Solar and wind have shifted “from mainstream to preferred” energy sources, according to a new analysis by Deloitte Insights that points to renewables as the technologies “best able to meet new demand for reliable, affordable, and environmentally responsible energy.”
The 17-page briefing points to a combination of enabling and demand trends across multiple developed and developing countries that are “helping solar and wind compete on par with conventional sources” and win.
“The first enabler is that renewables are reaching price and performance parity on the grid and at the socket,” Deloitte states. “Second, solar and wind can cost-effectively help balance the grid. Third, new technologies are honing the competitive edge of wind and solar.”
Those trends are being amplified by consumer demand for reliable, affordable, environmentally responsible energy, the consultants add. “Chief among these consumers are cities integrating renewables into their smart city plans, community energy projects democratizing access to the benefits of renewables on and off the grid, emerging markets leading the deployment of renewables on their path to development, and corporations expanding the scope of their solar and wind procurement.”
The executive summary of the report points to two “mutually reinforcing virtuous circles” that will likely continue the trend, making wind and solar that much more attractive in the market. “The deployment of new technologies will help further decrease costs and improve integration,” Deloitte states. “This will enable a growing number of energy consumers to procure their preferred energy source and accelerate national energy transitions across the world.”