Economic Impacts on Renewable Energy Storage System Solar, Wind, and Hydro Power: A Review

Abstract

In rural areas around the world, solar and wind power frequently offer the most affordable solution for fostering economic and community development while generating electricity, generating jobs locally, and advancing economic growth via the use of sustainable energy resources. The world's need for energy is rapidly increasing due to both the rapid population growth and technological progress. For this reason, choosing a sustainable, affordable, and dependable renewable energy source is crucial in case future energy demands arise. One viable and readily available energy source for addressing long-term problems in the energy crisis is solar energy, among other renewable energy sources. The global solar business is expanding gradually owing to the increasing need for energy at a time when the primary energy source, fossil fuels, is becoming scarce and other sources are becoming more costly.