Onshore wind energy costs could be halved by 2030.
That’s according to the US Department of Energy’s (DoE) National Renewable Energy Laboratory (NREL), which has analysed the costs of a range of electricity generation technologies.
It concluded wind and solar are rapidly becoming the cheapest forms of energy generation.
The report suggests the cost of onshore wind power could fall from roughly $55/MWh (£42.5) in 2015 to $31/MWh (£24) in 2030.
The NREL says the capital costs of both wind and solar will continue to decline due to increasing capacity factors – higher megawatts at cheaper rates.
In terms of wind, this will be enabled by advanced turbines, each producing significantly more electricity than currently possible thanks to long, efficient blades, smart systems controlling operation patterns and an overall larger scale.
The UK’s offshore wind industry has seen cost reductions of 32% – four years ahead of schedule.