London-based analyst Bloomberg New Energy Finance estimates onshore wind currently has a global average levelized cost of energy of about $85.11 per megawatt-hour, a level similar to coal and about 10 percent higher than gas. It puts the cost of offshore wind at $225.80.

Offshore wind power, with its more expensive infrastructure, is still likely to be close to grid parity in the Asia-Pacific region in 2020, according to Make. In Europe, it may reach that benchmark in 2023, and in the U.S., it’ll take until 2026, Make said.