Explaining Willingness to Pay for Solar Panels in Finland

Abstract

This manuscript investigates the role of the preventive quality of photovoltaic (PV) systems in willingness to pay (WTP). We build on existing studies to investigate which factors influence WTP behavior through a survey with 284 respondents in Finland. We find that higher WTP is associated with higher concerns for preventing emissions and climate change, the need for more public talk on environmental issues, and an overall favorable attitude towards PV technologies. Since WTP behavior concerning PV panels is highly context-specific, we discuss our findings with earlier WTP studies of different contexts and provide future research avenues.