In this work, structural health monitoring data is applied to underpin a long-term wind farm lifetime extension strategy. Based on the outcome of the technical analysis, the case for an extended lifetime of 15 years is argued. Having established the lifetime extension strategy, the single wind turbine investigated within a wind farm is subjected to a bespoke economic lifetime extension case study. In this case study, the local wind resource is taken into consideration, paired with central, optimistic, and pessimistic operational cost assumptions. Besides a deterministic approach, a stochastic analysis is carried out based on Monte Carlo simulations of selected scenarios. Findings reveal the economic potential to operate profitably in a subsidy-free environment with a P90 levelised cost of energy of 25.02 pound if no component replacement is required within the nacelle and 42.53 pound for a complete replacement of blades, generator, and gearbox. (C) 2019 Elsevier Ltd. All rights reserved.