Over the past decade, different economic incentives have been created to increase investments in solar photovoltaics (PV). Although research outlines that investors in renewable electricity technologies (RET) are heterogeneous, policies have not taken this into account when designing subsidy programs. This paper aims to analyse the relationship between policy incentives and the willingness to invest in PV systems for different investor groups, including households, companies, associations, and public organizations. Using data from all applications to the capital subsidy program for PV in Sweden between 2009 and 2021, we analyse the impact of the subsidy level on investments over time. Our analysis shows that the subsidy has had a positively significant impact for households and private companies as investor groups. However, we also found that other variables have had a significantly positive or negative effect on the willingness to invest for different investor groups. This stresses the need of going from “one size fits all” policies to policies that better adapted to different investor characteristics. To meet the urgent need to accelerate the diffusion of RETs, our results show the impact of investor heterogeneity on policy responsiveness and provide avenues for the design of targeted policies.

中文翻译：

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太阳能光伏补贴随时间推移对投资的影响——以瑞典为例

在过去的十年中，已经制定了不同的经济激励措施来增加对太阳能光伏发电（PV）的投资。尽管研究表明，可再生电力技术（RET）的投资者具有多样性，但政策在设计补贴计划时并未考虑到这一点。本文旨在分析不同投资者群体（包括家庭、公司、协会和公共组织）的政策激励与投资光伏系统的意愿之间的关系。我们利用 2009 年至 2021 年间瑞典光伏资本补贴计划的所有申请数据，分析了补贴水平随时间推移对投资的影响。我们的分析表明，补贴对家庭和私营企业作为投资者群体产生了积极的显着影响。然而，我们也发现其他变量对不同投资者群体的投资意愿产生显着的正向或负向影响。这强调需要从“一刀切”的政策转向更好地适应不同投资者特征的政策。为了满足加速可再生能源技术推广的迫切需要，我们的研究结果显示了投资者异质性对政策响应能力的影响，并为有针对性的政策设计提供了途径。