Perceived barriers to invest in renewable energy sources in the Cretan hotel industry

Abstract

ABSTRACTThe paper aims to describe which barriers are encountered within the hotel sector with regards to implementing the use of renewable energy sources (RES) taking into account their expenses on energy as well as annual profits. The empirical analysis is based on binary logistic regression models employing data that influence hoteliers’ decision for investing in RES. Results support that hoteliers consider economic, institutional and human-related factors as barriers for investing on RES. Policy-makers should consider that perceived barriers towards adopting RES differ between hotels with differing financial and energy performances. These variations are very important to consider in order to effectively address the barriers preventing the diffusion of renewable energy sources so as to reduce the impact of the hotel industry in environmental degradation attributed to energy consumption.