This report considers and prioritizes the potential technical cost‐reduction pathways for offshore point absorber wave energy converters designed for ocean resources. This report focuses on cost‐reduction pathways related to the device technology rather than environmental monitoring or permitting opportunities. Three sources of information were used to understand current cost drivers and develop a prioritized list of potential cost‐reduction pathways: a literature review of technical work related to offshore wave activated body point absorbers, a reference device that was developed through the DOE Reference Model project, and a webinar with each of four industry device developers. Data from these information sources were aggregated and prioritized with respect to the potential impact on the lifetime levelized cost of energy, the potential for progress, the potential for success, and the confidence in success. Results indicated the four most promising cost‐reduction pathways include advanced controls, optimized structural design, improved power conversion, and optimized device profile.