The cost of operating an onshore wind farm has fallen by nearly 40 percent in the last four years, thanks to advancements in technology as well as increased competition among contractors. Bloomberg New Energy Finance reported the average price of operation and maintenance contracts in 2012 was $25,000 a megawatt, compared to more than $39,000 in 2008.
"Wind power has done much to improve its competitiveness against gas-fired and coal-fired generation in recent years via lower-cost, more technically advanced turbines and more sophisticated siting and management," said Michael Liebreich, chief executive officer of London-based BNEF, said in the statement.
The lowered costs could play a role in how much the governments of United States and Britain decide to subsidize renewable energy, the Bloomberg article stated. Specifically in the United States, President Barack Obama's administration is urging Congress to renew tax credits for wind energy projects but is facing opposition from Republicans.
Sustainable Business reported that the United States has the most competitive prices in the wind energy industry of all markets.