The cost of electricity from wind is falling. Wind turbine prices have fallen by between 30-40% since 2009, with somewhat lower reductions in installed costs in line with lower wind turbine prices, while at the same, technology improvements mean more wind is harvested from the same site with new wind turbine technologies.
The weighted average electricity cost of new onshore wind farms in 2016 was between USD 0.05 to USD 0.12/kWh depending on the region, but costs can be as low as USD 0.03/kWh for the most competitive projects without financial support. Average costs will continue to decline in the near future due to continuing pressure on wind turbine prices and continued growth in hub heights and swept areas, which results in higher capacity factors for wind. Offshore wind is considerably more expensive, with costs of between USD 0.10 and USD 0.21/kWh for projects commissioned in 2014-16.