Offshore wind (OSW) energy is a renewable source with strong prospects of development that may decisively contribute towards energy independence. Offshore wind is, however, not yet ubiquitously cost competitive, and frequently requires support schemes to finance its extensive capital requirements. Therefore, cost reduction strategies are necessary for the future development of offshore wind technologies. Even if structural health monitoring (SHM) systems are currently applied for the inspection of critical mechanical structures, they have not been the focus of research from offshore wind stakeholders. The main goal of this study is to evaluate the viability of SHM systems on the support structures of bottom-fixed offshore wind (BFOSW), alongside the impact of implementing these systems on life-cycle. Economic models are used to estimate the impact of implementing these systems, explained using a case-study of the Kaskasi farm in the German North Sea. General results indicate that installing SHM systems on the support structures of offshore wind can shift the maintenance strategies from preventive to predictive, allowing the intervals between inspections to be increased without a reduction on equipment availability. The greatest benefit is related with the possibility of extending the operational life of the farm.