Certainly they must be competitive in terms of energy density otherwise how can they substantially displace another energy source? Today renewable tech is not energy dense enough.
> Once renewables are sufficiently cheap
..cheap in total lifecycle cost (not end user cost of panel), carbon negative and sufficiently energy dense (transportable at light weight/low volume relative to stored energy)
> it's just building more of them.
For all of this, please remember we're talking global scale for electricity generation (<30% of fossil fuel use today), plus transportation, and manufacturing, not just electric use at my house or even a small country.
Straight cost - you mention taxes and regulation. This implies regulatory disincentives to produce and consume fossil fuels. It's relevant to note that at no time in recorded human history have humans backed off the consumption of an energy source unless a better replacement (more dense) was found. We nearly deforested the US east coast and almost killed off a whale species until coal came along and saved both (true story). Now we couldn't go back if we wanted to because civilization assumes a certain amount of energy input. Reducing it would have huge humanitarian impacts. Stabilizing it would be good, but this unfairly puts a huge burden on developing regions who would likely not tolerate it anyway.
Technology improvement - Look in the graph below at where diesel is relative to a Li-Ion battery. That's the gap it needs to make up at 5% efficiency gain per year (many orders of magnitude). It's beyond optimistic to say that would be covered any time soon barring a miracle (the track record shows that Moore's law doesn't apply to solar cells and batteries).
https://en.wikipedia.org/wiki/Energy_density#/media/File:Ene...
Even if you doubled the rate of efficiency improvements to 10% annualized, it's still an unrealistically wide gap to make up in my lifetime at least.
Fundamentally, for your position to be true you have to assume a miraculous leap forward in technology. And/or you have to assume some global-scale rational decision making (or force) to reduce consumption voluntarily (or involuntarily :/), in contrast with the whole of historic human behavior regarding energy consumption. Seems like there's a lot of hope involved there.