Fuel prices may be cheaper these days, which has made renewable energy sources such as wind more expensive, but that won't last for long, says energy tycoon T. Boone Pickens.

“I think that the renewables are going to be used, and once we get started, we'll find out that we can do it cheaper than when we start out,” Pickens told the Motley Fool.

Pickens, who is spearheading an alternative energy plan that bears his name, has postponed developing a wind farm due to financing issues but says it will resume.

He also says wind and solar energy will not replace oil although the need for the former will rise as the country weans itself off foreign hydrocarbons.

“Now, wind and solar are not going to replace crude oil, because oil is used primarily for diesel and gas transportation fuel,” Pickens said.

“So we need to get on our own resources, and I think that is starting to happen. I think this administration is committed to it, and they're going to see that it does happen.”

Investments in wind farms have been rising across the United Sates over the past few years, mainly in the central part of the country.

Other projects may develop off the coasts of Massachusetts, New Jersey, Delaware and Rhode Island.

One project scheduled for development near Cape Cod could see a billion-dollar investment.

“They're building these wind farms in the Midwest fast, which is great. The problem is there's no people,” Rhode Island Governor Donald Carcieri told Reuters.