1. Determinants of PV diffusion: not only the expectedprofitability level matters, but its dynamic evolution to theprofit rate of the economy (Net Profitability Index).Uncertainty and capital mobility are also likely to play arelevant role.2. In Germany, stable expectations and low regulatoryuncertainty: correlation expected profitability-diffusion.3. In Spain: no correlation due to continuous regulatorychanges, the capital flight caused by the economic crisisand the distortionary effects of the solar orchads.4. The profitability bubble was not the cause of the diffusionbubble, but in some extent its consequence.5. Diffusion bubble, caused mainly by the high profitabilityprovided by the solar orchad owning structure in a momentof a dropping profit rate and high uncertainty.
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