Offshore wind power is becoming increasingly affordable, with costs falling dramatically in recent years. We have been leading the efforts to bring about this cost reduction.
We are driving the industry to reduce costs even further. In the U.S this will be achieved as the offshore wind industry matures and scales up, lowering cost over time. In addition, the anticipated technology improvements, resulting in larger turbines will also have an impact, further reducing costs.
Wind power adds to New Jersey's energy mix
It´s a real environmental achievement that wind power is becoming the natural, alternative for powering our lives. As a clean, renewable and cost-effective resource, our future is likely to be healthier as a result.
The reliability of wind power continues to go from strength to strength. Offshore wind farms are reliable, with average load factors of more than 50%. This compares to 26% for large-scale hydro, 23% for concentrated solar power and 11% for solar photovoltaics (E&Y, 2015). As the technology continues to evolve, and wind farms are located further from shore in more optimal wind conditions, this figure will rise.
With ever new technological advances and better turbines, this is just the beginning for the near limitless potential of wind power.