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Demand correlation and PV solar panel investment

Author

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  • Burlinson, Andrew
  • Lam, Wing Man Wynne

Abstract

The globe is entering an age of electricity, with renewable sources at the forefront of growth in investment in the transition. This study takes a novel step by theoretically and empirically contributing to our understanding of how investment in residential solar photovoltaics (PV) increases with demand correlation, and the extent to which this relationship is shaped by demand uncertainty. We bring together a unique dataset of relevant information about solar PV investment and electricity demand in GB between 2015 and 2020. This allows us to test our theoretical predictions and empirically show that (i) households invest more when demand correlation increases and that (ii) this relationship is amplified when demand is uncertain.

Suggested Citation

  • Burlinson, Andrew & Lam, Wing Man Wynne, 2026. "Demand correlation and PV solar panel investment," Energy, Elsevier, vol. 348(C).
    • Handle: RePEc:eee:energy:v:348:y:2026:i:c:s0360544226007280
    DOI: 10.1016/j.energy.2026.140625
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    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

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