What do you think when you see a product for sale at a steep discount to its past price range? Most people would probably give one of two answers: (1) there's something wrong with the product, or (2) it's a bargain.

I think that Brookfield Renewable (NYSE: BEP) (NYSE: BEPC) is a great example of the latter. This high-yield dividend stock is down nearly 50%. But it's a screaming buy right now for investors seeking passive income.

Brookfield Renewable's share price skyrocketed from 2019 through early 2021. However, it's been mainly downhill for the renewable energy stock since then. What happened?

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Source Fool.com