Electric utilities buy really expensive assets like coal or nuclear plants. They are really, really expensive, so they plan to amortize the costs over decades, 30-40 years. When governments come in and make arbitrary changes, like “50% solar in ten years”, utilities have to stop using their really expensive assets before they have been amortized, and buy more really expensive assets. This drives electric rates as consumers pay for the power plants they use plus the ones they don’t.
In 1995 Texas the shift began from coal to natural gas and numerous coal plants were shut down or mothballed.
The first nat gas shortages hit the US in 2000 created problems in both California and Texas and that is what set off the first windmill boom in Texas. The first renewable standrds had been set in 1999 for 2009 but Texas achieved those standrds in 2004 and the lege set newer and higher renewable standards in spring of 2005 and Katrina in the fall of 2005 knocked out a lot of nat gas production and set off the second windmill boom in Texas.
While you are correct about the capital costs of power generating plants you are ignoring the fuel costs and renewables have no fuel costs, so generally fossil fuel has lower capital costs and higher fuel costs while renewable have higher capital costs and lower(none) fuel costs.
Cash flow is much better on renewables because it takes lot longer to get coal/nat gas permitted and 20 years for nukes
The other advantage is price stability. Renewbales can offer quotes out 20 years while the coal/nat gas don't know what costs will be in 90 days.