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This article analyzes the impact of the ground clearance on the Annual Energy Production (AEP) and tower cost of a 20 MW offshore wind turbine. In addition, the influence of the rated wind speed on the analysis result will be considered. The AEP is computed by considering wind speed variation over the swept area of the rotor blades. The tapered tubular steel tower is considered for mass and cost calculation. The tower is considered as a fixed-free cantilever beam with concentrated mass at the free end. The analysis shows that the ground clearance only has a minor impact on the AEP but it has a remarkable impact on the tower mass. Specifically, when the ground clearance reaches 50 meters, the AEP only increases by roughly 3% while tower mass is nearly doubled compared to the case with no ground clearance. The results also reveal the significant impact of the rated speed on both the AEP and tower mass.