Analysis of the profitability of solar energy implementation as a determinant of sustainable economy
Keywords:
Sustainable economy, Solar panels, Renewable sources, Environmental protection
Abstract
At the beginning of the new millennium, the consumption of the natural resources and the size of the worlds' population become inversely correlated. The motive of this research is to confirm the influence of solar energy in the direction of implementing the strategy of sustainable development of countries. The aim of research is to calculate the consumption share of the household budget and the profitability of investing in the installation of renewable resources for electricity supply in Serbia. The results of the research confirm a significant reduction of the funds allocated for the supply of electricity through the installation of solar panels, while ensuring the return on investment in the extrapolation period. The research concludes that the use of renewable energy sources is a key determinant of sustainable development and protection of the natural environment. Namely, the transition to renewable energy sources provides financial and environmental benefits for the entire society.
References
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Zakon o korišćenju obnovljivih izvora energije, Sl. glasnik RS, br. 40, 2021., Republika Srbija
Asmelash, E., & Prakash, G. (2019). Future of Solar Photovoltaic: Deployment, investment, technology, grid integration and socio-economic aspects. International Renewable Energy Agency, Abu Dhabi, 1-73. Doi:
Azad, R., & Chakraborty, S. (2023). An Indian Green Deal: Greening our way out of the pandemic. Ecological Economics, 209, 107830. Doi: https://doi.org/10.1016/j.ecolecon.2023.107830
Chen, H. H., Kang, H. Y., & Lee, A. H. (2010). Strategic selection of suitable projects for hybrid solar-wind power generation systems. Renewable and Sustainable Energy Reviews, 14(1), 413-421. Doi: https://doi.org/10.1016/j.rser.2009.08.004
Chiaroni, D., Chiesa, V., Colasanti, L., Cucchiella, F., D’Adamo, I., & Frattini, F. (2014). Evaluating solar energy profitability: A focus on the role of self-consumption. Energy Conversion and Management, 88, 317-331. Doi: https://doi.org/10.1016/j.enconman.2014.08.044
Demirbas, A. (2005). Potential applications of renewable energy sources, biomass combustion problems in boiler power systems and combustion related environmental issues. Progress in energy and combustion science, 31(2), 171-192. Doi: https://doi.org/10.1016/j.pecs.2005.02.002
Đajić, N. (2019). Obnovljivi izvori energije za održivi razvoj sveta. Zbornik Međunarodnog kongresa o KGH, 35(1), 12-22. Link: https://www.izdanja.smeits.rs/index.php/kghk/article/view/5862
Evans, A., Strezov, V., & Evans, T. J. (2009). Assessment of sustainability indicators for renewable energy technologies. Renewable and sustainable energy reviews, 13(5), 1082-1088. Doi: https://doi.org/10.1016/j.rser.2008.03.008
Energy, W. (2014). The Socio-economic Benefits of Solar and Wind Energy.
Grgur, B. N. (2015). Alternativni izvori energije: principi konverzije i skladištenja, 1, Inženjeskor društvo za koroziju, Beograd
Galvin, R., & Healy, N. (2020). The Green New Deal in the United States: What it is and how to pay for it. Energy Research & Social Science, 67, 101529. Doi: https://doi.org/10.1016/j.erss.2020.101529
Holm D, Arch D. Renewable energy future for the developing world. Freiburg, Germany: International Solar Energy Society (ISES). White Paper; 2005. Doi: https://doi.org/10.1002/9783527673872.ch9
Higham, C., Setzer, J., Narulla, H., & Bradeen, E. (2023). Climate change law in Europe.
Huang, V. Y. (2022). Chinese Green Job Guarantee: A roadmap for sustainable prosperity. In Routledge Handbook on the Green New Deal (pp. 259-278). Routledge. ISBN: 9781003110880
Ilić S., Lepotić B. (2013): Izgradnja solarnih grejnih sistema u Republici Srbiji, 22; 24, Ministarstvo energetike, razvoja i zaštite životne sredine, Republika Srbija
IRENA (2024), Renewable energy statistics 2024, International Renewable Energy Agency, Abu Dhabi; Dostupno na: https://www.irena.org//media/Files/IRENA/Agency/Publication/2024/Jul/IRENA_Renewable_Energy_Statistics_2024.pdf
Khan, I., Hou, F., & Le, H. P. (2021). The impact of natural resources, energy consumption, and population growth on environmental quality: Fresh evidence from the United States of America. Science of the Total Environment, 754, 142222. Doi: https://doi.org/10.1016/j.scitotenv.2020.142222
Lee, J. H., & Woo, J. (2020). Green new deal policy of South Korea: Policy innovation for a sustainability transition. Sustainability, 12(23), 10191. Doi: https://doi.org/10.3390/su122310191
Molnar, D., Josipović, S., & Rikalović, M. (2023). The presence of circular (bio) economy in the environmental investment projects of the Western Balkan countries. Industrija, 51(3/4), 103-123. Doi: https://doi.org/10.5937/industrija51-49655
Milenković, D., & Stepanović, M. (2017). Javne politike Evropske unije i Republike Srbije u oblasti obnovljivih izvora energije i njihova praktična primena u Republici Srbiji. Administracija i javne politike, 7(1), 7-26. Doi: https://doi.org/10.22182/ajp.712017.1
Nikolic, I., & Filipović, S. (2020). How energy transition will affect electricity prices in Serbia?. Industrija, 48(1), 47-60. Doi: https://doi.org/10.5937/industrija48-25514
Palm, J. (2018). Household installation of solar panels–Motives and barriers in a 10-year perspective. Energy Policy, 113, 1-8. Doi: https://doi.org/10.1016/j.enpol.2017.10.047
Reljić, M. M., Mihić, M., & Cvijović, J. (2018). Comparative analysis of the use of renewable energy sources in selected countries. Industrija, 46(3). Doi: https://doi.org/10.5937/industrija46-19315
Stamenić Lj. (2009): Korišćenje solarne fotonaponske energije u Srbiji, 4, Jefferson institute, Beograd
Simon, F. (2019). EU Commission unveils ‘European Green Deal’: the key points. Retrieved October, 9, 2020.
Sonnenschein, J., & Mundaca, L. (2016). Decarbonization under green growth strategies? The case of South Korea. Journal of Cleaner Production, 123, 180-193. Doi: https://doi.org/10.1016/j.jclepro.2015.08.060
Victoria, M., Haegel, N., Peters, I. M., Sinton, R., Jäger-Waldau, A., del Canizo, C., ... & Smets, A. (2021). Solar photovoltaics is ready to power a sustainable future. Joule, 5(5), 1041-1056. Doi: https://doi.org/10.1016/j.joule.2021.03.005
Wang, X., Zhang, X., & Song, J. (2023). The analysis of solar energy investment, digital economy, and carbon emissions in China. Frontiers in Energy Research, 11, 1183857. Doi: https://doi.org/10.3389/fenrg.2023.1183857
Zakon o korišćenju obnovljivih izvora energije, Sl. glasnik RS, br. 40, 2021., Republika Srbija