Analysts at Swiss investment bank UBS believe that by 2030, we could all be living without much of a carbon footprint — at least at home.

The analysts believe that the cost of renewable energy will continue to dive heading into the next decade, and that by 2030, costs will be so low they will “effectively be free,” according to new research published this morning in the Financial Times (paywall).

The analysis explained that solar and wind farms are getting bigger a move that is “great news for the planet, and probably also for the economy.” With its increased popularity among consumers and, more importantly, energy providers, the economics of scale come into play.

With declining prices, it makes little sense to ignore alternative energy sources, especially those that are renewable.

Currently there are approximately a dozen major European utility companies that have announced significant changes to their previous business models — most of which relied on coal or natural gas during the past century — that could usher in a new era of clean, renewable energy.

As demand increases and prices continue to fall, it’s hard to imagine a trend reversal in the near future.

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