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A Study on Determinants of Photovoltaic Energy Growth: Panel Data Regression with Autoregressive Disturbance

태양광 보급의 결정요인 연구: 자기상관 패널데이터 분석

Kwangsu Kim1
,
Jinsoo Choi1
,
Yongbeum Yoon1
,
Soojin Park1*
김 광수1
,
최 진수1
,
윤 용범1
,
박 수진1*
1Department of Energy Policy and Engineering, KEPCO International Nuclear Graduate School, Ulsan, 45014, Korea
1에너지정책학과, 한국전력국제원자력대학원대학교, 울산광역시, 45014
*Corresponding Author
31 March 2022. pp. 6-15
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Abstract

Climate change is among the most important issues facing mankind in modern society. However, global PV energy expansion has been driven mainly by OECD countries. We investigate the determinants of PV energy growth by panel data of selected OECD countries from 1991 to 2018. We investigate four categories of driving factors: socioeconomic, technological, country specific, and policy factors. The test results support that PV capacity growth is significantly driven by technology development and multidimensional environment policy factors. Socioeconomic factors such as CO2, GDP, and electricity price are statistically significant on the growth of PV energy, too. Whereas, country-specific solar potential factor is the least related. As most of the socioeconomic factors are exogenous, we need to focus more on PV technology development and policy measures.

Keywords
Photovoltaic energy
panel data
autoregressive disturbance
Fixed effects model
Random effects model
EPS Index
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Information
  • Publisher :Korea Photovoltaic Society
  • Publisher(Ko) :한국태양광발전학회
  • Journal Title :Current Photovoltaic Research
  • Volume : 10
  • No :1
  • Pages :6-15
  • Received Date : 2022-02-24
  • Revised Date : 2022-03-16
  • Accepted Date : 2022-03-17
  • DOI :https://doi.org/10.21218/CPR.2022.10.1.006
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