Possibilities for wider investment in solar energy implementation

Highlights: • This holistic study covers technology, economics, regulations, and sustainability. • A multidimensional linear regression model is developed and tested. • Levelised cost of electricity is considered in economic analysis. • Attitudes of citizens and experts are examined with questionnaire and interviews. • Solar energy should and can be more widely used for electricity production. -- Abstract: Installing of new solar capacities for electricity production has slowed down worldwide. To explore this trend, to assess opportunities for implementing solar potential, and to determine whether wider investment in solar capacities is possible, a comprehensive model is developed and applied to 28 EU countries and Serbia. Holistic "triangulation" approach encompasses a correlational multidimensional model, an economic analysis, and societal perspective. First, in a linear regression analysis, number and types of massive input variables were adjusted to maximize the level of explanation of the phenomenon and the significance of the input variables. Calculating 255 combinations of eight types of input data for four years, possible production of solar electricity in the 29 countries was quantified. Calculated results were subjected to complex analyses of sensitivity. Second, the balance between the production cost and market price of solar electricity was analyzed by the economic method of Levelised Cost of Electricity. Third, questionnaires and interviews revealed public opinion and expert opinion. Discussion of current situation and positive practice internationally and in Serbia covers regulatory, financial, and economic aspects, including an assessment of investment risks. In conclusion, interests and opportunities favour wider implementation of solar energy facilities for clean and renewable production of electricity.