Renewable Power Generation Technologies are Now Cost Competitive with Fossil Fuels

Renewable power generation technologies are now cost effective with fossil fuels and innovation is gathering pace across the sector, a report by Lloyd’s Register said.
The initiative towards sustainability has not ever been more urgent – and technology will continue to show a critical role said Lloyd’s in a research report.  The research sought insights and opinions of leaders athwart the sector, as well as the views of almost 600 professionals and experts around the world – from utilities and distributors over to equipment manufacturers and operators.
Key findings contain low carbon generation technologies are cost competitive. 70% of renewable respondents supposed that renewable are now getting cost parity with fossil fuels.
Solar cell technology is likely to have a major impact soon. Renewable respondents are more positive about the potential of advances in solar cell technology – and the likelihood of embracing.
Software progresses will be instrumental in transmission and delivery. They were seen by respondents as the revolution that will be the fastest to arrive and the most likely to be adopted.
It is electrical technologies that will alter storage, rather than mechanical storage or chemical technology innovations. In specific, respondents expect fantastic capacitors, which will rapidly speed up charging times for huge batteries, to have the highest influence of storage.
Deployment is a main barrier. Implementation of technology in renewable is stalled by deployment, which faces its own discrete challenge. However, 71% of respondents decided there had been an increase in the scale of placement of renewable energy sources.
Standardization as a much-needed enlargement for the low carbon sector. Industry experts agree that regional and global consensus on regulations could boost up deployment and further reduce costs.
“The outcomes, focus not only a growing confidence across the industry,  but a vigorous and intelligent conversation about the pathways to de-carbonization,”  Alasdair Buchanan, energy director at Lloyd’s Register added, a top provider of integrity, compliance and expert risk consulting services.