Investimento em energia fotovoltaica no meio rural: uma análise econômico-financeira com os métodos tradicionais e a teoria de opções reais

Abstract

The growing demand for electricity, combined with the need to diversify the energy matrix and the search for alternative sources, has driven the adoption of photovoltaic energy in rural areas. In this context, this study aims to analyze the economic and financial feasibility of implementing a solar photovoltaic system in a dairy-producing rural property, using both traditional investment evaluation methods and the Real Options Theory approach through the expanded Net Present Value (NPV). To achieve this, traditional investment appraisal methods, such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback, are applied, combined with the Real Options Theory approach, which allows for the incorporation of managerial flexibility and project-related uncertainties. The methodology is based on a quantitative analysis applied to a case study, using data on energy consumption, implementation costs, and relevant financial parameters. The results indicate that investment in photovoltaic energy shows strong potential for economic feasibility in the analyzed rural context, especially when considering future expansion opportunities and the reduction of operational costs over time. The use of Real Options Theory enhances the understanding of the strategic value of the investment, highlighting additional benefits not captured by traditional evaluation methods. It is concluded that the adoption of photovoltaic systems can represent an efficient alternative for reducing energy costs and improving economic efficiency in rural areas.