Costs of wind energy to continue falling in the coming years

Costs of wind energy to continue falling in the coming years

March 2, 2017 0 By Alicia Moore

Study highlights the promising future ahead for wind energy

Wind energy in the United States, and elsewhere in the world, will continue to experience technological breakthroughs in the coming years, according to researchers from the Lawrence Berkeley National Laboratory. The research team has conducted the largest study concerning renewable energy every conducted. The study concluded that as clean technology becomes more advanced, the cost of renewable energy will continue to fall dramatically. This is particularly true for wind energy, which can benefit greatly from the advances being made to turbine technology.

Experts express optimism concerning wind power

The study has found a great deal of optimism among energy experts. Many of these experts are involved in the wind energy industry itself, either in regards to research or the development of new technologies. These experts differ from conventional analysis concerning the future of wind energy to some degree. This is due to their optimism concerning the sector and their belief that advancing technology will make wind energy more accessible and attractive to a greater demographic of consumers.

Cost of offshore wind energy expected to fall by 41% by 2050

The study predicts that onshore wind energy could see a 35% reduction in costs by 2050. The onshore wind market is already fairly mature, so costs are expected to fall by a much shallower margin when compared to the offshore market. According to the study, the cost of offshore wind energy will fall by as much as 41% by 2050. Offshore wind will benefit greatly from advances in turbine technology; as such progress will make offshore systems more efficient and less costly to develop.

Falling costs of wind technology could make clean power more attractive

Reducing the cost of wind energy is an important issue. This is due to the fact that wind competes directly with natural gas in terms of price. In the United States, wind power may lose the strong support it has been receiving from the federal government, which will make this form of clean power less attractive when compared to conventional forms of energy, such as natural gas. Falling costs could help make wind energy more attractive and wind could eventually replace older forms of power in the future as a result.