U.S. Offshore Wind Cost May Drop 55% With Experience
- Scale, efficiency key to lowering cost of offshore turbines
- Power would be competitive with market prices by 2029
The cost of building wind farms off the U.S. coast may decline as much as 55 percent within 13 years, letting developers offer clean power at rates competitive with market prices, according to a study released Tuesday by the University of Delaware.
If developers commit to a series of large projects, installing about 2,000 megawatts of capacity between 2020 and 2030 off the Massachusetts coast, they will gradually drive down costs as they gain experience, install transmission lines, upgrade infrastructure and utilize increasingly efficient components, the study found.