This report describes the levelized cost of energy (LCOE) for a typical land-based wind turbine installed in the United States in 2011, as well as the modeled LCOE for a fixed-bottom offshore wind turbine installed in the United States in 2011. Each of the four major components of the LCOE equation are explained in detail, such as installed capital cost, annual energy production, annual operating expenses, and financing, and including sensitivity ranges that show how each component can affect LCOE. These LCOE calculations are used for planning and other purposes by the U.S. Department of Energy's Wind Program.