Global wind power costs expected to fall by 37-49% by 2050

A survey by the Berkeley Lab of the world's most important wind power shows that technological and commercial advances are expected to continue to drive down the cost of
wind energy.

Research shows that wind power costs are expected to be reduced by 17-35% by 2035 and 37-49%
by 2050 due to the commissioning of more powerful and efficient wind turbines, lower capital and operating costs, and other advances.

The results of the study were described
in detail in an article in the journal Nature Energy.

Ryan Wiser, senior scientist at Berkeley Lab, said, "Both onshore and offshore wind have experienced accelerated cost reductions in recent years, making previous cost projections obsolete
.
The energy sector needs a new assessment
.
”

President Biden signed an executive order in January aimed at maximizing the use of offshore wind energy and has identified wind power as an important part of
the country's new efforts to combat climate change.
Renewable energy sources such as wind and solar will play an important role
in efforts to achieve net-zero carbon emissions by mid-century.

Despite the maturity of onshore and offshore wind technology, there is still a lot of room for continuous improvement, and the cost may be even lower: experts predict that in an optimistic scenario, costs will fall by 38%-53% by 2035 and 54%-64%
by 2050.
At the same time, there is uncertainty
in these projections.

Overall, the main driver of cost reduction is the imminent launch of large turbines, which will affect the five key factors of energy averaging costs, such as upfront capital costs, ongoing operating costs, capacity, project design life and financing costs
.
Joachim Seel, a co-author of the study and a Berkeley lab, noted, "Projections that consider only capital cost improvements only yield a cost-reduction opportunity
of about 45 percent at most.
" ”

Wind energy is growing rapidly, but its long-term contribution to energy supply depends in part on future costs and value
.
The new study found that the rate of cost reduction has accelerated in recent years: faster than most forecasters had previously predicted and faster than historical rates of decline
.
"These trends will enable wind energy to play a greater role in the global energy supply than previously thought, while contributing to the decarbonization of the energy sector," concludes
co-author Joachim Seel, who collaborated with Berkeley Lab.