Economic Feasibility

Wind power is economically feasible. It is a very competitive energy compared to traditional energy source such as fossils fuel and nuclear energy if we take into account the full environmental and health cost. Usually when we look at economic feasibility, we only look at the direct economic cost, such as the cost of the turbines and the amount of energy it can generate compared to nuclear power plant; but we fail to look at the indirect cost of these tradition energy sources, for example, emission tax penalties and medical health cost. In addition, the costs of wind turbine are becoming much cheaper because of technological development and scale enlargement. Since the last decade, wind turbine’s cost has reduced to nearly 50%. Wind power is also economically feasible because the cost of installation would become even more inexpensive from government incentives (WPPI). It has also been suggested that private firm can also sell their excess electricity back into the grid. Overall, wind energy can be economically advantageous in comparison with conventional energy.