Public perceptions of crowdfunding as a tool for financing renewable energy in Europe

Research background: As part of rising environmental issues and the EU's ambitious decarbonization strategy, the funding gap in renewable energy schemes (REPs) is one of the primary chokepoints. REPs have been experiencing shrinking public subsidies, with efforts towards exploring alternative, socially equitable finance models. Crowdfunding, where the convergence of environmental ethics and participatory governance is established, has shown tremendous promise. This article examines the sociopolitical and ethical underpinnings informing public opinion on crowdfunding as an effective tool for financing the energy transition in Europe. Purpose of the article: The paper will attempt to analyze European citizens' attitude toward crowdfunding as a financing alternative for renewable energy projects in terms of its viability, appeal, and alignment with civic values. The study will bridge an important information gap by paying special attention to the general public's opinion, which has been largely neglected in prior research with institutional players dominating. Methods: A web-based survey was conducted using a snowball sampling approach across seven European Union countries, and the collected data were analyzed using descriptive, comparative, and inferential statistical techniques to examine whether prior crowdfunding experience, environmental motivation, and investment intention correlate with support for renewable energy projects. Descriptive and comparative approaches were applied alongside inferential statistics to provide adequate empirical understanding. Findings & value added: Results indicate a high correlation between having previous experience of crowdfunding and REP investment intention in the future, implying instrument familiarity is an important facilitator. Crowdfunding was both perceived as a money-making instrument and a matter of environmental civic duty. Experiential learning and moral drivers are found to be the main drivers of green investment behavior. It is contributing to the literature in its placement of crowdfunding empirically in the context of renewable energy as an agent of democratization, realigning economic participation with goals of sustainability and open innovation principles. The findings suggest that policy frameworks fostering citizen education, platform transparency, and cross-border crowdfunding harmonization could enhance public confidence and expand decentralized participation in Europe's clean energy transition. Such implications underline the civic and strategic relevance of crowdfunding as a pillar of sustainable finance and invite further scholarly and regulatory engagement with its transformative potential.