- Offshore wind sites with economic potential are located predominantly in the Northeast and eastern shore of Virginia
- Across all regions, the number of sites with a positive net value (or a value close to a positive net value) increase over the time period considered
- State policies have driven offshore wind development recently (e.g., in New York and Massachusetts); these policies may play a key role when assessing the economic viability of offshore wind but are not considered in this analysis
- Further technology improvements are needed to achieve the cost reductions of this assessment
- Some regions will likely require unique technology solutions (e.g., to address low wind speeds in the Gulf, icing in Great Lakes, and deep-water floating solutions in the Pacific and Hawaii)
- The value of offshore wind to the electric grid system under some high-penetration renewable energy scenarios may not be fully represented by net value as calculated in this study.
A new study by the University of Delaware's Special Initiative on Offshore Wind (SIOW) reports that a commitment by Massachusetts to develop offshore wind (OSW) energy at a scale of 2,000 MW, combined with ongoing technology and industry advances, will lower previously projected costs for the clean energy source by as much as 55 percent in the next decade.