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Identification and Analysis of Impact Factors on the Economic Feasibility of Photovoltaic Energy Investments

Author

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  • Rômulo de Oliveira Azevêdo

    (Department of Production Engineering, Federal University of Paraíba, João Pessoa, 58051-900 PB, Brazil)

  • Paulo Rotela Junior

    (Department of Production Engineering, Federal University of Paraíba, João Pessoa, 58051-900 PB, Brazil)

  • Luiz Célio Souza Rocha

    (Department of Management, Federal Institute of Education, Science and Technology, North of Minas Gerais, Almenara, 39900-000 MG, Brazil)

  • Gianfranco Chicco

    (Dipartimento Energia “Galileo Ferraris”, Politecnico di Torino, 10129 Torino, Italy)

  • Giancarlo Aquila

    (Institute of Production Engineering and Management, Federal University of Itajubá, Itajubá, 35903-087 MG, Brazil)

  • Rogério Santana Peruchi

    (Department of Production Engineering, Federal University of Paraíba, João Pessoa, 58051-900 PB, Brazil)

Abstract

The introduction of environmental impact targets around the world has highlighted the need to adopt alternative sources of energy, which can supply the demand and mitigate the damage caused to the environment. Solar energy is one of the main sources of alternative energy, and is considered an abundant source of clean energy. However, to facilitate and encourage investors interested in the installation of photovoltaic energy systems for electricity production, it is essential to evaluate the factors that impact the economic viability of the projects. Therefore, the objective of this research is to present a systematic analytical framework, in order to identify and analyze the main factors that impact the financial feasibility of projects for the installation of photovoltaic energy plants. For this purpose, a systematic literature review was carried out, analyzing the main studies related to the topic and identifying the main factors that may financially affect investments in photovoltaic energy systems. From this review, 29 influencing factors were identified and separated into five categories, namely, location, economic, political, climatic and environmental, and technical factors. The main factors highlighted are the investment cost, power generation, operation and maintenance costs, solar radiation, lifetime, energy tariff, efficiency, electricity consumption, and interest and taxes. The results may assist policy makers, investors, researchers, and other stakeholders to identify the key factors that are being examined in the literature, and to evaluate which ones should be considered in their study to ensure the sustainable development of power generation through the solar source.

Suggested Citation

  • Rômulo de Oliveira Azevêdo & Paulo Rotela Junior & Luiz Célio Souza Rocha & Gianfranco Chicco & Giancarlo Aquila & Rogério Santana Peruchi, 2020. "Identification and Analysis of Impact Factors on the Economic Feasibility of Photovoltaic Energy Investments," Sustainability, MDPI, vol. 12(17), pages 1-40, September.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:17:p:7173-:d:407866
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    2. Karel Janda & Eva Michalikova & Luiz Célio Souza Rocha & Paulo Rotella Junior & Barbora Schererova & David Zilberman, 2022. "Review of the Impact of Biofuels on U.S. Retail Gasoline Prices," Energies, MDPI, vol. 16(1), pages 1-21, December.
    3. McKenna, Russell & Pfenninger, Stefan & Heinrichs, Heidi & Schmidt, Johannes & Staffell, Iain & Bauer, Christian & Gruber, Katharina & Hahmann, Andrea N. & Jansen, Malte & Klingler, Michael & Landwehr, 2022. "High-resolution large-scale onshore wind energy assessments: A review of potential definitions, methodologies and future research needs," Renewable Energy, Elsevier, vol. 182(C), pages 659-684.
    4. de Doile, Gabriel Nasser Doyle & Rotella Junior, Paulo & Rocha, Luiz Célio Souza & Janda, Karel & Aquila, Giancarlo & Peruchi, Rogério Santana & Balestrassi, Pedro Paulo, 2022. "Feasibility of hybrid wind and photovoltaic distributed generation and battery energy storage systems under techno-economic regulation," Renewable Energy, Elsevier, vol. 195(C), pages 1310-1323.
    5. de Oliveira Pinto Coelho, Eden & Aquila, Giancarlo & Bonatto, Benedito Donizeti & Balestrassi, Pedro Paulo & de Oliveira Pamplona, Edson & Nakamura, Wilson Toshiro, 2021. "Regulatory impact of photovoltaic prosumer policies in Brazil based on a financial risk analysis," Utilities Policy, Elsevier, vol. 70(C).
    6. Gustavo Leite Gonçalves & Raphael Abrahão & Paulo Rotella Junior & Luiz Célio Souza Rocha, 2022. "Economic Feasibility of Conventional and Building-Integrated Photovoltaics Implementation in Brazil," Energies, MDPI, vol. 15(18), pages 1-16, September.
    7. Gabriel Nasser Doyle de Doile & Paulo Rotella Junior & Priscila França Gonzaga Carneiro & Rogério Santana Peruchi & Luiz Célio Souza Rocha & Karel Janda & Giancarlo Aquila, 2021. "Economic Feasibility of Photovoltaic Micro-Installations Connected to the Brazilian Distribution Grid in Light of Proposed Changes to Regulations," Energies, MDPI, vol. 14(6), pages 1-14, March.
    8. Anna Manuella Melo Nunes & Luiz Moreira Coelho Junior & Raphael Abrahão & Edvaldo Pereira Santos Júnior & Flávio José Simioni & Paulo Rotella Junior & Luiz Célio Souza Rocha, 2023. "Public Policies for Renewable Energy: A Review of the Perspectives for a Circular Economy," Energies, MDPI, vol. 16(1), pages 1-28, January.

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