A stated preference analysis of smart meters, photovoltaic generation, and electric vehicles in Japan: Implications for penetration and GHG reduction

Smart grids have recently received considerable attention in many countries. One emerging issue is the diffusion process of smart equipment, such as smart meters, photovoltaic generation, and electric/hybrid electric vehicles. However, since the revealed preference data have not been accumulated for smart equipment diffusion, this paper conducts a conjoint analysis to examine consumers' stated preferences on the basis of a large-scale survey administered in Japan. A mixed logit model that allows for individual heterogeneity is used for estimation, and willingness-to-pay (WTP) values are calculated for the attributes of smart equipment. Furthermore, the expected penetration rates of smart equipment and potential for reductions in greenhouse gas (GHG) emissions are investigated.