Renewable Energy Sources wind and solar power are growing exponentially. While the economy has seen crashing oil prices and downsizing in other fossil fuels, the green energy sources are booming. In 2015, clean energy investments broke previous records and continue to gain globally. Renewable energy prices have been going down making it more affordable to produce and buy. Recent auctions in Morocco and Mexico resulted in winning bids from energy companies that promised to produce electrical power at the cheapest rate from any source on the globe.
With additional government subsidies helping companies gain entrance in global power markets and economies of scale driving prices ever lower, significant price reductions have made green power sources more competitive with current low oil prices. Solar power costs are 1/150th of 1970s prices and installations have grown rapidly.
Fuels vs. Technology
Solar power generation is a technology instead of fuel allowing for increasing efficiency as tech development goes forward. Both usage and solar battery prices are falling steadily making it more inviting to install. Since 2000, solar global electricity production has doubled seven times over and wind power has doubled four times over. Both forms of energy are beginning to compete on pricing and investment on an annual basis.
On the other side of the equation, fossil fuels prices are falling and production has lowered. Although traditionally falling prices increases demand, it has also lowered production of some oil sources and coal prices are not falling fast enough.
Recently, the gas and oil industry has been under attack with prices falling rapidly and investments reducing. Active oil rigs in the U.S. moved to the lowest number since the 1940s, and many small producers are losing profitability.