Renewables became cheaper so fast due to a combination of factors including advancements in technology, increased investment and production, and economies of scale.
Firstly, advancements in technology have led to improvements in the efficiency and durability of renewable energy systems, resulting in lower production costs. For example, solar panels have become more efficient in converting sunlight into electricity and the costs of producing and installing wind turbines have also decreased.
Secondly, the global investment in renewables has increased significantly over the past decade, leading to greater production and installation capacity. Governments around the world have also implemented various incentives and subsidies to promote the use of renewable energy sources, driving down the cost.
Finally, the increased demand for renewable energy has led to economies of scale, further reducing production costs. As renewable energy technology becomes more widespread, the costs of components such as solar panels, wind turbines, and batteries are also reduced, making renewable energy more affordable for consumers.
In conclusion, the combination of technological advancements, increased investment and production, and economies of scale has driven down the cost of renewables and made it a competitive alternative to fossil fuels.