(Bloomberg) — For years, wind and solar power were derided as boondoggles. They were too expensive, the argument went, to build without government handouts.

Today, renewable energy is so cheap that the handouts they once needed are disappearing.

On sun-drenched fields across Spain and Italy, developers are building solar farms without subsidies or tax-breaks, betting they can profit without them. In China, the government plans to stop financially supporting new wind farms. And in the U.S., developers are signing shorter sales contracts, opting to depend on competitive markets for revenue once the agreements expire.