Ranking renewable energy production methods based on economic and environmental criteria using multi-criteria decision analysis

Abstract

These days, the excessive industrialization, elevated levels of pollution, and increased energy crisis have led nations towards the use of renewable energy sources. Moving towards renewable energy not only helps in reducing our dependence on fossil fuels but also aids in eliminating increased levels of pollution. Through the use of renewable energy sources, global warming can also be decreased which is currently the biggest environmental issue worldwide. This reduction in global warming will result in a guaranteed sustainable future. Renewable energy, despite being expensive, contributes to the national economy in the longer run. Moreover, renewable energy sources help in the elimination of load shedding, having a positive impact on quality of life. This research tends to acknowledge the significance of renewable energy by considering several factors. These include investment, operations and management costs, the capacity of energy production, and environmental impacts. This paper employs Fuzzy VIKOR and Fuzzy TOPSIS methods. It ranks different renewable energy alternatives on the bases of different criteria such as installation cost, operations, and maintenance cost, area required, the importance of location, return on investment, payback period, and efficiency. The outcomes of this research suggested that continued reliance on exhaustible sources of energy has negative impacts on environment, economy, and quality of life. Through this research, an energy policy will be formulated, which will not only lead us towards finding solutions to the above-stated problems but also ensure sustainable and viable future for generations to come.