Wind, solar costs plummeting, Energy Department reports

Brendon Thorne/Bloomberg

A new report from the Department of Energy catalogs just how much renewable energy prices have fallen in recent years.

Since 2008 – probably not coincidentally the year President Obama was elected to the White House – government analysts put the cost declines as such:

With falling prices has come growth that would have been unthinkable a decade ago.

Last year solar panels and wind turbines accounted for more than two-thirds of the power generation installed on the U.S. grid, with wind accounting for more than 40 percent of the total, the Department of Energy reported Wednesday.

“We need to continue pushing the innovation agenda that leads to these kinds of dramatic cost reductions for all low-carbon technologies and increase America’s competitiveness and independence in the global clean energy economy,” Energy Secretary Ernest Moniz said in a statement Wednesday.