Abstract
The aim of the manuscript was to present the collective results of research on the profitability of using various renewable sources in Poland with the greatest development potential. In the paper, the economic parameters of various investment projects were determined and calculated, i.e., Net Capital Value (NPV), Internal Rate of Return (IRR) and the Period of Return on Invested Capital (PBT). The economic assessment of the use of RES technologies was supplemented with the assessment of environmental benefits. The ecological criterion adopted in the study was the assessment of the potential and costs of reducing greenhouse gas emissions as a result of replacing fossil fuels with renewable energy technologies. On the basis of the constructed economic model to assess the profitability of investments, it has been shown that the analyzed projects will start to bring, depending on their type and technical specification, measurable economic benefits in the form of a reduction in the amount of energy purchased on an annual basis and environmental benefits in the form of reduction of carbon dioxide emissions to the atmosphere. Moreover, the calculations show a high potential for the use of certain renewable sources in Poland, which contributes to the fulfillment of energy and emission obligations towards the EU. The analyzes and research of the Polish energy market with the use of the presented models have shown that the project is fully economically justified and will allow investors to make a rational decision on the appropriate selection of a specific renewable energy source for their investment. The presented economic models to assess the profitability of investments in renewable energy sources can be successfully used in other countries and can also be a starting point for a discussion about the direction of energy development. Due to the lack of collective, original and up-to-date research on the domestic market, the manuscript provides the reader with the necessary knowledge regarding the legitimacy of using renewable energy sources, investment and environmental profitability.
Highlights
The work is of a research and analytical nature, which is devoted to the assessment of the economic efficiency of renewable energy technologies (RES) and the assessment of the environmental benefits of using these technologies
The ecological evaluation criterion adopted in the study was the assessment of the potential and costs of reducing greenhouse gas emissions as a result of replacing fossil fuels with renewable energy technologies
The investment may take into account the costs avoided related to alternative waste management or expenses related to the development of small water retention
Summary
Environmental fossil fuels were the source of as much as 83% of the energy consumed in Poland in 2020 This value is five times greater than the value of energy obtained from RES. It is worth noting that in 2020 Poland was one of the largest coal producers in Europe, which entails numerous negative effects on our planet, including contribution to the ozone hole, biological life imbalance, soil and air pollution [6,7,8,9,10]. This is one of the reasons why the air in Poland is one of the most polluted in Europe. The overarching goal of the EU is to achieve 32% of energy from renewable sources by the end of 2030 and to reduce greenhouse gas emissions from 40%
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