section_path: Economics
section_name: Economics
paragraph_text: Economics
  
  Onshore wind is an inexpensive source of electric power, cheaper than coal plants and new gas plants. According to BusinessGreen, wind turbines reached grid parity (the point at which the cost of wind power matches traditional sources) in some areas of Europe in the mid-2000s, and in the US around the same time. Falling prices continue to drive the Levelized cost down and it has been suggested that it has reached general grid parity in Europe in 2010, and will reach the same point in the US around 2016 due to an expected reduction in capital costs of about 12%. In 2021, the CEO of Siemens Gamesa warned that increased demand for low-cost wind turbines combined with high input costs and high costs of steel result in increased pressure on the manufacturers and decreasing profit margins.
  
  Northern Eurasia, Canada, some parts of the United States, and Patagonia in Argentina are the best areas for onshore wind: whereas in other parts of the world solar power, or a combination of wind and solar, tend to be cheaper.