{"id":3876,"date":"2021-06-12T16:43:32","date_gmt":"2021-06-12T08:43:32","guid":{"rendered":"https:\/\/www.ukm.my\/jem\/?post_type=article&#038;p=3876"},"modified":"2021-09-09T12:29:58","modified_gmt":"2021-09-09T04:29:58","slug":"willingness-to-pay-for-renewable-energy-evidence-from-malaysians-households","status":"publish","type":"article","link":"https:\/\/www.ukm.my\/jem\/article\/willingness-to-pay-for-renewable-energy-evidence-from-malaysians-households\/","title":{"rendered":"Willingness to Pay for Renewable Energy: Evidence from Malaysian\u2019s Households"},"content":{"rendered":"<p><span class=\"fontstyle0\">The growing consumption of fossil energy fuels that is linked with climate change and quality of life has pushed renewable energy development into the centre of debate on energy security. Renewable energy has become a top priority for the governments in most countries due to its distinctive features of a cleaner energy source. Despite Malaysia\u2019s effort to encourage the various forms of renewable energy (<\/span><span class=\"fontstyle0\">RE<\/span><span class=\"fontstyle0\">), the total amount of <\/span><span class=\"fontstyle0\">RE <\/span><span class=\"fontstyle0\">is still very low. Moreover, difficulties arise as the energy supply is highly related to the general wellbeing of the individuals and societies. As such, exploring the consumer\u2019s willingness for <\/span><span class=\"fontstyle0\">RE <\/span><span class=\"fontstyle0\">has become vital as this new knowledge can be used by the government to promote long run <\/span><span class=\"fontstyle0\">RE <\/span><span class=\"fontstyle0\">consumption. This study attempts to investigate consumers\u2019<\/span><span class=\"fontstyle0\">WTP <\/span><span class=\"fontstyle0\">for <\/span><span class=\"fontstyle0\">RE <\/span><span class=\"fontstyle0\">sources and discover other factors of <\/span><span class=\"fontstyle0\">WTP <\/span><span class=\"fontstyle0\">with special attention to Malaysia setting. By employing a contingent valuation method (<\/span><span class=\"fontstyle0\">CVM<\/span><span class=\"fontstyle0\">), the findings reveal that the willingness to pay (<\/span><span class=\"fontstyle0\">WTP<\/span><span class=\"fontstyle0\">) for <\/span><span class=\"fontstyle0\">RE <\/span><span class=\"fontstyle0\">is significantly related to the proposed bid price and household income. The results also indicate that consumer on average is willing to pay about <\/span><span class=\"fontstyle0\">RM<\/span><span class=\"fontstyle0\">3.22 (<\/span><span class=\"fontstyle0\">USD<\/span><span class=\"fontstyle0\">0.82) per month for the Renewable Energy Fund. This micro-level investigation can be a useful framework in organising information on how consumers are willing to contribute towards the development of <\/span><span class=\"fontstyle0\">RE <\/span><span class=\"fontstyle0\">in Malaysia.<\/span><\/p>\n","protected":false},"template":"","tags":[522,53,521,520,498],"jel-code":[],"article-type":[1329],"class_list":["entry","author-jem","post-3876","article","type-article","status-publish","tag-contingent-valuation","tag-malaysia","tag-renewable-energy","tag-renewable-energy-fund","tag-willingness-to-pay","article-type-normal-article"],"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/3876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/types\/article"}],"version-history":[{"count":2,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/3876\/revisions"}],"predecessor-version":[{"id":6429,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article\/3876\/revisions\/6429"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/media?parent=3876"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/tags?post=3876"},{"taxonomy":"jel-code","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/jel-code?post=3876"},{"taxonomy":"article-type","embeddable":true,"href":"https:\/\/www.ukm.my\/jem\/wp-json\/wp\/v2\/article-type?post=3876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}