This study analyses the environmental and health benefits associated with the use of renewable energy sources, focusing on the costs and savings involved. The research employs a comprehensive cost-benefit analysis approach, comparing the costs associated with generating energy from a 10 megawatts solar energy power plant versus a 10 megawatt hydropower plant. The data used in this research was gathered from a variety of sources, including government reports, academic studies, and industry publications. The analysis ensued a positive net benefit for both power plants, while the economic useful life of developing and implementing the solar plant is shorter, the long-term benefits of these technology outweighs that of the hydro power plant. The data indicates that renewable energy technologies can significantly reduce greenhouse gas emissions and air pollution, leading to substantial improvements in public health and environmental quality. Overall, this research indicates that investing in renewable energy sources is not only an environmentally responsible choice, but also a viable decision for the society.