УДК: 339.9:620.91
DOI: https://doi.org/10.36887/2415-8453-2023-4-4
JEL classification: N70; O13; Q40
The paper reveals the relevance of solar energy development in the modern world. Attention is focused on the fact that solar energy increases its potential yearly. It was determined that China, India, Japan, the USA, Germany, Spain, and Australia play the primary role in increasing the volume of electricity generation from SPPs worldwide. The prominent leaders in the development of solar energy in the world are two countries: China and the USA. The hypothesis about the potential impact of such factors as the demand for electricity and the level of economic development of a particular region, expressed by the gross domestic product per capita, has been confirmed. Correlation analysis showed a positive linear relationship between the volume of electricity generation from SPPs and indicators such as GDP per capita and electricity demand. A panel regression calculated in the Rstudio environment of the dependence of the development of solar energy on the demand for electricity and the level of economic development among the TOP 7 countries – the leaders of the development of solar energy in the world showed that an increase in GDP per capita by 1 USD. USA leads to an increase in electricity generation from SPPs by 0.00155 TWh*h; an increase in demand for electricity by 1 TWh leads to an increase in electricity generation from SPPs by 0.04188 TWh. The obtained result suggests that each additional unit of electricity demand is satisfied on average by only 4.19% due to solar energy. A comparison of the marginal coefficients of the two explanatory factors shows that electricity demand is a much more influential determinant of solar energy development than the country’s economic development level. It is highlighted that solar energy development will be determined in the future by increasing solar panels’ efficiency and service life, making solar energy more attractive for the civilian population and low-power military autonomous systems.
Keywords: alternative energy supply, renewable energy, solar energy, solar energy development factors, economic efficiency of alternative energy.
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The article was received 05.09.2023