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

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Listed:
  • 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)

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.

Suggested Citation

  • Adem Akbulut & Marcin Niemiec & Kubilay Taşdelen & Leyla Akbulut & Monika Komorowska & Atılgan Atılgan & Ahmet Coşgun & Małgorzata Okręglicka & Kamil Wiktor & Oksana Povstyn & Maria Urbaniec, 2025. "Economic Efficiency of Renewable Energy Investments in Photovoltaic Projects: A Regression Analysis," Energies, MDPI, vol. 18(14), pages 1-17, July.
    • Handle: RePEc:gam:jeners:v:18:y:2025:i:14:p:3869-:d:1706049
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