The introduction of renewable sources of energy, namely, solar, wind, and hydroelectric power, can enhance national energy security and, in turn, national economic stability as follows:

While expanding energy independence allows nations to reduce their dependence on foreign oil, such diversification would make them less vulnerable to geopolitical instability, price shocks, and supply disruptions from international energy markets. For this reason, strengthening energy independence supports national security and reduces the country’s reliance upon such external energy shocks to trigger the overall vulnerability of its economy.

-Increased Energy Security: Renewable energy sources are more likely to be locally available. This makes their supply more dependable and secure compared to imported fossil fuels. Therefore, the risks of energy shortages resulting from geopolitical disturbances or supply disruptions are less likely.

Economic Stability
Lower energy costs: The electricity produced from solar and wind sources can be offered at lower long-term rates than from fossil fuel sources, and the cost is continuing to decline with technological improvements. This will save consumers and businesses money on energy bills, furthering economic competitiveness.

One of the reasons renewable energy supports job generation is through a job creation angle in manufacturing and installation, its maintenance, research, and development. This directly supports the economy through job stimulation.

– Savings from Reduced Environmental and Social Costs: Countries can save on environmental and social costs stemming from pollution, climate change, and fossil fuel extraction and transportation costs by reducing dependence on fossil fuels. It leads to enormous long-term economic benefits such as improvement in public health and curbed healthcare expenditure, agricultural productivity, etc.

– Sure, technological innovation: The investment in renewable energy technology creates innovation and technological advancement by opening new industries and economic opportunities that make a country even more competitive globally and boost its economy.