R&D programs for wave energy in Spain: A contingent valuation application with multiple bounded uncertainty

The development of wave energy is currently at the prototype stage, and it is possible that public funding may be required in order to facilitate its effective advancement. The majority of the general public shows a lack of knowledge regarding this specific offshore energy. This study employs a contingent valuation approach to assess the willingness of a representative sample of 2556 Spanish citizens to finance new research and development programs on wave energy. The results demonstrate a minimum willingness to pay (WTP) of €0.86 per month. Attending to different uncertainty considerations, there is a substantial variability in WTP estimates. Differences can be attributed to the limited knowledge surrounding this renewable energy source and the high uncertainty in WTP responses. There are also observed significant statistical differences depending on the manner in which the payment timeframe is presented. By employing the most conservative estimates as a reference point, the change in aggregate well-being could exceed 194 million euros per year. This figure provides a clear indication for policymakers on the social support for programs aimed at promoting and developing wave energy in Spain.