Ritesh Pothan provides an exhaustive analysis of the cost of renewable energy and the path towards grid parity. “There is a tremendous amount of benefit that renewable energy can provide to a nation already bogged down by increasing inflation and infrastructure issues,” says Ritesh talking about his native India.
Grid Parity per Wikipedia is defined as “the point at which alternative means of generating *(continuous) electricity produces power*(throughout the day) at a levelized cost that is equal to or less than the price of purchasing power from the grid. Reaching grid parity is considered to be an important point in the development of new sources of power, the point at which it becomes a contender for widespread development without subsidy support. The term is most commonly used when discussing renewable energy sources, notably photovoltaics (solar panels), wind power and wave power. It is widely believed that a wholesale shift in generation to these forms of energy will take place when they reach grid parity.”
*[The words in bold are an addition to define ideal and effective grid parity]