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Understanding the risk perception of energy efficiency investments : Investment perspective vs. energy bill perspective

Title data

Rockstuhl, Sebastian ; Wenninger, Simon ; Wiethe, Christian ; Häckel, Björn:
Understanding the risk perception of energy efficiency investments : Investment perspective vs. energy bill perspective.
In: Energy Policy. Vol. 159 (2021) . - No. 112616.
ISSN 0301-4215
DOI: https://doi.org/10.1016/j.enpol.2021.112616

Official URL: Volltext

Project information

Project title:
Project's official titleProject's id
Projektgruppe WI Digital Value NetworkNo information

Abstract in another language

Energy efficiency is seen as a key element for sustainable societies necessary to avert climate change. Literature analyzing risk connected to energy efficiency finishes with two different conclusions. First, investment risk, caused by volatile future energy bill savings, is a key barrier for energy efficiency investments. Second, studies argue that energy efficiency is risk mitigating by reducing energy price exposure and therefore the volatility of future energy bills. We call these perspectives on risk connected to energy efficiency the investment perspective and the energy bill perspective. Based on Bernoulli's utility theory we formulate a mathematical model to compare both perspectives and show how the perspectives influence decision-making. We evaluate this model using a case study of the German housing retrofitting market and show how individuals invest more in energy efficiency when evaluating from the energy bill perspective. With this work, we bring together existing studies on risk connected to energy efficiency to enable effective environmental policy and show new perspectives on future energy efficiency research.

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Faculties
Faculties > Faculty of Law, Business and Economics
Result of work at the UBT: No
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 20 Oct 2021 07:43
Last Modified: 02 Nov 2021 10:02
URI: https://eref.uni-bayreuth.de/id/eprint/67396