Introduction. The topic of renewable energy today is one of the most relevant and requires consideration from the point of view of all components of this process, namely economic, financial, environmental, technological, and others. The transition to renewable energy is already irreversible today since natural resources are depleted, fuel prices are the subject to significant fluctuations, and the stable growth of the national economy is ensured by energy security.
The purpose. The purpose of the article is to analyze the volume of global energy consumption, to analyze the impact of the introduction of renewable energy sources on the development of the national economy, to ensure energy security with the depletion of hydrocarbon resources and a slight diversification of their suppliers.
Results. Today the Ukrainian economy is the most energy-intensive. Unstable energy prices are a threat both to the global economy and to each country separately. Therefore, in the event of a decrease in the supply of traditional energy resources, the importing countries experience the greatest difficulties. The existing tendency in Ukraine to increase the consumption of traditional energy sources, combined with the absence of a targeted policy aimed at reducing the volume of environmental pollution, will lead to an increase in negative economic consequences. The advantage of renewable energy sources is their equal distribution throughout the country (with the exception of water resources). This feature leads to the formation of one of the main characteristics of power systems based on renewable energy sources, namely, their decentralization. It should be borne in mind that the world energy market is made up of state and non-state participants. Non-state participants are showing an upward trend. However, the state should have the greatest influence on the national energy sector. Renewable energy is an area that, in the Ukrainian context, depends on state support, namely economic and administrative incentives. The dynamics of the development of renewable energy should be combined with the balanced development of the fuel and energy sector in Ukraine.
Conclusions. The process of development and transition to renewable energy needs a systematic approach. Both qualitative and quantitative approaches are needed to assess the transition to renewable energy. An effective strategy for the transition to the introduction of renewable energy technologies should be justified by economic feasibility. The transition from traditional energy to renewable sources should lead to energy security, which contributes to stable economic growth, political independence, and improving the quality of the environmental component.
Techno-Economic Feasibility Analysis of a Hybrid Renewable Energy Supply Options for University Buildings in Saudi Arabia
