This article investigates the construction of a wind power generator requiring the lowest possible cost. The proposed model is an Axial Flux Permanent Magnet (AFPM) Synchronous Machine, which contains two iron rotors and a coreless stator between them, constructed from resin. The scientific contribution relates to the coupling of economic and technical parameters, which will clarify the feasibility, i.e., a wind turbine construction capable of producing approximately 3.5 KW, using a simple mill and a generator of nominal rotor speed 100 rpm. Such studies are few in international literature and mainly concern low levels of rotor speed in relation to the produced output power. For the generator dimensioning, analytical equations are used, while the type and the dimensions of the magnets are determined, before the start of dimensioning. The authors carried out research in the international market, ending up with specific cost-effective magnets, while trying to adjust the remaining dimensions and materials of the machine based on these cost-effective magnets and the aforementioned nominal values of the generator. The machine, whose dimensions are derived by analytical equations, was simulated and analyzed using the Two-Dimensional Finite Element Method (2D-FEM) and the Three-Dimensional Finite Element Method (3D-FEM), for comparison purposes. Moreover, an economic analysis of the generator and its individual parts was conducted. Finally, a novel idea for reducing the total generator cost is proposed, by replacing the rotor disks with rings. The investigation revealed that analytical equations can predict with satisfactory accuracy the generator’s parameters. In addition, as permanent magnets are the most expensive materials in the construction, their predetermination using low-cost magnets can reduce the construction cost. Finally, the proposed concept of a ring-shaped rotor instead of a disk rotor, provides a cost reduction of up to 20%.