Application of alternative sources of energy resources: Economic aspects

Abstract

The topic of research related to alternative energy sources is relevant, since with the constant growth of the population and the development of industry around the world, the demand for energy continues to increase, at a time when traditional energy sources (coal, oil, and gas) are limited and subject to exhaustion. Alternative energy sources offer new opportunities to meet the growing demand for energy, they can provide more stable prices and reduce dependence on energy imports, and do not emit greenhouse gases or pollute the environment. The purpose of this paper is to study the economic viability and potential of alternative energy sources in order to assess their impact on the economy and identify opportunities and challenges. Among the methods used, the analytical method, the statistical method, the functional method, the system analysis method, the deduction method, the synthesis method and the comparison method were applied. The study analysed financial mechanisms that promote the development of alternative energy sources, such as subsidies, tax incentives and investments in renewable energy sources. The effectiveness of these mechanisms and their impact on the development of the industry was studied. Special attention was paid to the economic risks associated with alternative energy sources, including the instability of prices for equipment and technologies, as well as changes in legislation and regulation. The current state and dynamics of the market for alternative energy sources were analysed, as well as the growth potential and the share of alternative energy sources in the overall energy system were determined. The positive impact of the use of alternative energy sources on the economy and society is assessed. The results obtained are of practical value and can be used to make decisions related to the use of alternative energy sources and improve this process at a new level.