Green Energy

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EY said in its latest energy and resources report that 86%, or 187 GW, of newly commissioned renewable energy resources generated electricity at a cost lower than the average cost of fossil fuel generation in 2022.

Solar is the cheapest new-build electricity in many markets, even amid inflation and price rises, said EY, noting that the global weighted average LCOE for solar is now 29% lower than the cheapest fossil fuel alternative.

EY forecasts that solar and wind will become the global baseload electricity source.

Solar-generated power will become the biggest source of energy in countries such as the US, and those in Oceania and South Asia, driven by technologies around solar PV modules advancing at rapid pace,” said EY.

Particularly in the United States, a backlog of grid interconnection applications is causing delays, cancellations, and large incurred costs.

In a survey of more than 70,000 global consumers, EY found that sentiment towards residential solar adoption is strong.

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