Wind power gains traction against fossil fuels

Bloomberg reports wind power is becoming more competitive in a fossil fuel world as equipment costs drop.

Since 2009, turbine prices have fallen 26 percent worldwide, according to Bloomberg.

And with the decision by Warren Buffett to purchase $1 billion worth of wind turbines for his utility company, the power of renewables is gaining traction.

Wind is the cheapest source of power in Iowa, where Buffett's projects will go up.

“If Congress were to remove all the subsidies from every energy source, the wind industry can compete on its own,” said Tom Kiernan, CEO of the American Wind Energy Association trade group, at a press conference in Fort Madison, Iowa, Monday, when the purchase was announced.