An Investigation of Factors Affecting the Willingness to Invest in Renewables among Environmental Students: A Logistic Regression Approach

Renewable energy sources (RES) have gained increased popularity across the world mainly due to their ability to contribute to environmental protection through the generation of infinite ‘clean’ energy. To achieve a greater diffusion of renewables, however, small-scale investments implemented by individuals are critically important. In contrast to citizens whose attitudes have been consistently explored by research, there is little evidence on the attitudes towards investments among environmental students who will occupy positions of responsibility and play key roles in the environmental sector in the future. Hence, the purpose of the present study is to identify the most important factors that affect environmental students’ willingness to invest in renewable energy (RE) by developing a logistic regression model. According to our analysis, the participants in their majority expressed their willingness to invest, while environmental values, the low risk and profitability of renewable investments, as well as preferences for certain energy types were significant factors determining this willingness. However, willingness to invest was irrespective of the current taxation and subsidies, suggesting that significant improvements are required in these areas. The present study could be particularly useful for policymakers since the necessary steps to create favorable investment environments in Greece and elsewhere are highlighted.