Did you know that during the 18th and 19th century industrial revolution in Britain, coal never became cheaper than water power? All those new steam engines were used to make deeper mines more viable and to increase production. But water power remained cheaper throughout. But water power came with a downside. Available water power tended to be located in rural areas. The smaller population in these small towns consequently had a lot of labor bargaining power. Industrialists instead wanted access to the labor markets of the major cities, cities brimming over with new urban poor desperate for any scrap of work they could get. Cheaper labor overcame cheaper power. A coal plant could be put anywhere, while a water mill could only be positioned on high-flowing streams.
Renewables are cheaper, but we've been here before. There's more to this than just energy cost.