Cost of Wind Energy Review: 2024 Edition
The 13th annual Cost of Wind Energy Review uses representative utility-scale and distributed wind energy projects to estimate the levelized cost of energy (LCOE) for land-based and
Dramatic Cost Range: Wind turbine costs span from $700 for small residential units to over $20 million for offshore turbines, with total project costs varying from $10,000 to $4,000+ per kW installed depending on scale and location.
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.
Accurately forecasting long-term costs necessitates considering inflation and potential technological upgrades during the turbine's operational life. For example, the cost of replacing aging components can be significant towards the end of the turbine's lifespan.
After factoring in construction costs for foundations, access roads, cabling, grid connections, permitting, and installation labor, the total installed cost per megawatt rises to between $3 million and $4 million for a completed utility-scale onshore wind project.
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