Current Challenges and Future Prospects of Renewable Energy: A Case Study in Bangladesh

The purpose of this study was to examine the installed capacity of renewable energy in developing nations, with a particular focus on Bangladesh, which is the world leader in the development of renewable energy, to ascertain the factors that contribute to progress. The usage of renewable electricity in developing nations was then explored in light of recent legislation and policies governing those systems. The findings show that the private sector's reluctance to participate in such countries' continued growth of renewable energy is mostly a result of high costs and a long wait for capital to be returned. It was proposed in this study that governmental assistance and the assurance of the purchase of electricity produced could help to somewhat alleviate the issues. But there are many obstacles to the deployment of renewable energy, including technological, financial, and legal ones. Economic difficulties include expensive capital costs and ambiguous returns on investment, while technical difficulties include system optimization, control, and administration. In order to promote investment in hybrid renewable energy systems, regulations that support the usage of renewable energy sources, such as feed-in tariffs and net metering, must be put in place. The effective implementation of mixed renewable energy systems will depend on the creation of standards and laws that encourage the incorporation of renewable energy sources into the current energy infrastructure. Despite these obstacles, mixed renewable energy systems have bright future prospects and hold great promise for contributing significantly to the shift to a sustainable energy future