September 14, 2018 Read More →

Deloitte: Renewable energy price declines to continue

ET Energyworld:

Renewable energy sources, notably solar and wind, are reaching price and performance parity on and off the grid globally and, as technologies continue to advance their deployment, prices will likely continue to fall, according to a study by accounting and consultancy firm Deloitte.

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, according to the report “Global Renewable Energy Trends” released today.

“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,” the report said.

The unsubsidized cost of solar and wind power has become comparable or cheaper than traditional sources and new storage options are making renewables more dispatchable — once an advantage of conventional sources.

The report states wind and solar power are now viewed as a solution to grid balancing rather than an obstacle. Also, automation and advanced manufacturing are improving the production and operation of renewables by reducing the costs and time of implementing renewable energy systems.

India has added renewable energy capacity at an average annual growth rate of 20 percent in the last five years, to become the 4th-largest market after China, U.S. and Germany. “In a couple of years, it is likely to surpass Germany considering the massive renewable energy target of 175 GW by 2022,” said Debasish Mishra, Partner, Deloitte India.

More: Renewable energy prices set to fall further: Deloitte

 

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