DOI  https://doi.org/10.36719/3104-4727/3/10-14

Talat Alizadeh

Nakhchivan State University

https://orcid.org/0000-0002-2381-0458

talatalizade@ndu.edu.az

Economic Effects of Renewable Energy: Impact on Consumer

Welfare and Industry

Abstract

The development of renewable energy technologies promotes innovation and the adoption of new methods in industrial enterprises to ensure more efficient energy use. These technologies help reduce carbon emissions, support environmental goals, and enhance the brand value of companies by aligning them with sustainable practices. According to IRENA (2021), the shift to renewable energy not only contributes to ecological objectives but also strengthens companies’ market positions in an increasingly sustainability-focused economy. Government support in the form of tax incentives, subsidies, and financial aid accelerates the adoption of such technologies. Moreover, the use of renewable energy opens access to new markets and supports regional economic development by encouraging the creation of green industrial zones. As a result, renewable energy plays a critical role in advancing industrial growth while fostering environmental responsibility and long-term efficiency.

Keywords: Renewable energy, economic effects, consumer welfare, industry, energy security