DEPENDANT ON COST EFFICIENCY
The fundamental factor in the accelerated growth of Wind Energy is the ability of the industry to continually drive down the cost per kWh. With the removal of many subsidies, it will be those Wind Turbine manufacturers who are able to accelerate cost reduction that will gain the competitive advantage and become the partner of choice for Wind Farm operators. The cost differential has to be considered from two perspectives.
Whereas Governments and Industry are striving to utilise renewable energy sources, this does not come at any cost. The switch to renewable sources will only be accelerated if these sources are close in comparative terms to the cost of traditional non-renewable sources.
Advancing solar technology is driving down the cost of this energy source alongside continued innovation and development of other renewable sources; the adoption of wind power is dependent on it being competitive and complementary to other renewable sources.
To achieve the cost points projected for 2030 of between $0.03-0.09 kWh and then continue to hit a projected cost point of between $0.02-0.07 kWh in 2050, will require greater efficiencies across the full lifecycle of wind power generation.
$0.08kWh for Onshore$0.16kWh for Offshore
$0.06kWh for Onshore$0.13kWh for Offshore
$0.03-0.05kWh for Onshore $0.05-0.09kWh for Offshore
Source: IRENA – Future of Wind