We analyse the wave energy resource available along the Pacific coast of South America from Panama to the Drake Passage. The annual average wave energy flux increases from 2 kW/m just to the north of the equator to 20–50 kW/m in the central coast of Chile and up to 80 kW/m near the Drake Passage. The wave energy resource to the north of latitude 32°S is almost entirely provided by swells. To the south of 44°S wind-seas predominate among the most energetic wave conditions. The calmest time that contains 1% of the total annual energy flux is in the range of 10–20 days, about 50% of the annual energy flux arrives during 100 days with strongest waves in the entire study area. The typical wave height that provide largest contribution to wave energy is 1–1.5 m in the north, that increases to the South to 3.5–4 m on the shores of southern Chile. The wave periods are about 10 s in the entire study area. The wave energy flux has been almost constant over the 63 years near the equator but has increased at a rate up to 0.4 kW/m per year in the nearshore of Chile.