Socio-Economic Impacts of Digital Innovations in Renewable Energy Adoption

Abstract

The integration of digital innovations in renewable energy has ushered in transformative changes across socio-economic landscapes globally. This chapter explores the multifaceted impacts of these innovations on society and the economy. Through a comprehensive review of existing literature and case studies, the study identifies several key areas of impact. Firstly, digital innovations have significantly enhanced the efficiency and reliability of renewable energy technologies, thereby accelerating their adoption and deployment. This technological advancement has led to cost reductions in renewable energy generation, making it more competitive with traditional fossil fuels. Consequently, it has stimulated economic growth through job creation in the renewable energy sector and associated industries. Secondly, the democratization of energy production through digital platforms has empowered communities and individuals to participate actively in energy generation and consumption decisions.