While wind energy has thrived in Europe, US developers struggled to put steel in the water due to high construction costs, Bloomberg noted.
Previously, developers offered their energy at a levelized cost of energy (LCOE) at $0.24/kWh or more, more than double the market rate, Bloomberg reports, which hurt development even more. But developing 2,000 MW could incentivize wind energy as a major clean resource in the New England region, the study said.
“An important policy finding of this study is U.S. states can, with thoughtful but straightforward policy, lower the cost of power from offshore wind,” the study noted.
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