The purpose of the work is to consider the theoretical applied foundations of the use of alternative sources of energy in Ukraine and the world, the study of the theoretical bases, and specificity of the use of existing alternative energy sources in the context of globalization, the world practice of the use of alternative sources of energy; lighted up the features of the use of alternative energy sources in Ukraine in modern conditions. A special attention is focused on the analysis of energy efficiency of Ukrainian regions and its determinants, and investigated the general trend regarding the situation in the oil market and investment in renewable energy. Methodology The study is based on the indicators of renewable energy and energy efficiency of the regions of Ukraine in 2015 and the inclusion of indicators of the average oil price, investment in renewable energy sources, the rate of growth of prices, growth rates of investments in 2004–2016. In general, in mainland Ukraine, there are several dozens of solar power plants capacity from 1 to 15 MW, and more than a dozen SES have a capacity from 20 to 120 MW (some under construction). Thanks to a special “green tariff”, which is valid since 2011, solar energy has become a lucrative business that has attracted foreign investors. According to statistics, the volume of commissioning of new solar power plants in 2013 almost doubled compared to 2012. Results. It is determined that an important element of policy implementation in the field of energy saving and use of alternative sources is the introduction of financial, organizational and economic activities that give the opportunity to implement principles of sustainable development in public administration, and in terms of decentralization – by local governments. In the management, the determining are such policies in the field of energy efficiency as: pricing mechanisms; mechanisms of regulation and control; financial measures and fiscal incentives; mechanisms of development and transformation of the market; technological development; business development and capacity building (creation of energy service companies (ESCOs); the curriculum; the development of industry of energy efficiency); financial recovery.