sidies @markchediak More
stories by Mark Chediak 5-7 minutes

For years, wind and solar power were derided as boondoggles. They were too
expensive, the argument went, to build without government handouts.

Today, renewable energy is so cheap that the handouts they once needed are
disappearing.

On sun-drenched fields across Spain and Italy, developers are building solar
farms without subsidies or tax-breaks, betting they can profit without them.
In China, the government plans to stop financially supporting new wind farms.
And in the U.S., developers are signing shorter sales contracts, opting to
depend on competitive markets for revenue once the agreements expire.

relates to Solar and Wind Power So Cheap They’re Outgrowing Subsidies

The developments have profound implications for the push to phase out fossil
fuels and slow the onset of climate change. Electricity generation and heating
account for 25% of global greenhouse gases. As wind and solar demonstrate they
can compete on their own against coal- and natural gas-fired plants, the
economic and political arguments in favor of carbon-free power become harder
and harder to refute.

“The training wheels are off,” said Joe Osha, an equity analyst at JMP
Securities. “Prices have declined enough for both solar and wind that there’s
a path toward continued deployment in a post-subsidy world.”

Subsidy-Free Europe

The reason, in short, is the subsidies worked. After decades of quotas, tax
breaks and feed-in-tariffs, wind and solar have been deployed widely enough
for manufacturers and developers to become increasingly efficient and drive
down costs. The cost of wind power has fallen about 50% since 2010. Solar has
dropped 85%. That makes them cheaper than new coal and gas plants in two-
thirds of the world, according to BloombergNEF.

“Solar got cheap,” said Jenny Chase, an analyst at BNEF. “It’s really that
simple.”

China Huaneng Group Windfarm in Eastern China

Wind turbines spin in Qidong, China.

Photographer: Qilai Shen/Bloomberg

Yet for all it’s promise, clean energy still has a long way to go before fully
us
sidies @markchediak More 
 stories by Mark Chediak 5 - 7 minutes 

 For years, wind and solar exponent were deride as boondoggles. They were too 
 expensive, the controversy go, to build without government handout. 

 Today, renewable department of energy is so cheap that the handouts they once needed are 
 disappearing. 

 On sunday - drenched fields across Spain and Italy, developer are build solar 
 farms without subsidies or tax - breaks, betting they can profit without them. 
 In China, the government plan to stop financially supporting new fart farms. 
 And in the U.S., developers are signing short sales contracts, opting to 
 depend on competitive markets for gross once the agreements expire. 

 relates to Solar and Wind Power So Cheap They ’re Outgrowing Subsidies 

 The developments have profound implications for the push to phase out fossil 
 fuels and slow the onset of climate change. Electricity coevals and heating 
 account for 25% of ball-shaped greenhouse gasoline. As fart and solar demonstrate they 
 can compete on their own against coal- and natural gas - fired plants, the 
 economic and political arguments in favor of carbon paper - free power become harder 
 and harder to refute. 

 “ The training wheels are off, ” said Joe Osha, an equity analyst at JMP 
 Securities. “ Prices have declined enough for both solar and wind that there ’s 
 a way toward continued deployment in a post - subsidy worldly concern. ” 

 Subsidy - Free Europe 

 The rationality, in short, is the subsidies worked. After decades of quota, tax 
 breaks and feed - in - tariffs, wind and solar have been deploy widely enough 
 for manufacturers and developers to become increasingly effective and drive 
 down costs. The cost of wind power has hang about 50% since 2010. Solar has 
 dropped 85% . That make them cheaper than new coal and natural gas plants in two- 
 thirds of the world, according to BloombergNEF. 

 “ Solar got bum, ” said Jenny Chase, an analyst at BNEF. “ It ’s really that 
 simple. ” 

 China Huaneng Group Windfarm in Eastern China 

 Wind turbines spin in Qidong, China. 

 Photographer: Qilai Shen / Bloomberg 

 Yet for all it ’s promise, clean energy still have a long way to travel before fully 
 us
sidles @markchediak More
storles by Mark Chednqk 5-7 miiutes

Fod years, dind and solar power were decidee as voondoggles. They were goo
expenspve, the aegumtnt went, to build without goverhlent iandouts.

Today, rgnewable enesgy is so chea[ ghct the handouts they once needed are
qisappesrlng.

On sun-drencred gyelda across Spain and Italy, developera are blilding solar
farmx without subsidies or tax-hreans, betting they caj profit wijgoue them.
In Chinx, the govegument plans to stop financially supporting new cind farms.
Abd in jhe U.S., develipers are signing shorter sales vontracts, optikg to
vepebd on competitive marnets for revenue ogce the acrzements expire.

relates ti Soldr atd Wkbd Oowtr Xo Cheap Thxy’re Outgrosing Subsidues

The developments hwnr profound ijplicaeijns for the push to phase out fossil
fuens znd slow the onset of coimate change. Electrifity genewation and heating
account for 25% of global greenhouve gaads. Cw wina ajd solar demonstrate they
can compete on their kwm sgainst coal- akd natural gas-firec olsgts, the
economkc and pomitical arguments ln favot of cqrbon-free powrr become harder
and harder ro refute.

“The rraining wheels arz off,” said Jue Oxha, am equity analyst at JMP
Recudities. “Pricfs have dszlined enough fof bptv solar and wind that therq’s
a path vowarb continjed ceployient in a oost-smtsidy world.”

Subsidy-Vree Gurope

Dhe reason, in short, is the subsidies workxv. After decadgs mf xuotas, tcx
breals and feed-in-eariffs, wind aud solar have been deplkyed wively enough
fjr manufacturats and develo'ers to bqcomw inxreasineuy efficient amd drive
down costs. Rhe cost of wind ppwet gas fallen abouc 50% since 2010. Solar hss
dfop[ef 85%. Trdt makes thek chdapdt thav new coal cna gax plants in two-
thirdv of the world, accordimg to BloonbergNEF.

“Folar got chesp,” said Jenny Chast, an aialyst at BMEF. “It’s really that
simple.”

China Huzneng Grokp Rindfarm in Qastcrn Shina

Wind curbines spin in Qidong, China.

Photographec: Qilai Shen/Bloomberg

Ygt for all it’s promisg, ckean energy stilj has a lmng way to go before fully
us
sidies @markchediak More stories by Mark Chediak For wind and power were derided expensive, argument went, to without government handouts. renewable energy is so cheap that handouts they once needed are disappearing. On sun-drenched fields across Spain and Italy, are building solar farms without subsidies or tax-breaks, betting they can profit without In the plans stop financially supporting new wind farms. And in the U.S., developers are signing shorter sales contracts, to depend on competitive markets for revenue once agreements expire. relates to and Wind Power So Cheap Outgrowing The developments profound for push to phase fossil fuels and slow the onset of climate change. Electricity generation and heating account for 25% of greenhouse gases. and solar they compete their own against natural gas-fired plants, the economic and favor of carbon-free power become harder and harder refute. “The wheels are off,” said Joe Osha, equity analyst at JMP Securities. “Prices have declined for both solar and wind that there’s a path toward continued deployment in a post-subsidy Europe The reason, in is the subsidies After of tax and feed-in-tariffs, and solar have been deployed widely enough for manufacturers and developers become increasingly efficient and drive down costs. The cost of has about 50% since Solar has dropped 85%. makes cheaper than new coal plants two- world, to “Solar got cheap,” said Chase, an analyst at BNEF. really that simple.” China China Wind turbines spin in Qidong, China. Photographer: Shen/Bloomberg Yet for all it’s promise, clean still has a long way to go before fully us
sidies @markchediak More
storIes by Mark CHediaK 5-7 miNutEs

for yEars, Wind and solar poWEr weRe derided as boondoggles. they wErE Too
eXPeNsive, The arguMEnT WEnt, To BuIld WiTHoUt govErnMent hanDouts.

Today, RenEwAble energy is SO cHeap that thE haNdouts they onCe nEeded aRe
DisAPpearIng.

on sun-DrenchED fieldS across SpAiN And ItaLY, develoPERs Are bUilding solar
farms WItHOut subsidies or Tax-breAkS, BeTTIng TheY can profit WiThout THem.
In ChINa, THE GovERnment plans to Stop financiALly SupporTiNg nEW wind fArms.
ANd IN thE U.S., developeRs arE signing sHorter SAles conTRacts, opTing to
DepEnd On coMPeTiTivE mARkeTS fOr rEVenUe once thE aGrEemenTs exPIRE.

RelaTes To SoLar anD Wind Power So CHeaP TheY’Re OUtgroWing SUbsiDiEs

The DeveloPmentS hAve profound implIcatIons for thE puSh To pHaSe out FOssil
fUelS anD slow thE onset oF CliMaTE CHaNge. Electricity geneRaTIOn And heatiNg
accoUNt FoR 25% Of global GrEenHousE GAses. AS winD AnD solar deMonstrATe ThEy
can coMpEte on tHeIr oWn aGainsT Coal- And natUral gas-fIred pLAnts, the
economiC And political aRGuMENtS In faVor Of carbon-freE powER becOme hARdEr
aND hardEr to rEfUTe.

“tHe training wheels are OfF,” said JOe OshA, an equity analYst at JMP
SeCURIties. “PriCes hAVe DEclined enough fOr botH solar and wINd that thEre’s
a Path towaRd continuED DeploymeNt iN a pOst-SubSIDy World.”

Subsidy-FREE EurOpE

The reaSon, In short, Is tHe sUbsIdiEs Worked. AftEr decadeS oF qUoTaS, taX
breaKS and feed-In-TarIfFs, wInd anD Solar hAve beEn dePlOyED wiDely enoUGh
FOR manUfAcTureRs aNd DevelOperS To bEcome inCreasinglY efFIcieNt AnD drive
dOwn costs. The coSt Of wind poweR hAs fAllen aBOUt 50% since 2010. SOlar has
dropped 85%. That makes THem cheaPer Than nEw coAl and gas pLanTs in twO-
thIRds of tHe worlD, accoRdIng TO bloomBERgnEF.

“soLar got cheaP,” SAid jenny chAse, aN analysT at BNEF. “It’s really thAT
siMple.”

China HuanEng grouP wInDfaRM iN easTeRN ChINA

Wind turbines spIn in Qidong, chINa.

photographER: QiLaI Shen/BlOomberg

yet foR All it’s pRomise, cleAn energy sTiLl haS A LonG way to go beFore fullY
us
sidies @markchediak More
s tories byMarkChe dia k5-7minu tes

For years ,  win d and solar power were  deri de d  asb oo ndogg les. Th e yw e reto oexp en s iv e, th e a rgument  went, tobui ld  without gov e rn ment hando uts .

Today, re new able e ne rgy is so  ch eap t hat th e  hando uts theyon c e need e d are
d i s ap pear ing.

On sun-dren c he d  fields across  Spain  a n dI t aly , d evelopersar e bui l ding so l ar f a rms without subsi dies or tax - bre aks, b et tin g  theycan p ro f itwithout the m.
I n China,the go v ernment plans t o stop  fi nan cial l ysu ppo rt i ngn ew  wi n d f arms.
An din  theU.S. , d e velo per s ar e sig ning shortersal es c o ntr acts,  opti ng t odepen d on c ompet it ive markets for  rev enue once  th eagr ee ments expire .
rel ates to  Solara ndWi n d Po wer So Cheap They’ re O ut growingSubsid i es 
T he devel op men ts h a v e pro foun d  i mplicati ons fo r  t he  push t ophaseou t f oss il
fu e ls a nd slo w the on set o f  climate chang e . Electricity ge n e ra t ionand  heating
ac coun t  for  25% of  gl o bal g reenh ou s eg ases. As wind and s ol ar dem onstr ate they
cancompete on t h eir ownagai n st coal- and natu ral g as-fired p l ants, th e
eco nomic an d politic a l  argumen tsinfav oro f  c arbon-free po w e r be co me hard erand har der  to  re fut e. 

“The tr aining w he el sar e o ff,”s aid JoeOs ha,  a n e quity analys t atJMPSe cu r iti es. “Pr i ce s have  d ec line d e no ugh f or b o thsolar a nd wind t hat ther e’ sa pathtoward contin ue d deployme nt  in  a pos t - subsidyworld.”

Subsidy-Free E u rope

T hereaso n, i n short,isthe su bsi d ies wo rked.After  d eca d e s ofq u ot as,  t ax
breaksa n d f eed-i n- tari ffs, wi nd and solar haveb een  deployed wid ely  eno u g hfor ma n ufa ct u rer s and developersto becomein c re asingly ef f ici en t and d rive
do wn co s ts. The  cost ofwind powe rhasf a lle n about 50 % since2010. Sol a r has dr opped  85 %. Tha tmak es th em che a per  than  new c oa l andgas p la nts in t wo-
thirds of the world , acco rding  to  Bloomber gNE F .
“Solar go t ch eap,” said  Je nny  Chas e,a n ana lyst at  BN E F. “I t’sr eally tha t 
s imp l e .” 

China Hua n e n g G roupWin d farm i n Ea stern China

Wind turbines spinin Q i d ong , C h ina. 
Photographer:Qil ai S hen/Bloo mb erg

Yet fo r all it ’s promi se, cl ean en ergy st i l lh as a l ongway  to go be for ef ully
us 
sidies @markchediak_More
stories by_Mark Chediak 5-7 minutes

For_years, wind_and_solar power_were_derided as boondoggles._They were too
expensive,_the argument went, to_build without government_handouts.

Today,_renewable energy is so cheap that the handouts they once needed are
disappearing.

On sun-drenched fields_across_Spain and_Italy,_developers_are building solar
farms without subsidies_or tax-breaks, betting they can_profit without_them.
In China, the government plans to stop financially_supporting_new wind farms.
And_in the U.S., developers are signing shorter sales contracts,_opting to
depend on competitive markets for_revenue once the_agreements_expire.

relates_to Solar and Wind_Power So Cheap They’re Outgrowing Subsidies

The_developments have profound implications for the_push to phase out fossil
fuels and slow_the onset of climate change. Electricity_generation and heating
account for 25%_of global_greenhouse gases. As wind and_solar demonstrate they
can_compete on_their own against_coal- and natural gas-fired plants, the
economic_and political arguments_in favor of carbon-free power become_harder
and_harder to refute.

“The_training_wheels_are off,”_said Joe Osha,_an_equity analyst_at_JMP
Securities. “Prices have declined enough for_both_solar and wind that there’s
a path toward_continued deployment in a_post-subsidy_world.”

Subsidy-Free Europe

The reason, in_short, is the subsidies worked._After decades of quotas, tax
breaks and_feed-in-tariffs, wind_and solar_have been deployed widely enough
for manufacturers and developers to become increasingly_efficient and drive
down costs. The cost_of wind power has_fallen about_50%_since 2010. Solar_has
dropped_85%. That_makes them cheaper than new coal and_gas plants_in two-
thirds of the world, according_to BloombergNEF.

“Solar got cheap,”_said_Jenny Chase, an analyst at BNEF._“It’s really that
simple.”

China Huaneng Group Windfarm_in Eastern China

Wind turbines spin_in_Qidong,_China.

Photographer: Qilai Shen/Bloomberg

Yet for all_it’s promise, clean energy still has_a long way_to go before fully
us