We at some point in our lives have always come across the phase ‘renewable energy’. Renewable energy basically refers to the energy sources around us, which can be utilized to infinite extents without worrying about the potential depletion of the source in the future. Renewable energy forecasting is a particular field which deals with the statistics of the probable use and expenditure of renewable sources of energy which can be utilized by the general population in the near future. Some of the available technologies, which can help harness the renewable sources of energy, include the following: 1-Photovoltaic Systems: Solar energy is the most abundantly available energy source on our planet. The sun radiates around 3.86 x 1026 watts of power out of which about 1.74 x 1017 watts of energy strikes the earth’s surface. This amount of energy is so vast that if harnessed ultimately can help power our energy requirements for more than 100 years. Power for