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Wind Test2The cost of electricity from wind is falling. This is due to total installed costs declining in line with lower wind turbine prices since 2009 and, at the same, technology improvements mean more wind is harvested from the same site with new wind turbine technologies.

The weighted average electricity cost of new onshore wind farms in 20142 was between USD 0.06 to USD 0.09/kWh depending on the region, but costs can be as low as USD 0.05/kWh for the most competitive projects without financial support. Costs will continue to decline in the near future 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.

The regional weighted average installed costs for onshore wind range from around USD 1 280/kW to USD 2 290/kW. China and India have weighted average installed costs 35% to 44% lower than in other regions. Offshore wind farms are significantly more capital-intensive, and typically range between USD 2 700 and USD 5 070/kW.

Presentations and Charts
Advanced biofuels to be competitive with fossil fuels by 2020.       Solar PV module prices of around USD 0.75/Watt makes PV the economic solution for 1.3 billion people.       Electric vehicle battery packs to fall 40% to 55% by 2020 to cost USD 300-400/kWh in 2020.       Some of today's first-of-a-kind commercial plug-in hybrid and battery electric vehicles are economic today.       Road transport accounted for 76% of total transport demand in 2010.       Biodiesel consumption grew 42% per year between 2000-2010.       Feedstock costs account for 60-80% of total conventional ethanol production costs.       The levelised cost of electricity of wind, solar PV, CSP and biomass is declining.       Electricity from hydropower, geothermal and biomass where good resources remain are the cheapest way to generate electricity.       Renewables are increasingly the most economic solution for new grid connected capacity.       Wind turbine prices have been declining since 2009.       Renewables are becoming the economic choice for off-grid and mini-grids.       Wind turbine prices in China in 2012 were USD 620/kW.       The installed cost of wind is typically lower than coal-fired power plants in OECD countries.