The wind power economics is associated with the cost of wind turbines at which they generate electricity, and it also depends on capacity factor i.e there is a strong correlation between capacity factor and the cost of wind turbines.As the capacity factor increases the cost per unit generating reduces.
The capacity factor for any power generation scheme can be defined as the ratio of actual output over a period of time to it's potential output if it were possible for it to operate at full name plate capacity.
capacity factor = (total amount of energy the plant produced during a period of time/amount of energy the plant would have produced at full capacity)
operating and maintenance cost of wind turbines and labor cost:
A wind powered economy is not susceptible to rising fuel prices, because wind turbines are not fossil fuel powered. An economy with low cost electricity would result in lower cost food than one with high fuel prices, fossil fuel price increases drive up the cost of food, water and everything else which is harvested, manufactured, or supplied using electricity.
Wind farms are some times built on farm land and the owners/farmers benefit because they are paid for the use of that land, helping to sustain the agriculture industry. the form would even be supplied with electricity in the process.
The total no of jobs created by the manufacturers,deliverers and assemblers of wind turbines has a positive economic impact.
many factors affect the cost of generating electricity:
1) Reliability
2) Efficiency
3) Cost of materials
4) Geographic location of wind turbine
5) Effect of winter on wind power generation
6) Production tax credits and subsidies
The main factors governing the wind power economics are:
1) Investment cost including wind turbine foundation cost and cost of grid interconnection
2) Operation and maintenance cost
3) Electricity production at average wind speed
4) Turbine life time
5) Discount rate
compared to prehistoric times the wind power has seen so many changes like increase in size of wind turbines, increase in power rating of wind turbines (1.5-2.5 MW), increase in turbine efficiency, reduction in investment cost etc.
The capacity factor for any power generation scheme can be defined as the ratio of actual output over a period of time to it's potential output if it were possible for it to operate at full name plate capacity.
capacity factor = (total amount of energy the plant produced during a period of time/amount of energy the plant would have produced at full capacity)
operating and maintenance cost of wind turbines and labor cost:
A wind powered economy is not susceptible to rising fuel prices, because wind turbines are not fossil fuel powered. An economy with low cost electricity would result in lower cost food than one with high fuel prices, fossil fuel price increases drive up the cost of food, water and everything else which is harvested, manufactured, or supplied using electricity.
Wind farms are some times built on farm land and the owners/farmers benefit because they are paid for the use of that land, helping to sustain the agriculture industry. the form would even be supplied with electricity in the process.
The total no of jobs created by the manufacturers,deliverers and assemblers of wind turbines has a positive economic impact.
many factors affect the cost of generating electricity:
1) Reliability
2) Efficiency
3) Cost of materials
4) Geographic location of wind turbine
5) Effect of winter on wind power generation
6) Production tax credits and subsidies
The main factors governing the wind power economics are:
1) Investment cost including wind turbine foundation cost and cost of grid interconnection
2) Operation and maintenance cost
3) Electricity production at average wind speed
4) Turbine life time
5) Discount rate
compared to prehistoric times the wind power has seen so many changes like increase in size of wind turbines, increase in power rating of wind turbines (1.5-2.5 MW), increase in turbine efficiency, reduction in investment cost etc.
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