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Wind Power
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The cost of electricity from wind is falling. Wind turbine prices have dropped by 30–40% since 2009, with somewhat lower reductions in installed costs in line with lower wind turbine prices. At the same, technology improvements mean more wind is harvested from the same sites with new wind turbine technologies.
The weighted average electricity cost of new onshore wind farms in 2016 was between USD 0.05 and USD 0.12/kWh depending on the region, but costs can be as low as USD 0.03/kWh for the most competitive projects without financial support. Average costs will continue to decline due to continuing pressure on wind turbine prices and continued growth in hub heights and swept areas, which results in higher capacity factors for wind. Offshore wind is considerably more expensive, with costs of between USD 0.10 and USD 0.21/kWh for projects commissioned in 2014–16.
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The Power to Change: Solar and Wind Cost Reduction Potential to 2025
Increasing economies of scale, more competitive supply chains and further technological improvements will continue reducing the costs of solar and wind power. The same factors will also boost the availability of these key renewable power sources at night and in varying weather conditions.- June 2016
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Past Events
Renewable Power Generation Costs in 2019: Latest Trends and Drivers
09 June 2020 | Webinar
Following the 2019’s edition of IRENA’s Renewable Power Generation Costs report, this...
Bonn Lecture Series: The True Costs of Renewables
25 January 2018 | Bonn, Germany
Up-to-date insights into the competitiveness trends of renewable power generation costs have...