Capital expenditure for offshore wind farms could be halved by 2050 compared with 2014, according to research from Green Budget Germany.
The NGO compared seven reports that provided cost estimates for electricity generation for the coming decades.
It found that capital expenditures of about €3000-€4400 per kilowatt in the past five years would drop to €2300–€3600 in 2020, €1800–€2800 in 2030 and €1600–€2400 in 2040.
The cost reductions will be due to a steep learning curve in the industry and economies of scale, the organisation said.
By 2050 capex will be between €1500 and €2800 per kW as the search of suitable offshore areas in far-shore waters overcompensates the learning curve, it said.
Green Budget Germany also found that the learning curve is expected to be less steep for onshore wind, with costs falling from €1100- €1500 per kilowatt now to €1000–€1200 by 2050.
New materials for blades, towers and foundations will help bring down costs, as well as a more industrialised manufacturing process.
Image: reNEWS
