Publication - Global Renewable Energy Trends: Solar and wind move from mainstream to preferred

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Title

Global Renewable Energy Trends: Solar and wind move from mainstream to preferred

Publisher

Deloitte Insights

Author

Marlene Motyka, Andrew Slaughter & Carolyn Amon

Published in

September 2018

Abstract

Having only recently been recognized as a “mainstream” energy source, renewable energy is now rapidly becoming a preferred one. A powerful combination of enabling trends and demand trends—evident in multiple developed and developing nations globally—is 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. Second, solar and wind can cost-effectively help balance the grid. Third, new technologies are honing the competitive edge of wind and solar.

Demand from energy consumers has mostly coalesced around three goals that the first three trends have enabled renewables to best fulfill. With varying degrees of emphasis on each goal, consumers are seeking the most reliable, affordable, and environmentally responsible energy sources.

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.

These trends will likely continue to strengthen through two mutually reinforcing virtuous circles. The deployment of new technologies will help further decrease costs and improve integration. This will enable a growing number of energy consumers to procure their preferred energy source and accelerate national energy transitions across the world.

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