Factors determining people’s use of renewable energy

Nguyen Thi My Na *

Faculty of Electrical and Electronic Engineering, Nha Trang College of Technology, N1 Road, North Hon Ong Training and Vocational School Area, Phuoc Dong, Nha Trang, Khanh Hoa, Vietnam.
 
Review
International Journal of Science and Research Archive, 2024, 11(02), 1761–1764.
Article DOI: 10.30574/ijsra.2024.11.2.0668
 
Publication history: 
Received on 05 March 2024; revised on 17 April 2024; accepted on 20 April 2024
 
Abstract: 
Although awareness and preference for renewable energy is increasing, users still pay higher prices for renewable energy than for fossil fuels. Therefore, assessing renewable energy demand is necessary to find new opportunities and drivers from buyers in the upcoming flexible and competitive energy market in the context of social and environmental responsibility to enhance consumer market. A clear trend is taking place among electricity users and small-scale electricity generation investors. The development of decentralization in global power production and distribution is also quite similar to this trend. Although many of these studies have noted this trend, there are still limitations that have not been further clarified. One thing to note is that when people invest in renewable energy to make a profit, there may be some risks due to the incomplete legal and technical framework. For example, investors can ignore strict infrastructure standards, use cheap, low quality products or the ability to reduce subsidies and replace them with more market prices; Or they can aim to make a profit immediately. Therefore, people must pay attention and understand their intention to use renewable energy. This reduces business risk by supporting the development of financial and investment solutions for citizens. At the same time, setting standards and establishing a comprehensive communication plan will provide the basis and tools for the sustainable and effective development of renewable energy by the people.
 
Keywords: 
Renewable energy; Intention to use renewable energy; Khanh Hoa Province
 
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