page_title: Renewable energy transition
section_title: Energy market
hierarchical_section_title: Renewable energy transition / Economic Aspects / Economic players / Energy market
caption_attribution_description: English: Percentages of total costs for turbine installations.
context_page_description: The renewable energy transition is the process of replacing fossil fuels with renewable energy. This transition can impact many aspects of life including the environment, society, the economy and governance.
  The rationale for the transition is often to limit the adverse effects of energy consumption on the environment. This includes reducing greenhouse-gas emissions and mitigating climate change. In 2019 the cost of renewable energy reached the point where it is cheaper to build and operate than coal-fired power plants.
context_section_description: The energy market, in relation the economics behind the renewable energy transition, is its insurance policy. In the past, inconsistencies in the renewable energy field had caused skepticism. The increase in returns in the market has changed that perception. Recently, the costs for these energies have been reduced dramatically. For solar and wind power, the costs have dropped up to 60 to 80 percent.
  Wind energy is growing in usage, and much of this is due to the increase in wind energy production. Transitioning to wind energy assists in altering a countries dependency on foreign sources when it comes to energy. Allowing countries to build their economies from within, while helping the environment is a more common thought. While a setback to this method of energy is that it requires specifics in land available and location of land, there has still been an increase in wind turbines. From 2007-2017, the US wind energy consumption increased 590%. The transition is viewed as a way to ensure the economies environmental sustainability.
caption: Wind Turbine Total Costs[52]
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