Offshore wind costs have been falling sharply, making it increasingly economically beneficial and an extremely valuable investment. In the U.S., more than 114,000 workers have careers in the offshore wind industry, with wind turbine technician as one of the country’s two fastest-growing jobs, along with solar installer, according to the U.S. Bureau of Labor Statistics.

A recent report from Wind Europe stated the rapidly falling costs in both offshore and onshore wind industries and the benefits of cost reduction. According to the report, Europe invested $30 billion in new windfarms in 2018, which will finance a record-breaking amount of new wind energy capacity, with additional $27.1 billion worth of investments to acquire more windfarms, which include projects under development and of companies involved in wind energy.

These unprecedented, promising numbers are thanks to the sector’s growing competitiveness and the maturity of wind energy, bringing more investors as confidence in the sector increases. According to Offshore Wind Journal, more windfarms are also being financed by developers, as well as upstarts and new ownership models with a “diversified pool of investors, with banks, institutional lenders and Export Credit Agencies looking to provide long-term finance.” This led to a sharp increase in “affordable debt”—lower interest rates and falling risk premiums. Hence, competitive funding and lower financing costs.

Wind Europe chief executive Giles Dickson stated, “Wind energy got 60% of all the new investments in power generation capacity in Europe last year. And it was a record year for the amount of new wind energy capacity financed. Cost reduction means investors now get more MW per euro they invest. And lenders are more comfortable with the risks so the costs of finance are falling too.”

The federal government must do their part in creating legislative action in support of renewable energy, which will help provide these industries investment signals to create and develop projects.