Abstract
This paper investigates the determinants of solar photovoltaic (PV) deployment in the electricity mix for a panel of OECD and BRICS countries from 1997 to 2016 by paying particular attention to the impact of oil market conditions. Relying on a nonlinear, regime-switching specification, we show that rising oil prices stimulate PV deployment only if their growth rate exceeds 6.7% per annum. Although we find that various other determinants matter—with the influence of some of them depending on the situation on the oil market—public policies play a crucial role.
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