Behavioral Aspects of Investments in Renewable Energy Sources on the Example of Podkarpackie Province

Abstract

Abstract Subject and purpose of work: The subject of the study consists of the biasess made when investing in photovoltaic panels. The purpose of the study is to identify biasess associated with investing in renewable energy sources. Materials and methods: Data from a survey conducted among owners of photovoltaic installations in Subcarpathia were used. The literature has identified papers on factors other than behavioral errors affecting investments in photovoltaic panels. Results: Respondents succumbed to the anchoring effect, the error of positive retrospection, information bias, choice-supportive bias and framing bias when deciding to invest in photovoltaic panels. Conclusions: The research conducted makes it possible to confirm that people’s behavior while investing is influenced by non-economic factors. Knowledge of behavioral biases can allow one to calibrate financial incentives in order to influence customers more effectively.