If this sample value is extended to the population, it would be KRW 88.48 billion (USD 73.12 million) per year. Although 53.9% of interviewees did not place any value on the introduction of P2H, the average WTP was found to be KRW 4348 (USD 3.59) per annum, which holds statistical significance. To achieve this aim, in June 2020, a CV survey of 1000 interviewees in South Korea was carried out, posing a closed-ended question.
The research aims to assess the public value by employing contingent valuation (CV) to elicit people's willingness to pay (WTP) for introducing the P2H system in South Korea. This research is particularly interested in the so-called power-to-heat (P2H) system, which converts idle power from VRE into heat and utilizes the heat as hot water or heating instead of limiting the power generation from VRE.
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