Institute for Energy Economics and Financial Analysis (IEEFA) has announced in order to enhance the growth of renewable energy including solar rooftop, the dropping costs of electric vehicles (EVs) and batteries with equal grid market access can be helpful, as per its report ‘Electric Vehicles and Batteries Can Drive Growth of Residential Solar’ based on Germany and Britain and examines the economic impact on these regions on combining the rooftop solar with EVs and batteries; along with the effects of different policy incentives and disincentives.
On the view of scraping subsidies in renewables, IEEFA energy analyst and co-author of the report, Gerard Wynn said that, “Generous renewable energy subsidies have had their day, but scrapping these entirely and replacing them with nothing will damage renewables markets.”
While on trimming the battery and electric vehicles cost, Wynn further added that, “The falling cost of battery storage and EVs can drive new growth in renewables in Europe, but only if these low-carbon technologies have the same access to electricity network markets as fossil-fuel based ones.”
According to the report, solar power, battery storage and EVs will be at the centre of global energy system disruption in the future, because of declining costs and alignment with current trends towards “decarbonisation, decentralisation, digitalisation and democratisation,”
However, policy barriers and uncertainty will slow down this transition, and make it costlier, it added.
Major Conclusions of the report:
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