America has enough untapped offshore wind power to power itself four times, according to a new report from the National Renewable Energy Laboratory (NREL).
While the U.S. has the largest amount of land-based wind power capacity, NREL believes the U.S. is missing a huge opportunity to tap offshore winds since it doesn’t yet have any offshore wind power to speak of.
There are around 20 American offshore projects being planned according to USA Today, but they are just scratching the surface of an enormous untapped resource says NREL:
“The United States is fortunate to possess a large and accessible offshore wind energy resource. Wind speeds tend to increase significantly with distance from land, so offshore wind resources can generate more electricity than wind resources at adjacent land-based sites. The National Renewable Energy Laboratory (NREL) estimates that U.S. offshore winds have a gross potential generating capacity four times greater than the nation’s present electric capacity. While this estimate does not consider siting constraints and stakeholder inputs, it clearly indicates that the U.S. offshore wind capacity is not limited by the magnitude of the resource.”
NREL’s executive summary is embedded below. Production cost is always an issue, but the report makes it sound like wind turbine producers have a huge opportunity ahead, especially as their technology becomes more cost-competitive vs. electricity alternatives such as coal.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.