When President Jimmy Carter put solar panels on the roof of the White House 40 years ago, renewable energy technologies were both expensive and niche.
Times have changed. The market has turned against fossil fuels, and with a helpful prod from consumers and lawmakers, fossil fuels can be replaced entirely by renewable energy.
Consider the economics: The cost of installing new wind turbines has fallen by two-thirds from a decade ago, and the price of solar panels by a whopping 88 percent. Nearly two-thirds of the new power capacity installed this year is expected to be solar and wind. Recent analysis by Rocky Mountain Institute, a group that promotes the use of low-carbon energy sources, shows renewable energy will be less expensive than gas power plants within a decade. It makes sense: The “fuel” powering wind turbines and solar panels is free, after all.
The signs of change are everywhere. In states like Colorado, Ohio, Minnesota, and Indiana, utilities are shutting down their coal plants and switching to renewable energy—not because it’s cleaner, but because it’s cheaper. In fact, coal has become so uncompetitive that plant owners have asked the government for a bailout.