By Amy Cutter* | IDN-InDepth NewAnalysis
LONDON (IDN) – Significant falls in the cost of renewable energy are making it competitive with fossil fuels in countries worldwide. The reduced costs of solar and wind, in particular, are changing the energy landscape dramatically, especially in remote areas, such as islands, where solar has become the most economic option for communities that are off-grid and rely predominantly on diesel generation for their energy needs.
The increased competitiveness of renewables is due to a combination of reduced technology costs and greater efficiency of equipment, as a result of rapid deployment, stimulated by support policies to overcome barriers.