Bloomberg details the current cost of renewables vs. fossil fuels here. For new installations, solar and wind are now both cheaper than any fossil fuel power plant. What does that mean? Well, it means that no one will build new fossil fuel power plants. However, do not confuse this with “solar is cheaper now so everyone will switch.”
It’s still cheaper to increase production at existing power plants, even if that requires investment to improve environmental impacts. It’s also cheaper to retrofit existing plants to run other types of fuels, like coal to natural gas, or coal to biomass. Please note, China claims to be moving away from coal.
What we might hope for is to see the solar industry in the US benefit and grow, supplying emerging economies with energy. Although China dominates all solar power markets, the US does have significant manufacturing.
What about oil and electric cars? Bloomberg also posted this video comparing the recent oil glut and price drop to the amount of oil use expected to be eliminated as planned electric vehicle manufacturing gets into high gear. This is from February 2016, but it’s pretty good: