Prospects for the development of alternative energy in the Republic of Armenia, taking into account financial factors and social outcomes

Solar energy is developing at a significant pace all over the world. Solar technologies can use this type of energy for various purposes: domestic, commercial and industrial. The production of environmentally friendly energy is a worldwide development trend. Based on the sustainable development policy of the Republic of Armenia, it is necessary to create the necessary economic levers for the development of the renewable energy industry on a par with traditional energy. The analysis of the assessment of the possibility of attracting financial sources has shown the most effective sources of financing and the availability of social benefits from their possible use in solar energy. he constructed TNPV project present value model reflects the links between the development of sources of financial resources and the growth rate of the economy, where the following indicators are used as institutional factors: the index of economic freedom to choose sources of attracting financial resources, the index of the legal system and protection of property rights, the index of public consumption and the index of private equity participation in credit institutions. The progress of solar technologies continues to increase the efficiency of the natural renewable resources inherent in the territory of Armenia, allowing to produce more energy in a smaller space. The presence of high environmental qualities of solar energy resources and lower costs of obtaining them contributes to the development of economic growth, ensuring macroeconomic and financial stability of Armenia. Within the framework of the research work, the possibilities of developing solar energy in the Republic of Armenia are considered, as well as the most effective ways of using energy resources in various sectors of the economy.