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After factoring in construction costs for foundations, access roads, cabling, grid connections, permitting, and installation labor, the total installed cost per megawatt rises to between $3 million and $4 million for a completed utility-scale onshore wind project.
Large offshore turbines can cost tens of millions of dollars, with the most powerful 12 MW turbines reaching up to $400 million for manufacturing and installation. Lastly, Statista reports that the global average installed cost for onshore wind power was approximately $1,160 per kilowatt in 2023.
Onshore wind has consistently proven its affordability, retaining its position as the most affordable source of new power generation globally with a weighted average Levelised Cost of Electricity (LCOE) of USD 0.034/kWh in 2024. Since 2010, the global weighted average LCOE for onshore wind has plummeted by 70%.
Cheaper infrastructure and costs to run means onshore farms can help lower electricity bills. Onshore wind farms can be constructed in months, at scale and are relatively cheap and cost-effective to maintain compared with offshore. What is offshore wind energy? Offshore wind farms generate electricity from wind blowing across the sea.