Power industry, as an infrastructure industry, plays a critical role in economic progress and social welfare. In this context, continuous load meeting, reliable service, to keep low energy price, achieving the quality standards, environmental protection and preservation of strategic position of power systems are contingent upon the precise planning which should be considered by corresponding responsible. In this paper, the role of renewable energy sources under implementation of incentive policies in generation expansion planning is evaluated from various perspectives: among them, environmental issues, passive defence, the surplus of the consumers and producers in energy production.These perspectives are modeled on the Bergson-Samuelson social welfare function. In this context, first, one of the most popular incentive policies, i.e. emission trading system, a comprehensive model is proposed for the generation expansion planning problem; then, regarding the obtained results from applying the gravitational search algorithm to the model, aforementioned perspectives are exposed to discussion. Analysis of the findings show the effectiveness of the simulated policy in improving the social welfare and energy security via emission reduction and promotion of renewable-based units and accessibility to the distributed resources.