The forest sector is poised to become a major supplier of wood-based energy in the US. Prospects for growth in energy demand and higher prices can create opportunities for private investments in renewable energy industries. A conjoint analysis examined individuals' willingness to invest in wood-based energies following a random utility model. The study design included three investment attributes: annual returns on investment, type of investment, and location of investment. Three ordinal models that also included demographic and attitudinal characteristics indicate that wood-based energy is less preferred among potential investors compared to the stock market and solar/wind renewable energy investments. Expected returns and location of energy investments within the US are also major drivers of investment preferences. Favorable attitudes towards forestry and wood-based energy could enhance prospects for a greater number of potential investors. (C) 2009 Elsevier Ltd. All rights reserved.