14.7%, confirming its validity. This study highlights the technical, economic, and environmental benefits of EPC applications in Türkiye’s public institutions and offers a practical decision-support framework for policymakers. The novelty lies in integrating a regression model with operational data and providing a comparative assessment of planned, predicted, and actual outcomes.

Keywords: energy performance contracts; solar power plant; economic analysis; regression model; energy efficiency; investment feasibility (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2025
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