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Wind Power - Everything You Need To Know About Costs

by:UFO      2020-07-19

Capital Costs

These include the cost of turbines, blades and any other component that is built on the top of the towers. A wide variety of manufacturers are available. Vestas, GE, Mitsubishi are some of them. The cost of wind power varies with manufacturers. Furthermore, the cost depends on whether the material is imported or local. Costs related to interconnection such as substations are also included. These are needed to allow the wind farm to get access to transmission lines. Furthermore a connection to the grid station maybe required if the customer wishes to supply the national grid station with excess electricity. These costs vary with the terrain (they are higher in mountainous or rugged terrain) as well as distance and availability of rights.

Legal Costs

Cost of obtaining planning permission from the government can also be significant component of the overall cost of wind power and depend on the degree to which government of the state are inclined towards the idea of using wind power. State approval as well as local zone approval is required. This includes fees of lawyers, lobbyists as well as engineers. When seeking legal approval, important considerations might include taking into account potential damage to neighborhood (in terms of noise pollution) or to the aesthetics of the town.

Financing Costs

Cost of financing maybe a very important component. Since the cost of installation of wind power equipment is high, some households may consider borrowing a loan and the rate of interest on that loan may be considered as a potential financing cost. The cost of wind power varies and its worth depends on the sources of finance available to the customer. The cost of a system that is roof mounted amounts to 2,000. Larger installations range from $30,000 to $48,000 and include a tax amounting to 5% of the cost of installation. Tax exemptions of tax breaks maybe deducted from the overall cost.

Other Costs

These are costs associated with the pressure, direction, speed and variability in wind. The amount of load borne by the national grid as well as transmission lines plays an important role; the higher the load, the higher the costs of wind power. Cost of battery is another consideration here. Battery life may vary from between 6 to 10 years. Research suggests that peak output occurs less than 30% of the time which means that there are costs associated with off-peak output. Costs associated with insurance, and noise costs (such as discomfort to neighbors) may also be high. Also, the cost of bird deaths caused by the operation of equipment is a social cost of wind power.

Repair and replacement costs

The useful life of wind power equipment varies with the usual life varying between 10 to 20 years. Monitoring costs of wind power are usually high and replacement is costlier compared to other forms of energy.

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