This report uses representative commerical project types to estimate the levelized cost of energy (LCOE) for both land-based and offshore wind plants in the United States (U.S.) for 2013. Scheduled to be published on an annual basis, it relies on both market and modeled data to maintain an up-to-date understanding of wind generation cost trends and drivers. It is intended to provide insight into current component-level costs and a basis for understanding variability in the LCOE across the industry. Data and tools developed from this analysis are used to inform wind technology cost projections, goals, and improvement opportunities.The primary elements of the 2013 report include:• Estimated LCOE for a reference land-based wind project installed in the interior region of the U.S. in 2013• Estimated cost of energy for a reference fixed-bottom U.S. offshore wind project reflecting projects currently in late-stage development on the North Atlantic Coast• Sensitivity analyses showing the range of effects that basic LCOE variables could have on the cost of wind energy for land-based and offshore wind power plants• Historical trends in the LCOE for land-based and offshore wind plants.The LCOE equation applied here is a standard methodology (Short et al. 1995, EPRI 2007) that includes four basic inputs: capital expenditures, operational expenditures, annual energy production, and the fixed charge rate (a coefficient that captures the cost of financing the construction of a wind project and the entirety of the planned plant's operational life). Additional detail on the LCOE can be found in the 2010 Cost of Wind Energy Review (Tegen et al. 2012).The LCOE values reported within the reviews are expected to be greater than negotiated contract prices for wind power, as reflected by recent power purchase agreements. This increase is because recent power purchase agreements incorporate the value of the production tax credit (PTC), accelerated depreciation, other Renewable Energy Credits, or other applicable revenue streams.

This report uses representative utility-scale projects to estimate the levelized cost of energy (LCOE) for land-based and offshore wind plants in the United States. Data and results detailed here are derived from 2015 commissioned plants. More specifically, analysis detailed here relies on recent market data and state-of-the-art modeling capabilities to maintain an up-to-date understanding of wind energy cost trends and drivers. It is intended to provide insight into current component-level costs as well as a basis for understanding variability in LCOE across the industry. This publication reflects the fifth installment of this annual report. The primary elements of this 2015 report include: • Estimated LCOE for a representative, land-based wind project installed in a moderate wind resource located within the interior (hereafter referred to as "Interior") region of the United States in 2015 • Estimated LCOE for representative offshore, fixed-bottom, and floating projects, using National Renewable Energy Laboratory (NREL) models and a database informed by projects installed in Europe for a representative site on the U.S. North Atlantic Coast in 2015 • Sensitivity analyses showing the range of effects that basic LCOE variables could have on the cost of wind energy for land-based and offshore wind power plants and NREL's historical, calculated LCOE estimates for land-based and offshore wind plants • Estimated range of LCOE for land-based wind projects across the contiguous United States that were divided into five regions and based on geographically specific wind resource conditions paired with approximate wind turbine size characteristics • An update on prior analysis (Bolinger and Wiser 2011) of the drivers of wind turbine prices in the United States to estimate and understand the relative contributions of various endogenous and exogenous drivers to the decline in wind turbine prices observed since 2010.

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This report uses representative utility-scale projects to estimate the levelized cost of energy (LCOE) for land-based and offshore wind plants in the United States. Data and results detailed here are derived from 2015 commissioned plants. More specifically, analysis detailed here relies on recent market data and state-of-the-art modeling capabilities to maintain an up-to-date understanding of wind energy cost trends and drivers. It is intended to provide insight into current component-level costs as well as a basis for understanding variability in LCOE across the industry. This publication reflects the fifth installment of this annual report.The primary elements of this 2015 report include:• Estimated LCOE for a representative, land-based wind project installed in a moderate wind resource located within the interior (hereafter referred to as "Interior") region of the United States in 2015• Estimated LCOE for representative offshore, fixed-bottom, and floating projects, using National Renewable Energy Laboratory (NREL) models and a database informed by projects installed in Europe for a representative site on the U.S. North Atlantic Coast in 2015• Sensitivity analyses showing the range of effects that basic LCOE variables could have on the cost of wind energy for land-based and offshore wind power plants and NREL's historical, calculated LCOE estimates for land-based and offshore wind plants • Estimated range of LCOE for land-based wind projects across the contiguous United States that were divided into five regions and based on geographically specific wind resource conditions paired with approximate wind turbine size characteristics • An update on prior analysis (Bolinger and Wiser 2011) of the drivers of wind turbine prices in the United States to estimate and understand the relative contributions of various endogenous and exogenous drivers to the decline in wind turbine prices observed since 2010.

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NREL prints on paper that contains recycled content. iv This report is available at no cost from the National Renewable Energy Laboratory at www.nrel.gov/publications. AcknowledgmentsRenewable Energy Consulting Services, Inc. appreciates the support for and interest in this project provided by the U.S. Department of Energy's Wind Energy Technologies Office (WETO). The overall guidance and insights offered by Richard Tusing (Allegheny Science and Technology, and senior advisor to WETO) have been particularly helpful.