Date of Award


Degree Type

Doctoral Dissertation

Degree Name

Doctor of Business Administration (DBA)


Jack Welch College of Business & Technology


Submitted as partial fulfillment of the requirements for the degree of Doctor of Business Administration in Finance Sacred Heart University, Jack Welch College of Business and Technology, Sacred Heart University

Dissertation Number DBA11/2023

Dissertation Supervisor

Dr. Khawaja Mamun

Committee Member

Dr. Jung Bae

Committee Member

Dr. Shifat Akhtar


Renewable energy continues to gain popularity amongst businesses and residents due to the growing concerns on climate change, government regulations and the overall need for a more sustainable energy system. Renewable energy has surged in popularity due to declining costs, and the growing awareness of the need for renewable energy to combat ongoing climate issues. The transition to renewable energy sources such as solar and geothermal power is expected to have a significant impact on various aspects of the economy including the housing market. This research aims to explore the relationship between renewable energy adoption and housing prices in the United States using state-level data. This research utilizes state level data on political party, temperature, unemployment rate, disposable income, labor force, population, state-level renewable energy tax credits, etc. The methodology includes panel data models, regression analysis and instrumental variable (IV) analysis. Using fixed effects (FE) panel estimation, the research findings indicate a positive correlation between housing prices and renewable solar. However, there is a negative correlation between housing prices and renewable geothermal energy. The instrumental variable estimation suggests a positive casual effect for log of housing price for renewable solar energy and a negative casual effect for renewable geothermal energy, when instrumented by state-level solar tax credits. The exploration of the inverse relationship between housing prices and renewable geothermal energy, illuminated through instrumental variable estimation, highlights the pivotal role of policy incentives, such as state-level renewable energy tax credit, in shaping the adoption and impact of distinct renewable energy sources within the housing market.

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.