Cost of Wind Energy Review: 2024 Edition
Recent U.S. offshore wind industry strike prices exceed the LCOE estimates in this publication. Slide 43, titled “2023 Offshore Wind Reference Plant LCOE Estimates,” outlines several
Onshore turbines generally have capacities between 2 to 4 megawatts, while larger offshore turbines can cost significantly more, often exceeding $100 million. On WeatherGuard Wind, it's noted that commercial wind turbines typically cost between $2.6 million and $4 million each, with an average cost of about $1.3 million per megawatt.
In 2024, the average capital cost for onshore turbines ranges between $900 and $1,200 per kilowatt (kW), while offshore turbines can cost between $2,000 and $3,000 per kW due to their complexity and installation challenges. Installation costs are influenced by site-specific conditions such as terrain, grid connection, and logistical considerations.
The most powerful 12 MW wind turbine costs up to $400 million to manufacture and install. Costs for utility-scale wind turbines can be broken down into three categories: manufacturing, transport and installation, and operations and maintenance. Researchers are constantly working to drive down the costs.
Large offshore turbines can cost tens of millions of dollars, with the most powerful 12 MW turbines reaching up to $400 million for manufacturing and installation. Lastly, Statista reports that the global average installed cost for onshore wind power was approximately $1,160 per kilowatt in 2023.
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