Report says offshore wind could beat onshore wind on cost

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Onshore wind is one of the cheapest sources of renewable power. However, without change to planning restrictions, Cornwall Insight estimates offshore wind is likely to surpass onshore wind power to be the new source of cheap renewable energy in less than 10 years.

Offshore wind has seen significant innovations, such as higher turbines with longer blades, allowing it to capture more of the wind.

Onshore wind is one of the cheapest sources of renewable power. However, without change to planning restrictions, Cornwall Insight estimates offshore wind is likely to surpass onshore wind power to be the new source of cheap renewable energy in less than 10 years.

Offshore wind has seen significant innovations, such as higher turbines with longer blades, allowing it to capture more of the wind.

The levelized cost of energy (LCOE) of offshore wind could fall below onshore wind by 2028. The projections are based on capital costs by technology, fixed and variable operational costs, expected hurdle rates, and locational factors such as transmission losses and connection fees, and using the current load factors for offshore wind at 58.4% and onshore wind at 38%. MORE

 

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