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The generator, which is approximately 34% of the wind turbine cost, includes the electrical generator, [64] [65] the control electronics, and most likely a gearbox (e.g., planetary gear box), [66] adjustable-speed drive, or continuously variable transmission [67] component for converting the low-speed incoming rotation to high-speed rotation ...
Capital costs tend to be low for gas and oil power stations; moderate for onshore wind turbines and solar PV (photovoltaics); higher for coal plants and higher still for waste-to-energy, wave and tidal, solar thermal, offshore wind and nuclear. Fuel costs – high for fossil fuel and biomass sources, low for nuclear, and zero for many renewables.
The cost has decreased as wind turbine technology has improved. There are now longer and lighter wind turbine blades, improvements in turbine performance, and increased power generation efficiency. Also, wind project capital expenditure costs and maintenance costs have continued to decline. [94]
The negative economic impacts increases as wind turbines get closer to homes. The value of a house can drop by up to 8 per cent when a turbine is built less than a mile (2km) away.
But a new nationwide study that analyzed data from 300 million home sales and 60,000 wind turbines finds turbines’ impact on home values is much lower than previously thought – about a 1% drop ...
In 2012, Bloomberg estimated that energy from offshore wind turbines cost €161 (US$208) per MWh. [41] Costs of offshore wind power are decreasing much faster than expected. By 2016, four contracts (Borssele and Kriegers) were already below the lowest of the predicted 2050 prices. [42] [43]