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The diffusion of microgeneration technologies – assessing the influence of perceived product characteristics on home owners' willingness to pay

Claudy, Marius C. ; Michelsen, Claus ; O’Driscoll, Aidan

Energy policy, 2011-03, Vol.39 (3), p.1459-1469 [Periódico revisado por pares]

Kidlington: Elsevier Ltd

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  • Título:
    The diffusion of microgeneration technologies – assessing the influence of perceived product characteristics on home owners' willingness to pay
  • Autor: Claudy, Marius C. ; Michelsen, Claus ; O’Driscoll, Aidan
  • Assuntos: Applied sciences ; Clean technology ; Consumers ; Diffusion ; Diffusion Microgeneration technologies Willingness to pay ; Economic data ; Energy ; Energy economics ; Energy policy ; Energy resources ; Exact sciences and technology ; General, economic and professional studies ; Homeowners ; Households ; Influence ; Innovation ; Ireland ; Markets ; Microgeneration technologies ; Natural energy ; Natural resources ; New technology ; Pellets ; Perception ; Perceptions ; Policy making ; Power generation ; Product quality ; Renewable energy sources ; Studies ; Technology ; Water ; Water heaters ; Willingness to pay ; Wind turbines ; Wood
  • É parte de: Energy policy, 2011-03, Vol.39 (3), p.1459-1469
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  • Descrição: This study presents empirical insight into willingness to pay (WTP) for microgeneration technologies and the relative influence of subjective consumer perceptions. First, we apply a double-bounded contingent valuation method to elicit Irish home owners' WTP for micro wind turbines, wood pellet boilers, solar panels and solar water heaters. Utilizing findings from the adoption of innovation literature, in a second step we assess the influence of antecedents on WTP for each of the four technologies, including (1) home owners' perception of product characteristics, (2) normative influences and (3) sociodemographic characteristics. Our results show that WTP varies significantly among the four technologies. More importantly, however, home owners hold different beliefs about the respective technologies, which significantly influence their WTP. The results provide valuable information for marketers and policy makers aiming to promote microgeneration technologies more effectively in consumer markets. ► This study presents empirical insight into Irish home owners' willingness to pay (WTP) for microgeneration technologies and the relative influence of subjective consumer perceptions. ► The findings presented in this study clearly show that a major reason for the slow uptake is home owners' WTP, which is significantly below market prices. WTP for solar water heaters, which matches current sales figures in Ireland, is the only exception. ► In this context, public policy in the form of financial incentives such as grant aid or tax incentives can be very costly and might not provide a viable support mechanism for policy makers who aim to promote the diffusion of microgeneration. ► However, the results also suggest that home owners' WTP is not solely based on rational financial reasoning but is also influenced by people's subjective perception of the technologies' characteristics. ► The findings can be used by marketers and policy makers to design alternative and more market-based support mechanism (e.g., consumer finance or leasing and fee-for-service models), which might prove more feasible solutions to promote microgeneration.
  • Editor: Kidlington: Elsevier Ltd
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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