Internationally, the importance of renewable energy in the energymix has been increasingly appreciated. The advantages
of the renewable energy usage for the world's energy security and the environment are indisputable
and much discussed in the literature. However, its effects on the economic welfare of the countries are yet to
be examined fully and described quantitatively. The purpose of this paper is to estimate the impact of the renewable
energy consumption to economic welfare by employing panel data techniques. The results show that the
influence of renewable energy consumption or its share to the total energy mix to economic growth is positive
and statistically significant. From a policy point of view, promoting renewable energies bears benefits not only
for the environment but also for the economic conditions of the countries.