grid parity

Grid parity occurs when the cost of generating electricity from renewable sources, like solar or wind, becomes equal to or less than the cost of buying electricity from the traditional power grid. This means that renewable energy becomes a financially competitive option without needing extra subsidies or incentives. Achieving grid parity can lead to increased adoption of clean energy, reducing reliance on fossil fuels, and supporting more sustainable power systems. Factors influencing grid parity include technology costs, energy prices, and government policies. Overall, it signifies a key milestone in making renewable energy economically viable on a broad scale.