ABSTRACT: The aim of this paper is to conduct an economic analysis of the development of offshore wind technology just off the coast of Long Island in the federal waters of the United States. This paper will review the Long-Island New York City Offshore Wind Project commenced by Con Edison, LIPA and NYPA. Thereafter, the paper will critically assess the technology, policy. and market drivers that impact the development of Offshore Wind in the United States. Also, the paper will review the State and Federal level policies that impact the deployment and development of this industry. Furthermore, this paper has conducted a project finance model analysis to gain a more critical and insightful understanding of the economic sensitivities involved. Finally, the paper will conclude by providing a SWOT analysis of the offshore wind project.