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American Journal of  Economics and 
Business Innovation (AJEBI)

Sustainable Ecopreneurship: Solar Energy Solutions in Commercial Real Estate
Kristina Marie Nalus1*

Volume 2 Issue 3, Year 2023
ISSN: 2831-5588 (Online), 2832-4862 (Print)

DOI: https://doi.org/10.54536/ajebi.v2i3.2146
https://journals.e-palli.com/home/index.php/ajebi

Article Information ABSTRACT

Received: October 07, 2023

Accepted: November 10, 2023

Published: November 16, 2023

This study delves into the rapid trend of  integrating solar energy into the realm of  
business operations, providing valuable insights into the readiness of  provincial business 
establishments and commercial building owners to embrace solar energy as a viable alternative 
power resource. This study examines the landscape of  factors influencing the adoption of  
solar energy. These pivotal variables, namely, the comfort of  tenants, competitive advantage, 
and cost-effectiveness, are all identified as central drivers within the thriving commercial real 
estate industry, signifying a promising shift towards solar energy adoption in the province of  
Pampanga. The result from the study affirms the paramount importance of  tenant comfort, 
a factor inextricably linked with enhanced profitability. Additionally, the study illuminates 
the strategic significance of  maintaining a sustainable environment, serving as a formidable 
competitive advantage. By embracing sustainability, businesses can unlock an array of  
economic benefits, rendering solar energy adoption inherently cost-effective. In sum, the 
interplay of  these independent variables signals a robust relationship poised to usher in the 
widespread adoption of  solar energy as a sustainable alternative power resource. As a prudent 
and forward-looking recommendation, this study underscores the compelling case for 
provincial commercial real estate entities to actively embrace the integration of  solar panels 
into their operations. By doing so, they can champion both environmental responsibility and 
economic viability, reaping the rewards of  a progressive and eco-conscious approach.

Keywords
Ecopreneurship, Social 
Responsibility, Green Business, 
Solar Energy, Energy-Efficient 
Buildings

1 University of  Santo Tomas, Philippines
* Corresponding author’s e-mail: kmnalus@ust.edu.ph

INTRODUCTION
In the contemporary business landscape, the confluence 
of  ecopreneurship and sustainable energy solutions 
has emerged as a pivotal intersection characterized by 
innovation, profitability, and environmental stewardship. 
Defined as the conscientious pursuit of  environmentally 
responsible entrepreneurship (Wagner, 2009), 
ecopreneurship represents a steadfast commitment to 
sustainable business practices underpinned by enduring 
environmental and social values. This research embarks 
on an academic investigation with the goal of  clarifying 
how entrepreneurs can successfully balance their 
economic goals with their environmental and social 
values by employing alternative energy sources. In an era, 
fraught with acute environmental challenges (Masjud, 
2020), it is of  high importance to acknowledge and 
comprehend the seminal role that entrepreneurs play in 
addressing these issues.
An emerging trend in modern business involves the 
rapidly increasing adoption of  solar energy, making 
solar-powered companies more and more common. 
Noteworthy insights are provided by Eddie O’Connor, 
Chairman of  the Global Wind Energy Council and 
Mainstream Renewable Power, emphasizing that 
renewable energy, including solar power, not only 
promises cost reductions but also augments economic 
competitiveness and elevates living standards (O’Connor, 
2018). Moreover, empirical evidence underscores the 
positive association between the incorporation of  solar 
power and enhanced business valuation, rendering it 
an appealing prospect for entrepreneurial endeavors. 

Against the backdrop of  both national and corporate 
sectors embracing solar energy, entrepreneurs are faced 
not only with the imperative of  diligently scrutinizing this 
emergent trend but also with the imperative of  seamlessly 
integrating it into their broader social entrepreneurship 
paradigms.
Nonetheless, the realm of  ecopreneurship remains an 
inadequately explored terrain in relation to alternative 
energy sources, especially within the purview of  
developing nations. Although entrepreneurship research 
has made substantive inroads in comprehending the 
construct of  entrepreneurial opportunity (Shane, 2004), 
limited few attentions was directed towards the complex 
juncture of  entrepreneurial opportunities and challenges 
intrinsic to the renewable energy domain. Notably, 
ecopreneurs grapple with formidable and unpredictable 
business risks stemming from the complex and evolving 
environmental landscape (Kirkwood & Walton, 2010). 
Unfortunately, the existing knowledge base lacks a 
thorough grasp of  the various factors that drive building 
owners to embrace solar energy as an alternative source 
of  power.
To address this scholarly gap, this study undertakes 
a systematic endeavor to bridge the schism between 
entrepreneurship and renewable energy research. It does 
so through the meticulous conduct of  a sector-specific 
analysis that scrutinizes building owners who hold the 
potential to metamorphose into green entrepreneurs 
espousing renewable energy. This investigative approach 
strategically zooms in on the province of  Pampanga, 
Philippines, allowing for a detailed examination of  the 



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specific contextual intricacies. It is noteworthy that while 
the geographic ambit of  this research is circumscribed 
to Pampanga, the insights gleaned therein carry a 
broader relevance that has the potential to inform future 
comparative studies across diverse geographic and 
industrial contexts. Implicit in this academic endeavor 
is the promotion of  the use of  a quantitative research 
methodology, intended to enhance the applicability of  
research findings beyond the restricted scope of  the 
commercial real estate sector.
The main question driving this study effort pertains to 
the inclination of  businesses and commercial property 
owners in the province of  Pampanga to adopt solar 
energy as a practical alternative source of  power. Central 
to this inquiry is the meticulous examination of  the 
manifold factors that exert influence upon their decision-
making processes. The objectives of  this study are:
1. Identification of  the variables that drive building 

owners to opt for solar energy adoption. 
2. The significance of  these variables within the scope 

of  ecopreneurship and green business practices,
3. The evaluation of  the pertinence of  ecopreneurship 

within the commercial real estate sector, and 
4. The discernment of  the economic sustainability and 

environmental dividends attendant to the adoption of  
solar energy.
The significance of  this scholarly enterprise transcends 
the boundaries of  academic discourse, holding practical 
import for the commercial real estate industry. This study 
provides insights into the approach through which building 
owners can establish economically successful enterprises 
while steadfastly adhering to their environmental and 
social values. Furthermore, it significantly contributes to 
environmental preservation and efforts to address climate 
change by promoting the adoption of  solar energy, thus 
reducing electricity consumption and its associated 
adverse societal impacts. Additionally, this research offers 
a robust framework that has the potential to inspire 
social and environmentally conscious entrepreneurship. 
This, in turn, can offer valuable support to government 
initiatives, enable corporations to quantitatively evaluate 
their environmental contributions, and stimulate further 
scholarly exploration into the complex relationship 
between entrepreneurs and eco-friendly entrepreneurship. 
This study is primarily focused on the commercial real 
estate sector, its findings have implications that reach 
beyond this specific domain. Notably, even though it is 
geographically rooted in Pampanga, the study’s scope 
encompasses the limitless potential of  solar energy as an 
endlessly renewable resource, making its insights relevant 
wherever the sun’s radiant influence is felt.

LITERATURE REVIEW 
This section introduces pertinent literature that 
contributes to a comprehensive comprehension of  the 
present study, commencing with an examination of  the 
existing research regarding the adoption of  solar energy 
by building owners. Subsequently, it delves into the 

literature detailing various strategies employed by building 
owners to successfully integrate solar energy solutions.

Social Responsibility by Building Owners
The reviewed literature provides valuable insights into 
the realm of  Corporate Social Responsibility (CSR) 
and its multifaceted implications. Schremph-Stirling, 
Palazzo, and Phillips (2016) explore the concept of  
social responsibility, examining its effects on a business’s 
reputation and legacy, emphasizing the importance 
of  businesses addressing historical decisions made by 
previous generations of  owners. Mikolajek-Gocejna’s 
(2016) study delves into the relationship between 
CSR and financial performance, highlighting positive 
correlations between social responsibility and financial 
performance, while underscoring the need for more 
empirical research to validate CSR practices’ impact on 
organizational economics. Wang, Tang, Takeuchi, and 
George’s work sheds light on the evolving landscape of  
CSR research, emphasizing its growing importance for 
businesses, stakeholders, and society. A. Jain, P. Jain, and 
Rezaee (2016) investigate whether informed investors 
consider social responsibility performance when making 
investment decisions, finding a positive association 
between CSR performance and investment decisions. 
Kang, Germann, and Grewal’s (2016) study explores 
the relationship between CSR and firm performance, 
identifying mechanisms that influence this relationship 
and finding support for good management and penance 
mechanisms. Collectively, these studies underscore 
the significance of  social responsibility in business, 
highlighting its potential for positive feedback within the 
industry and financial effectiveness. They emphasize that 
an effective social responsibility strategy can contribute 
to a business’s long-term success, while acknowledging 
the need for further investigation into specific CSR 
categories and their correlation with corporate financial 
performance in future research.

Energy-Efficient Buildings
The reviewed literature provides valuable insights 
into energy-efficient building strategies and their 
implications. Pape-Salmon, Muncaster, and Kaye (2011) 
evaluated the effectiveness of  energy-efficient buildings, 
emphasizing their promotion through widespread 
adoption and eventual regulation, leading to new codes 
and standards. Passe and Nelson (2013) identified the 
relationship between form, proportions, and thermal 
performance in building construction, proposing joint 
demonstration projects to prevent thermal bridges. 
Horsley, France, and Quatermass (2003) examined 
the economic and environmental benefits of  reducing 
energy consumption through design, highlighting the 
importance of  life cycle costing. Iwaro and Mwasha 
(2010) assessed the implementation of  building energy 
standards in developing countries, emphasizing the 
need for effective standards to achieve energy efficiency. 
Roulet, Flourentzou, Foradini, Bluyssen, Cox, and 



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Aizlewood (2006) evaluated the attainment of  sustainable 
development goals, including energy performance and 
occupant comfort. These studies collectively emphasize 
the importance of  energy-efficient building strategies for 
sustainability, reduced energy consumption, and improved 
economic outcomes. This supports the statement of  the 
study in the paper of  (Pasaoa et al., 2023), that focuses on 
innovation being able to improve business performance 
and sustain economic growth. They suggest that 
environmentally friendly design concepts, such as solar 
panels and green materials, can yield long-term benefits, 
including reduced energy consumption and increased 
tenant satisfaction, outweighing initial construction costs. 
However, consistent data and further research are needed 
to comprehensively understand the implications of  
energy-efficient buildings. These articles provide valuable 
insights for the development and construction of  energy-
efficient buildings and their openness to alternative 
energy sources, such as solar panels, contributing to a 
more sustainable and efficient future.

Green Business
The reviewed literature provides insights into various 
aspects of  green business practices and their implications 
(Parry, 2012; Mishra & Sharma, 2014; Agrawal, Ferguson, 
Tokta, Thomas, 2012; Isaak, 2002). This study (Majeed et 
al., 2022) explored a company perceptions’ impact on its 
green business implementation of  eco-friendly strategies 
and business performance. Parry (2012) identified distinct 
stages that businesses go through during the “greening” 
process, highlighting exploration, substantiation, and 
integration as key phases. In the study of  Vilkaite-
Vaitone & Skackauskiene (2019), discussed the trends and 
challenges of  green marketing, emphasizing the need for 
businesses to target environmentally conscious consumers 
and promote the benefits of  green products and services. 
As the study of  (Qin & Li, 2023), Green business 
exhibits qualities such as minimal resource utilization, 
negligible environmental impact, the creation of  high-
value products, robust technological advancements, and 
the employment of  highly concentrated production 
techniques. Agrawal, Ferguson, Tokta, and Thomas 
(2012) assessed the environmental impact of  leasing 
compared to selling, concluding that leasing can have a 
lower environmental impact under certain conditions. 
The definition of  ecopreneurship as a means to transform 
economic sectors toward sustainability, providing 
practical strategies for individuals interested in pursuing 
ecopreneurial ventures was studied by Rodríguez-García, 
Guijarro-Garcia and Carilero-Castillo (2019).
Collectively, these studies underscore the significance 
of  green business practices in promoting sustainability 
and attracting environmentally conscious consumers. 
They highlight the potential benefits of  green initiatives, 
including long-term growth, cost savings, and improved 
market positioning. Data analysis methods were employed 
in these studies to support their findings and conclusions. 
These articles pave the way for further research into the 

environmental and economic aspects of  green business 
practices, offering valuable insights for businesses seeking 
to integrate sustainability into their strategies. Additionally, 
they emphasize the relevance of  energy efficiency as a key 
component of  green business practices, aligning with the 
focus of  my research study.

Solar Energy
The reviewed literature emphasizes the significance 
of  solar energy as an alternative and sustainable power 
resource, addressing both environmental and economic 
considerations (Jayaraman, Ling, 2014; Bucking, 
2017; Konovalov, Pogharnitskaya, Rostovshchikova, 
Matveenko, 2015). In the study of  (Liu et al., 2022), they 
evaluated the cost, energy, and environmental aspects 
of  solar power, highlighting its potential to reduce 
greenhouse gas emissions and emphasizing the need for 
government support and incentives. Yüksek & Karadağ 
(2021) examined strategies to maximize solar energy 
utilization in buildings, emphasizing the importance of  
cost-effective technologies for solar energy capture and 
utilization. Makki & Mosly (2020) identified obstacles in 
the adoption of  solar energy, including high subsidies 
for conventional electricity and the need for public 
awareness. Focusing on the effects of  solar variability 
on energy and economics, emphasizing the importance 
of  energy conservation, net metering laws, fuel price 
escalation, and upfront financing for cost-effectiveness 
for southeast Asian countries was conducted in the study 
(Govindarajan et al., 2023). Kumar (2020) highlighted the 
growing demand for renewable and alternative energy 
sources to address environmental concerns and energy 
supply needs.
These studies collectively underscore the potential 
benefits of  solar energy in reducing environmental 
impacts, improving energy efficiency, and contributing 
to sustainable business practices. They emphasize the 
need for government support, public awareness, and 
cost-effective technologies to facilitate the adoption of  
solar energy. Additionally, they highlight the relevance of  
energy-efficient building practices in achieving economic 
and environmental sustainability.
Overall, the literature review provides valuable insights 
into the role of  solar energy in ecopreneurship and 
green business practices. It underscores the importance 
of  continued research and innovation in solar energy 
technologies to promote its widespread adoption and 
maximize its benefits for businesses and the environment.

Theoretical Framework
In accordance with the findings presented in the 
scholarly article by Horsley, France, and Quatermass 
(2003) titled “Delivering Energy Efficient Buildings: A 
Design Procedure to Demonstrate Environmental and 
Economic Benefits,” the concept of  building energy 
performance can be comprehensively delineated as a 
multifaceted construct contingent upon three intricately 
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services design, and occupant behavior. Building design, 
in this context, pertains to the fundamental parameters 
encompassing the architectural plan, form, orientation, 
and structural components of  the building. Services 
design encompasses the detailed specifications related 
to heating, lighting, and cooling systems within the 
building’s framework. Furthermore, occupant behavior is 
considered a crucial determinant of  energy performance 
and pertains to patterns of  occupancy and utilization 
within the building.
These three interrelated factors governing building 
energy performance are intricately woven into the 
fabric of  the building’s development process, evolving 
and taking shape throughout various stages of  design 
and construction. Notably, the article places its primary 
focus on facets that are less susceptible to change during 
the building’s operational lifespan, namely building and 

services design. The dynamic and iterative nature of  the 
design process underscores the notion that the requisites 
for achieving energy-efficient building design are subject 
to evolution and adjustment as the project progresses 
through its developmental phases.
In summary, Horsley, France, and Quatermass (2003) 
assert that the multifaceted construct of  building energy 
performance pivots on the interconnected dynamics of  
building design, services design, and occupant behavior, 
with these factors evolving throughout the developmental 
trajectory of  the project. The study underscores the 
persistent need for meticulous attention to building 
and services design in the pursuit of  energy-efficient 
buildings, recognizing their enduring significance in 
the face of  evolving design requirements during the 
development process.
Within the scholarly work titled “Multi Criteria Analysis 

Figure 1: Theoretical Framework

of  Health, Comfort and Energy Efficiency in Buildings,” a 
pivotal aspect under scrutiny is the perception of  comfort 
among building occupants. In order to systematically 
assess this crucial variable, the researchers employed a 
self-administered questionnaire as their data collection 
instrument (Roulet et al., 2006). The primary inquiry posed 
to the occupants was directed at elucidating their appraisal 
of  the prevailing working conditions within the building, a 
query that solicited subjective feedback. In response to this 
inquiry, occupants were instructed to select a single rating 
from a spectrum spanning from 1 to 7, with each integer 
representing a distinct level on the comfort continuum. 
This evaluative process was conducted separately for 
both the winter and summer seasons to capture potential 
variations in comfort perception across different climatic 
conditions (Roulet et al., 2006).

In essence, the study by Roulet et al. (2006) underscores 
the salient role assigned to the variable of  perceived 
comfort, elucidating its evaluation through a structured 
questionnaire. Occupants were tasked with assessing 
typical working conditions within the building by 
assigning numerical values to distinct levels of  comfort, 
thus facilitating a comprehensive understanding of  
comfort dynamics in both winter and summer seasons.
In summary, the research conducted by Roulet et al. 
(2006) delves into the realm of  occupant comfort within 
buildings, employing a self-administered questionnaire 
to gauge occupants’ subjective evaluations. This 
approach allowed for the nuanced assessment of  
comfort perception under varying seasonal conditions, 
contributing to a holistic comprehension of  the comfort-
related aspects in building performance.

Table 1: Questions related to comfort
Thermal Comfort Temperature Comfortable Uncomfortable

Too hot Too Cold
Stable Varies

Air Movement Too Still Too Draughty
Air Quality Air Quality Dry Humid

Fresh Stuffy
Light Odorless Smelly
Noise Light Overall Satisfactory Unsatisfactory

Noise from Outside Satisfactory Unsatisfactory



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The findings presented in this study draw upon an 
extensive dataset comprising over 5800 questionnaires 
collected from office buildings, with an average of  
approximately 90 questionnaires per building. Additionally, 
data were collected from 2700 questionnaires sourced 
from apartment buildings, averaging 27 questionnaires 
per building. For the purposes of  the current analysis, the 
dataset has been aggregated to compute the mean scores 
for each question based on responses from all participants 
within a particular building. Detailed statistical summaries 
of  these aggregated scores are provided in Table 2.

research design, focusing on elucidating the characteristics 
of  a specific demographic segment. The utilization of  a 
purposive sampling technique was deemed appropriate 
due to the relatively small size of  the target sample. 
Purposive sampling is not employed for the purpose 
of  random selection from a population with the intent 
of  generalization. Rather, it serves the objective of  
deliberately selecting units from a population with shared 
characteristics and common interests, aligning with the 
research’s aim to address specific research questions.
The central aim of  this research is to ascertain the 
relationships among variables that influence owners’ 
decisions to adopt solar energy as an alternative 
energy source. Consequently, the ideal respondents for 
completing the questionnaires are the property owners 
themselves.
To ensure the representativeness of  the sample, a selection 
process was undertaken. Among the 19 municipalities 
situated in Pampanga, five were strategically chosen for 
inclusion in the study-Floridablanca, Guagua, Lubao, 
Santa Rita, and Porac. These municipalities were selected 
due to their proximity, all falling within a 20-kilometer 

Table 2: Result of  comfort marks given by occupants
Item Mean Median
Air Quality 2.95 2.90
Thermal Comfort 2.87 2.87
Lighting 3.37 3.41
Acoustics 2.67 2.60
Comfort Overall 3.09 2.94

The findings underscore the significance of  the overall 
comfort levels experienced by building occupants, a factor 
that holds substantial importance not only for building 
owners but also for tenants. This aspect plays a pivotal 
role in the selection of  an appropriate and conducive 
atmosphere for the building’s inhabitants.

Operational Framework
Drawing upon the conceptual framework presented 
earlier, the researcher has developed an operational 
framework designed to effectively investigate the 
hypothesis and specific research objectives, thereby 
providing insights into the main research inquiries.
Within this study, the dependent variables encompass 
aspects such as comfort, competitive advantage, and 
cost-effectiveness. Meanwhile, the focal independent 
variable revolves around the adoption of  solar energy as 
an alternative power resource. The primary objective of  
this investigation is to examine the relationships among 
these factors and their respective significance.

Figure 2: Operational Framework

Figure 3: Map of  Pampanga highlighting the municipalities 
of  interest

radius of  Floridablanca, one of  the largest municipalities 
in the province, ranking third in size following Porac and 
Candaba.
Within these five municipalities, a total of  50 
establishment and commercial building owners were 
selected as the target population for this study, serving as 
a representative sample reflective of  a province of  typical 
size. This sample was chosen to facilitate an in-depth 
analysis of  their perspectives regarding the adoption of  
solar energy.

Noise from Bldg. Systems
Other Noise from Bldg.
Noise Overall

Comfort Comfort Overall Satisfactory Unsatisfactory

METHODOLOGY
Research Design
This study is primarily characterized by a descriptive 



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Research Procedures and Data Collections
Distribution and Administration of  Questionnaires
Questionnaires are prepared in printed form and 
disseminated among the selected respondents. 
Respondents were guided through the questionnaire 
completion process by the researcher to ensure accuracy 
and candor in their responses. Furthermore, respondents 
were given explicit assurances that any information they 
provided concerning themselves and their business 
endeavors would be treated with strict confidentiality and 
solely employed for academic research purposes.

Questionnaire Structure
The questionnaire was thoughtfully structured to align 
with the relevant variables of  the study. The initial 
section of  the questionnaire was dedicated to gathering 
demographic information about business/building 
owners and assessing the extent of  their involvement in 
their respective enterprises. Queries encompassed aspects 
such as the duration of  their tenure in the industry, their 
experience in building maintenance, and the number of  
years their business operations have spanned.
Subsequently, the second part of  the questionnaire 
was formulated to gauge the respondents’ level of  
contentment with their financial performance, utilizing 
the Likert scale for measurement. The Likert scale, 
calibrated with ‘5’ designating “Strongly Agree” and ‘1’ 
signifying “Strongly Disagree,” was employed for this 
purpose. The questions in this section were categorized 
into three distinct dimensions: Comfort of  the Tenants, 
Competitive Advantage, and Cost-Effectiveness. Each 

dimension comprised five questions, a deliberate choice 
to bolster the reliability and consistency of  the obtained 
results. Moreover, an overarching measure of  overall 
business satisfaction was incorporated into this segment 
of  the questionnaire.

Questionnaire Validation
To validate the questionnaire, a pre-testing phase was 
carried out, and the Cronbach’s alpha coefficient was 
implemented. Cronbach’s alpha, developed by Lee 
Cronbach in 1951, serves as a metric for evaluating the 
internal consistency and reliability of  tests. Its values 
range from 0 to 1, with a threshold of  0.7 or higher 
signifying the desirable or acceptable internal consistency 

Table 3: Population of  Respondents
Municipality 1-2 

Story
2-4 
Story

5 story 
and above

Total

Apalit 4 6 2 12
Arayat 5 5 1 11
Bacolor 5 6 2 13
Candaba 4 5 1 10
Floridablanca 6 3 0 9
Guagua 6 4 2 12
Lubao 4 4 3 11
Macabebe 5 3 0 8
Magalang 5 4 0 9
Masantol 5 2 0 7
Mexico 6 6 3 15
Minalin 4 3 2 9
Porac 3 3 2 8
San Luis 4 2 0 6
San Simon 4 3 0 7
Santa Ana 5 2 1 8
Santa Rita 4 3 3 10
Santo Tomas 6 3 0 9
Sasmuan 5 3 0 3

Table 4: Cronbach’s alpha with raw variables for 
comfort of  tenants/occupant’s questionnaire
Cronbach's alpha 0.9461
95% lower confidence limit 0.8922

Table 5: Results of  Cronbach’s alpha for comfort of  
tenants’ questionnaire
Variable dropped Alpha Change
Q1 0.9557 0.009612
Q2 0.9336 -0.01250
Q3 0.9445 -0.001552
Q4 0.9336 -0.01250
Q5 0.9360 -0.01001
Q6 0.9375 -0.008560
Q7 0.9470 0.0009012
Q8 0.9336 -0.01250
Q9 0.9476 0.001585
Q10 0.9336 -0.01250

Table 6: Cronbach’s alpha with raw variables for 
competitive advantage questionnaire
Cronbach's alpha 0.8238
95% lower confidence limit 0.6480

Table 7: Results of  Cronbach’s alpha for competitive 
advantage questionnaire
Variable dropped Alpha Change
Q1 0.7756 -0.04823
Q2 0.8015 -0.02230
Q3 0.8877 0.06387
Q4 0.7667 -0.05715
Q5 0.8058 -0.01800
Q6 0.8048 -0.01902
Q7 0.8134 -0.01036
Q8 0.7975 -0.02632
Q9 0.8136 -0.01016
Q10 0.7808 -0.04296



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Table 8: Cronbach’s alpha with raw variables cost-
effectiveness questionnaire
Cronbach's alpha 0.9613
95% lower confidence limit 0.9227

Table 9: Results of  Cronbach’s alpha for cost-
effectiveness questionnaire
Variable dropped Alpha Change
Q1 0.9574 -0.003922
Q2 0.9530 -0.008319
Q3 0.9564 -0.004933
Q4 0.9590 -0.002363
Q5 0.9593 -0.002024
Q6 0.9552 -0.006081
Q7 0.9632 0.001856
Q8 0.9629 0.001549
Q9 0.9510 -0.01037
Q10 0.9530 -0.008319

of  test items (Andrew, Pedersen, & McEvoy, 2011). The 
Cronbach’s alpha coefficient calculated for questions 
pertaining to the comfort of  tenants/occupants revealed 
an “Excellent Level of  Reliability”
Cronbach’s alpha for questions regarding competitive 
advantage resulted to “Good Level of  Reliability”
Cronbach’s alpha for questions regarding cost-
effectiveness resulted to “Excellent Level of  Reliability”

Research Ethics Approaches
The survey questionnaire commenced with an introductory 
section elucidating the study’s provenance, its overarching 
objectives, and the thematic facets it encompassed. The 
questionnaire provided a comprehensive breakdown of  
its constituent segments, each serving a distinct purpose in 
the research inquiry. Additionally, the survey questionnaire 
explicitly delineated its intended respondents. Importantly, 
participation in the survey was entirely voluntary, and 
respondents were under no compulsion to partake. A 
paramount ethical consideration was the commitment 
to employ the gathered data exclusively for educational 
and research purposes, as explicitly communicated to 
the respondents in the questionnaire’s introductory 
preamble. Furthermore, stringent measures were taken 
to ensure academic integrity, with all utilized resources 
being meticulously cited and referenced in accordance 
with established scholarly conventions.

Data Analysis
The obtained results underwent a rigorous analytical 
process involving both quantitative and descriptive 
methods. These analytical techniques were instrumental 
in computing key statistical parameters, particularly the 
mean and standard deviation, for each of  the research 
variables.
The Population Mean, denoted by the symbol μ, was 

ascertained using the formula: μ = (Σ Xi) / N, where 
Σ Xi’ signifies the summation of  all scores within 
the population, and ‘N’ represents the total count of  
individuals or cases constituting the population.
Concurrently, the Population Standard Deviation, 
symbolized as σ, was determined to assess the degree of  
variability or spread exhibited by the scores pertaining to 
a given variable. The formula employed for this purpose 
is: σ = sqrt [Σ (Xi – μ )2 / N], with ‘sqrt’ signifying the 
square root operation and ‘Σ (Xi – μ )2’ denoting the 
summation of  squared deviations of  individual scores 
from the population mean.
It is imperative to note that the mean serves as a pivotal 
measure of  central tendency, while the standard deviation 
functions as a critical gauge of  dispersion. These statistics 
are especially pertinent when dealing with data sets 
adhering to a normal distribution and employing ratio 
or interval scaling. Furthermore, the mean and standard 
deviation play integral roles in the computation of  various 
correlation coefficients and effect sizes, as elucidated in 
the subsequent chapter.
In the research context, the independent variable 
pertains to the adoption or implementation of  solar 
energy as an alternative energy source. The dependent 
variable encompasses financial performance indicators, 
specifically comfort, competitive advantage, and cost-
effectiveness. These parameters serve as the empirical 
foundations for investigating the research hypotheses and 
objectives outlined in the study.

Demographic Profile
A complete enumeration of  the study’s participant pool 
comprised 50 respondents who actively completed the 
questionnaire.
The educational attainment of  the respondents reveals 

Table 10: Profile of  Respondents – Demographics
Frequency %

Age
Below 30 3 6.0
30 to 35 18 36.0
36 to 40 4 8.0
41 to 45 10 20.0
46 and above 15 30.0
Gender
Male 34 68.0
Female 16 32.0
Civil Status
Single 23 46.0
Married 27 54.0
Highest Level of  Educational Attainment
High School 1 2.0
College 35 70.0
Post Grad 14 28.0



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that 70% hold a college degree, 28% possess a post-
graduate degree, and a solitary respondent did not 
complete a college degree, holding only a high school 
diploma. In terms of  age distribution, the majority of  
respondents fall within the 30-35 age bracket (36%), 
followed by 30% aged 46 and above, 20% aged 41-45, 
8% aged 36-40, and 6% below 30 years old. Gender-wise, 
the majority of  participants are male (68%), with females 
constituting the remaining 32%. Marital status among 
respondents indicates that 54% are married, while 46% 
are single.

individuals, possess 5 to 10 years of  experience within 
the commercial real estate industry. Moreover, 40% of  
the respondents, comprising 8 individuals, boast over 11 
years of  experience, concurrently managing two or more 
operational buildings. A total of  16% of  the respondents, 
or 8 individuals, are relatively new to the industry, having 
accrued 4 years or less in the field. It is noteworthy that this 
group often includes the children of  recent building owners. 
It should be emphasized that these well-defined business 
operations allow for the effective operation of  commercial 
properties with minimal direct owner supervision.

Table 11: Involvement in Business of  Respondents
Frequency %

Full-time and hands on 26 52.0
Visits weekly 17 34.0
Visits whenever needed/necessary 7 14.0

Twenty-six respondents are actively engaged in full-time 
business management, wherein they personally oversee 
day-to-day operations and are responsible for making 
decisions that impact their businesses. Among these, 
seventeen respondents visit their businesses on a weekly 
basis and often employ area managers to handle operational 
matters. On the other hand, seven respondents, typically 
owners of  two or more buildings, visit their businesses 
as needed. Despite their periodic presence, they have 
established systems and protocols to ensure the smooth 
operation of  their commercial buildings during their 
absence. Consequently, their businesses can function with 
minimal direct supervision from the owners due to well-
defined operational procedures.
Approximately 44% of  the respondents, equivalent to 22 

Table 12: Duration in Commercial Real Estate of  the 
Respondents

Frequency %
4 years or less 8 16.0
5 to 10 years 22 44.0
11 years or more 20 40.0

Table 13: Amount Spent in Building Establishment’s 
Maintenance of  the Respondents

Frequency %
Php499,000 or less 35 70.0
Php500,000-999,000 14 28.0
Php1,000,000 or more 1 2.0

A significant proportion of  the respondents, accounting 
for 70% or 35 individuals, allocate an annual budget of  Php 
499,000 or less for their building maintenance expenses. 
Additionally, 14% of  the respondents, specifically 28 
individuals, allocate an annual budget ranging from Php 
500,000 to Php 999,000 for their building maintenance. 
Notably, only one respondent, constituting 2% of  
the population, incurs building maintenance expenses 
exceeding Php 1,000,000 annually.

RESULTS AND DISCUSSION
The building proprietors hold the comfort of  their lessees 
in high esteem, deeming it a paramount consideration 
in each operational choice. The cultivation of  comfort 
is instrumental in fostering productivity, ultimately 
culminating in enhanced financial viability. Given 
that numerous tenants employ personnel within their 
establishments, the provision of  a comfortable milieu 
not only engenders contentment but also streamlines 
job performance. Furthermore, the preservation of  
a well-maintained in-store ambiance holds significant 
importance, particularly in cultivating patron loyalty.

Table 14: Descriptive statistics of  the importance of  comfort of  the tenants and occupants
A. Comfort (Tenants/Occupants) Mean SD Interpretation
Utilizing solar energy for your premises can greatly reduce the property’s carbon 
footprint, which improves your tenant’s green credentials and reduce health hazards

4.22 0.62 Strongly Agree

Tenants will have a peace of  mind knowing that there will be no fire scare that is 
electricity related

4.64 0.56 Strongly Agree

With solar energy, tenants are immune from a fluctuating energy market or 
sporadic power outages

4.56 0.54 Strongly Agree

Reduction in utility bills will increase the life comfort of  tenants 4.72 0.50 Strongly Agree
Convenience, safety, and health of  the tenants is a priority 4.80 0.45 Strongly Agree
Owner of  a rental unit is responsible for providing a "habitable" unit for a tenant. 
Rental unit must be free from hazards or defects, and be compliant with all local 
building and health codes

4.46 0.58 Strongly Agree



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Tenants have a compelling reason to consider Environment Quality measures 
when selecting a space where their employees will be most productive

4.20 0.61 Agree

Turnovers and dissatisfaction are expensive, therefore, achieving a high degree of  
tenant comfort and satisfaction is important

4.66 0.56 Strongly Agree

Energy efficient buildings tend to be more comfortable and have higher air quality 4.16 0.62 Agree
Building owners must provide and maintain rental properties in a reasonable state 
of  repair. This means making sure they’re safe and healthy to dwell in.

4.44 0.58 Strongly Agree

Overall Mean 4.49  Very Satisfied

The findings demonstrate that building owners 
universally accord substantial importance to the concept 
of  competitive advantage. The study has unveiled that 
ecopreneurship, owing to its dedication to environmental 
sustainability, has garnered a commendable reputation. 
This commendation imparts a significant competitive 
edge to ecopreneur enterprises, enabling them to amass 
a substantial client base, inclusive of  both existing and 
prospective customers. The sizable clientele within 

the realm of  ecopreneurship enterprises, in turn, 
contributes to heightened gross revenue volumes, 
thereby underpinning the profitability of  these business 
endeavors (Isaak, 2002).
The outcomes of  the study substantiate that integrating 
sustainability principles into business operations can 
indeed yield economic advantages. In addition to these 
benefits, ecopreneurship also exemplifies notable energy 
and resource efficiency.

Table 15: Descriptive Statistics of  the importance of  competitive advantage to the owners
B. Competitive Advantage Mean SD Interpretation
Tenants or clients prefer establishments or businesses that are eco-friendly 3.90 0.74 Agree
Reduction of  greenhouse gas emissions using solar power is a good Corporate 
Social Responsibility

4.22 0.62 Strongly Agree

There is no building in my area that uses solar panels 4.36 0.69 Strongly Agree
Adaption of  solar energy will be a competitive edge; it provides a differentiation 
when putting the property back on the market for tenancies

4.18 0.60 Agree

Innovation and change are needed to stay in the market, and a competitive edge 
is needed in any type of  businesses.

4.48 0.54 Strongly Agree

An understanding of  the current environment of  a building enables managers to 
improve and promote operational performance

4.30 0.54 Strongly Agree

Innovative building owners and operators recognize that satisfied tenants mean 
renewals, referrals and reduced operating costs

4.36 0.53 Strongly Agree

Solar energy is one of  the most visible ways for a building to pledge their 
allegiance to the green movement. 

4.12 0.56 Agree

Installation of  solar panels can differentiate a building’s brand in the market and 
irrefutably demonstrate stellar smart building leadership.

4.12 0.52 Agree

A top priority for building owners is delivering best-in-class service to retain tenants 4.36 0.63 Strongly Agree
Overall Mean 4.24  Very Satisfied

Table 16: Descriptive Statistics of  the importance of  cost-effectiveness to the owners
C. Cost-Effectiveness Mean SD Interpretation
Using solar energy can lead to reduced operating costs by reducing or even 
eliminating utility expenditures

4.14 0.57 Agree

An investment in solar panels will help the business in the long run (future 
increase in electricity prices, etc.), and proves to tenants that they’re investing in 
the future of  the property

4.08 0.63 Agree

Long life span of  a solar power system with a low maintenance process can make 
the rent expense low and will benefit both the owner and tenants/occupants 
since it requires little to no maintenance at all.

4.08 0.60 Agree

The number of  years it takes for the investment to pay back might be high, but 
potential savings over time are higher, as it increases the property’s value 

3.96 0.60 Agree

Without the electricity bills, it will be easier for all businesses to stay in the market 4.42 0.88 Strongly Agree



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Solar panels immediately help a commercial building become more recognizable, 
if  not by the general public, then at least by future tenants.

4.04 0.57 Agree

To lower vacancy loss and maintenance expenses, building owners must deliver a 
superior tenant experience

4.64 0.48 Strongly Agree

Solar energy implementation can also increase tenant comfort levels and attract 
new tenants.

4.06 0.71 Agree

Solar energy ensures a high-build quality and a comfortable building with low-
energy costs. The added value to tenants may justify the cost of  construction

4.00 0.67 Agree

The cost of  investments in energy efficient buildings can also be justified by the 
enhanced reputation of  building owners

4.02 0.65 Agree

Overall Mean 4.14  Satisfied

To align with principles of  sustainable development, 
buildings must meet certain minimum criteria, including 
providing a healthy, comfortable, and energy-efficient 
environment (Roulet, 2006). These criteria involve assessing 
factors such as occupants’ perceived health, indoor air 
quality, and energy efficiency. With the emergence of  solar 
energy panels, it is now possible to design and construct 
buildings that simultaneously fulfill these criteria, being 
energy-efficient, healthy, and comfortable.
Tenant comfort in commercial buildings also translates to 
higher profitability. Reduced electricity expenses result in 
lower operational costs, contributing to increased income. 
Safety considerations are also pivotal for tenants when 
selecting buildings or rental spaces for their businesses. 
Consequently, respondents in this study strongly concur 
that tenant comfort holds paramount importance in 
their business operations, particularly in achieving long-
term goals such as minimizing turnover rates and tenant 
dissatisfaction.
Buildings significantly impact the environment through 
energy consumption during their operational lifetimes 
(Horsley, 2003). Solar energy, as a sustainable and 
renewable energy source, contributes to lower air pollution 
levels. This sustainability and reduced environmental 
impact can enhance the image of  building owners, 
attracting more clients and consequently bolstering 
business volume (Wagner, 2009). John Elkington, in 
his influential work “Cannibals with Forks: The Triple 
Bottom Line of  21st Century Business” (Elkington, 
2002), argues that organizations must meet ecological, 
social, and economic criteria to achieve success. A socially 
responsible business should take into consideration the 
interests of  all stakeholders -  the community, suppliers, 
consumers, customers employees, and innovators, as 
these stakeholders can influence financial performance 
(Pfajfar et al., 2022).
These results align with a study by Pape-Salmon, where 
quantitative analysis of  energy efficiency measures 
indicated that a targeted 20% reduction in energy use per 
area could be achieved if  all measures were implemented. 
Additionally, it was found that the reduction in 
commercial and institutional energy use per square meter 
could exceed the target, resulting in a reduction in energy 
intensity. The distribution of  savings across measures was 
well-balanced. However, other studies have concluded 

that the additional costs associated with sustainability 
measures are potentially offset by benefits both direct and 
indirect, illustrating a very positive correlation between 
financial performance and social responsibility.
Efficient energy usage by ecopreneurs often involves the 
use of  solar power, a sustainable and renewable energy 
resource that reduces carbon emissions. This clean energy 
source can lead to lower energy costs for ecopreneurs, 
reinforcing their commitment to sustainability (Isaak, 
2002, p.16). Numerous studies have affirmed that 
integrating sustainability into business operations can yield 
economic benefits (Wagner, 2010). Energy and resource 
efficiency are among the advantages of  ecopreneurship. 
Ecopreneurs typically prioritize sustainable energy use to 
minimize energy losses during the production of  goods 
and services. This conserved energy can then be directed 
toward other energy needs within their ventures.
In summary, the results from the questionnaires 
demonstrate a strong connection between 
entrepreneurship and environmentalism. Factors such 
as tenant comfort, competitive advantage, and cost-
effectiveness are driving the adoption of  solar energy as 
an alternative power source in commercial establishments 
across the province of  Pampanga. Building owners are 
increasingly interested in the benefits of  solar energy, 
particularly the reduction in electricity expenses, which 
outweighs the potential drawbacks associated with 
renewable energy adoption.

CONCLUSION
The study successfully discerned the primary independent 
variables crucial in motivating building owners to 
embrace solar energy as a viable alternative power source. 
These variables encompass tenant comfort, competitive 
advantage, and cost-effectiveness, collectively influencing 
the propensity of  building owners to adopt solar energy 
solutions.
The study’s findings highlight the potential of  
ecopreneurship and green business initiatives to not only 
achieve cost-effectiveness but also confer a significant 
competitive advantage while enhancing tenant comfort. 
Ecological entrepreneurship manifests in diverse forms 
and conditions, occasionally emerging unexpectedly within 
sustainable development contexts. However, it’s crucial 
to acknowledge that ecopreneurship remains relatively 



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Table 17: Summary of  Findings, Conclusion, and Recommendation
Results/Findings Conclusions Recommendations
1. Comfort of  the tenants are highly 
regarded by the building owners.

1. Comfort of  the tenants also 
means high profitability rate.

1. Design and build buildings that 
are simultaneously energy efficient, 
healthy, and comfortable.

2. Keeping a sustainable environment 
is a great competitive advantage.

2. Increased gross revenues volume 
which translates into profitable 
concern ventures are attainable for 
ecopreneurship ventures.

2. Renewable power resource as a 
competitive advantage should be 
considered in any business industry.

3. Incorporating sustainability in 
business can yield economic benefits, 
making it cost-effective.

3.There is a good correlation 
between financial performance 
and social responsibility.

3. A business must consider 
stakeholders’ interests that have 
impacts on financial stability and its 
objectives.

4.The independent variables are 
the top factors to consider in the 
decision-making process of  the 
business owners.

4. The independent variables have 
significant relationship that will 
lead to adaption of  solar energy 
as an alternative power resource.

4. It is highly recommended that the 
provincial commercial real estate 
industry adapts the usage of  solar 
panels.

nascent and has lacked empirical research in recent years, 
emphasizing the need for contemporary researchers 
to contribute to its growth. This paper addresses this 
research gap by illuminating how entrepreneurs can 
effectively pursue innovative, eco-friendly strategies for 
sustainable development. Amid challenges facing the 
commercial real estate industry, especially in regions like 
Pampanga, the paper asserts that ecopreneurship and 
green business initiatives, particularly in solar energy 
adoption, should be central to sustainable development 
agendas. Ecopreneurship urges entrepreneurs to 
blend environmental and financial objectives. While 
entrepreneurship historically drove economic growth, 
mounting evidence in the natural environment reveals 
a disconnection between economic growth and 
environmental preservation, underlining the importance 
of  environmental responsibility in entrepreneurship, or 
ecopreneurship. Sustainable businesses tend to attract 
a substantial customer following, and solar investments 
offer opportunities for community engagement. In today’s 
job market, employees increasingly favor sustainability-
focused companies, with solar energy showcasing a 
business’s dedication to eco-friendly practices and 
reducing operational costs. The adoption of  solar energy 
among building owners in Pampanga hinges on tenant 
comfort, competitive advantage, and cost-effectiveness, 
with the study emphasizing their pivotal roles in business 
decision-making, underscoring the tangible benefits that 
outweigh potential drawbacks.

RECOMMENDATION
The study’s findings emphasize the potential of  
ecopreneurship and green business initiatives to provide 
cost-effectiveness, competitive advantages, and improved 
tenant comfort. Ecological entrepreneurship takes 
various forms and thrives under diverse conditions, often 
emerging unexpectedly within sustainable development 
contexts. Despite its promise, ecopreneurship remains 
relatively under-researched, highlighting the need for 

contemporary researchers to contribute to its growth. 
This paper addresses this research gap by illuminating 
how entrepreneurs can effectively pursue innovative, 
eco-friendly strategies for sustainable development, 
particularly in the commercial real estate sector. It asserts 
that ecopreneurship and green business initiatives, 
including solar energy adoption, should be central 
to sustainable development agendas in regions like 
Pampanga and beyond, encouraging entrepreneurs to 
integrate environmental and financial goals.
While entrepreneurship has traditionally been seen 
as a driver of  economic growth, mounting evidence 
suggests a disconnection between economic growth and 
environmental preservation. Ecopreneurship can bridge 
this gap, as businesses demonstrating a commitment 
to sustainability tend to attract a substantial following 
among customers. Investing in solar installations offers 
organizations opportunities to raise awareness, promote 
their offerings within the community, and attract 
employees who increasingly seek sustainability-minded 
companies. Solar energy, as a prominent alternative 
power source, not only aligns businesses with eco-
friendly practices but also reduces operational and 
maintenance expenses, particularly electricity costs. The 
study underscores the pivotal role of  tenant and occupant 
comfort, competitive advantage, and cost-effectiveness 
in driving the adoption of  solar energy among building 
owners in Pampanga, highlighting their tangible benefits 
that outweigh potential drawbacks.

Acknowledgements
I extend my heartfelt gratitude to my research adviser, 
Prof. Alfredo Velez, for his unwavering support, 
invaluable guidance, and mentorship throughout this 
research endeavor. I would also like to thank my family, 
particularly my dad, for the unwavering encouragement 
and belief  in my abilities. To my dear friends, Mr. Justin 
Ong and Mr. Jullian Ducut, your support and camaraderie 
have been a source of  inspiration. Lastly, I humbly 



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acknowledge the divine guidance of  the Lord Jesus Christ, 
which has provided strength and clarity throughout this 
journey.

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