What drives the adoption of green energy technologies in Slovenian SMEs

Hrovatin, Nevenka (author), Dolšak, Janez (author), Zorić, Jelena (author)

Green energy technologies are crucial for sustainable development, particularly in small and medium-sized enterprises (SMEs). In SMEs, these investments predominantly involve energy efficiency (EE) and renewable energy (RE) technologies. Despite their importance, research on SMEs’ environmental behaviour is limited, often focusing on large corpora- tions instead. This study investigates the internal and external determinants influencing Slovenian SMEs’ decisions to invest in EE and RE technologies. Using a cross-sectional sample of SMEs from the Slovenian Business Register and data from a self-administered survey conducted in 2020, we estimate separate pro- bit models for investments in EE and RE, and a joint model for investments in green energy technologies (GEI), looking for the complementarities in determi- nants of both investment types. Key findings indicate that ownership of premises, investment in R&D, and having a dedicated energy manager are significant positive predictors of GEI. Energy audits and advice also positively influence EE and RE investments. A novel finding is that higher indebtedness (debt ratio) is positively associated with RE investment, while not affecting EE, consistent with greater use of external financing for RE. The study underscores the critical role of SMEs in the EU’s green energy transition and highlights the importance of asset ownership, innova- tiveness among technology push factors, and proactive energy management practices in driving GEI. These insights can inform policymakers and business leaders aiming to enhance the adoption of sustainable energy practices among SMEs by promoting voluntary energy networks for peer learning, encouraging the appoint- ment of dedicated energy managers, through aware- ness campaigns, and considering financial incentives to support energy-related initiatives.

• Language: English
• Keywords: energetics, SMEs, energy economics, energy efficiency, Slovenia, green technologies investments, renewable energy, Probit model
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: EF - School of Economics and Business
• Publication status: Published
• Publication version: Version of Record
• Year: 2026
• Number of pages: 20 str.
• Numbering: Vol. 19, article no. ǂ41
• PID: 20.500.12556/RUL-184414
• UDC: 620.9
• ISSN on article: 1570-646X
• DOI: 10.1007/s12053-026-10442-5
• COBISS.SI-ID: 281614851
• Publication date in RUL: 06.07.2026

Record is a part of a journal

• Title: Energy efficiency
• Publisher: Springer
• ISSN: 1570-646X
• COBISS.SI-ID: 517393945

Licences

• License: CC BY 4.0, Creative Commons Attribution 4.0 International
• Link: http://creativecommons.org/licenses/by/4.0/
• Description: This is the standard Creative Commons license that gives others maximum freedom to do what they want with the work as long as they credit the author.

Secondary language

• Language: Slovenian
• Keywords: energetika, majhna in srednja podjetja, energetska ekonomika, energetska učinkovitost, Slovenija