Opinion: Offshore Wind Prices Have Fallen 75% Since 2014 – Here's How To De-Risk Projects Even Further
Offshore wind could be America's biggest bipartisan clean energy success story in the next two years. But how policymakers design related policies will determine how fast project costs fall.
The following is a Viewpoint by Mike O'Boyle, Energy Innovation's Director of Electricity Policy.
Offshore wind could be America's biggest bipartisan clean energy success story in the next two years: Six Atlantic states now target a combined 12 GW of capacity, and the Trump Administration is "bullish" on offshore wind, considering it key to American "energy dominance."
But how policymakers design offshore wind policies will determine how fast project costs fall. While still nascent, United States offshore wind project costs have fallen 75% since the 2014 Block Island Wind Farm in Rhode Island, in contracts for 1.2 GW of projects awarded for the next five years. Offshore wind is following a similar learning curve to other clean power technologies, particularly onshore wind and solar photovoltaics (PV).