ECONOMIC EVALUATION OF SOLAR ENERGY INVESTMENTS IN YOZGAT ORGANIZED INDUSTRIAL ZONE: EVIDENCE FROM FIRM-LEVEL DATA

It is seen that solar energy investments increase the profitability of companies from a microeconomic perspective, especially in organized industrial zones. In addition, by reducing the use of fossil fuels, it helps reduce carbon emissions and thus reduce the carbon footprint of companies. Environmentally viable solar panel investments also contribute to energy economy and energy supply security by reducing dependency on energy imports. As a matter of fact, when making an investment decision for a company that aims to maximize profits, the initial cost of the investment and the payback period are important as well as sustainability. The study aims to calculate the payback period of solar panel investments of 11 companies operating in Yozgat Organized Industrial Zone and to investigate the factors affecting the payback period through panel data analysis. While the analysis findings reveal that solar panel investments are economical for companies, the average return on investment period varies between 3 and 5 years. Additionally, companies save 35% to 60% on electricity costs. It has been observed that the amount of electricity produced and the changes in unit prices of electricity have significant effects on the payback period of the investment.