Declining Costs And Technology Are Powering Renewable Energy Demand
Renewable energy sources, notably solar and wind, are reaching price and performance parity on and off the grid, finds a new Deloitte Global report,“Global Renewable Energy Trends.” According to the report, three key enablers—price and performance parity, grid integration, and technology— allow solar and wind power to compete with conventional sources on price, while matching their performance. As technologies such as blockchain, artificial intelligence (AI), and 3-D printing continue to advance the deployment of renewables, prices will likely continue to fall, and accessibility will improve.
“Demand for renewable energy sources has grown tremendously in recent years,” says Bart Cornellisen, Managing Partner, Monitor Deloitte and Energy and Resources Leader, Deloitte Middle East. “Governments, communities, emerging markets, and corporations increasingly understand that renewables are sustainable and affordable, and they want them included in current and future procurement plans. A clear example of this are the increasing investments in large-scale solar projects in the Middle East.”