The objectives of the study are to: determine solar energy, biomass based fuels, small hydropower schemes and wind energy sources that can be used to replace the regular fossil based fuels. An experimental model was established using the Bayesian decision model to ascertain the econometrics of the said energy technologies & applications for the communities in Ogor Kingdom, southern region, Nigeria. The model formulated was gotten from the data derived from Bill of Engineering Measurement and Evaluation on net benefits to the community persons after the projects were designed & constructed for the new applications on power source characterization in Ogor kingdom. The result of the model versus prototype was optimal at 100%.The work is recommended for implementation to: the government, four communities of Ogor Kingdom and all stakeholders as to fund the said alternative new sources of energy technologies and applications to combat the energy crises in the state and enhance economic growth in the region. The contribution to knowledge is in the use of new inventory models to get the econometrics of renewable sources of energy thereby eliminating global warming & climate change crises.