How do you assess the success of your renewable energy projects?

3 Environmental indicators

The third step to evaluate your renewable energy projects is to estimate and report the environmental indicators that reflect the benefits and impacts of your systems on the natural resources and climate. These include the greenhouse gas (GHG) emissions avoided, which measures the amount of carbon dioxide equivalent (CO2e) that your systems prevent from being released into the atmosphere; the water consumption avoided, which measures the amount of water that your systems save compared to conventional energy sources; the land use avoided, which measures the amount of land that your systems spare from being occupied or degraded by fossil fuels; and the biodiversity impact avoided, which measures the effect of your systems on the diversity and health of ecosystems. These indicators can help you demonstrate and communicate the environmental value and sustainability of your projects.

4 Social indicators

The fourth step to evaluate your renewable energy projects is to assess and improve the social indicators that reflect the outcomes and implications of your systems on the human well-being and development. These include the job creation, which measures the number and quality of jobs that your systems generate or support directly or indirectly; the energy access, which measures the extent to which your systems provide or enhance reliable and affordable energy services to underserved or remote communities; the health impact, which measures the effect of your systems on the physical and mental health of the population by reducing air pollution and noise; and the social acceptance, which measures the level of awareness and support that your systems receive from the stakeholders and public. These indicators can help you align and integrate your projects with the social needs and expectations of your target groups.

5 Policy indicators

The fifth step to evaluate your renewable energy projects is to review and influence the policy indicators that reflect the opportunities and challenges that your systems face in the regulatory and institutional environment. These include the renewable energy targets, which measure the percentage or amount of energy that your systems contribute to the national or regional goals for renewable energy deployment; the renewable energy policies, which measure the type and level of support or incentives that your systems receive from the government or market mechanisms; the renewable energy barriers, which measure the degree and nature of obstacles or risks that your systems encounter from the legal, administrative, or technical aspects; and the renewable energy cooperation, which measures the extent and quality of collaboration or coordination that your systems enjoy with other actors or sectors. These indicators can help you adapt and advocate for your projects in the policy context and landscape.

6 Innovation indicators

The sixth step to evaluate your renewable energy projects is to explore and foster the innovation indicators that reflect the potential and performance of your systems in the technological and entrepreneurial domain. These include the research and development (R&D), which measures the amount and quality of resources and activities that your systems invest or engage in to improve or create new technologies or processes; the patenting, which measures the number and impact of intellectual property rights that your systems obtain or apply for to protect or commercialize your innovations; the learning curve, which measures the rate and direction of cost reduction or efficiency improvement that your systems achieve as a result of learning by doing or scaling up; and the market share, which measures the percentage or volume of energy that your systems supply or demand in the competitive or niche market. These indicators can help you innovate and differentiate your projects in the technological and entrepreneurial field.