Energy Reports (Nov 2023)
Assessment of the conditions for the development of the photovoltaic investment in the countries of the Visegrad Group – Comparative study of the researched countries
Abstract
This paper presents the most important directions of contemporary changes taking place and their conditions on the solar energy market in the Visegrad Group countries. The aim of the article was to identify the factors influencing the development of solar energy in the V4 and assess their impact over the period of 2010–2018. In addition, presents changes in the photovoltaic market. The development of this field of energy is to, on the one hand, ensure the right amount of energy, and, minimize the negative impact on the natural environment, on the other. Such an approach is particularly important energy security and counteracting climate change contributing to significant economic losses. The development of solar energy systems is uneven, particularly in countries with similar economic and social conditions. The dynamic panel model using the generalized method of moments was applied. The changes occurring in this market showed a high variability of dependencies and the necessity of continuous monitoring of the transformations and effects of the policy pursued. The study points to the importance of economic conditions, in particular subsidies for investors, economic growth and the development of renewable energy sources in stimulating the development of solar energy. It showed the sense of ensuring a stable path of economic growth. The role of subsidies, often used in this market, is ambiguous and their effects are spread over time and show different directions of impact in particular time intervals. The article allows for a better understanding of the conditions for the development of photovoltaic investments, so that in the future photovoltaics can become a global source of energy. The results provide valuable information for shaping policies aimed at increasing the use of renewable energy sources. The research showed the great significance importance for the implementation of the development in accordance with the microeconomic model.
