What Type of Economic Advantages Are Provided by Renewable Energy Sources?

General

There are several benefits of using renewable energy as compared to fossil fuels. The examples of renewable sources of energy are sun, wind, water etc. Energy produced by these sources never gets depleted.

Not just it is cheaper, but also helps in preserving the environment. Besides these, there are also several other societal and economic advantages of it. Let us understand all the various advantages of renewable energy sources in detail.

Increase in employment

One of the most important advantages of using renewable energy sources is increase in job opportunities in this sector. As people are opting for these energy options, there has been seen a dramatic increase in these jobs worldwide. Novaspect Inc is one of the most recognized manufacturer and supplier of superior quality valves and actuators for industrial applications.

At present, there are around ten million people employed in the field of renewable energy sources. More than three million of them are working under solar power area. Large hydropower sector employs near about one and a half million people, and wind power sector has around one million people employed in it.

Labor intensive

Another major benefit of using renewable sources of energy is that they can be easily installed at any place. Wind turbines are one of the best examples that are increasingly installed in rural areas.

This action has led several farms to offer much-needed capital to local people at that place.  In comparison to fossil fuel technologies, that are capital-intensive and mechanized, the industry of renewable energy has become more labor intensive.

Solar panel requires human force to install them. One of the best examples is of wind farms that require technicians for its maintenance. This implies that it would result in creation of more jobs on an average for each and every unit of energy produced from renewable energy sources as compared to fossil fuels.

Economic advantage

Renewable sources of energy offer economic advantage to people. There are 2 major reasons why these technologies offer an economic benefit to an organization. These are:

  • They are labor intensive. A renewable energy source has the potential to create more opportunities of jobs/ dollar invested as compared to traditional energy generation technologies.
  • Renewable sources of energy make use of indigenous resources, so it saves a lot of energy dollars. Renewable energy can help in generation of more jobs.

Human Welfare

The benefits of renewable sources of energy are not just limited to the above benefits. It is also beneficial for the welfare of human being. Renewable energy sources are scalable in regions where there is scarcity of electricity.

There are more than 1 billion people who have no access to electricity. Home based solar power systems assist in getting access to things that have the potential to change lives for the good.

Even in the underprivileged and deprived countries, flexibility of solar power is very desirable. In Bangladesh, you can find around 3.5million solar panel systems installed in countryside villages.

Conclusion

In this way, choosing to use a renewable energy source provides a company or an individual with all these amazing social and economic benefits.

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