The performance benefits of using tip devices on wind turbines has been well-documented. However, previous studies show that adding blade tip devices such as winglets leads to a significant increase in blade root bending moment, potentially requiring structural reinforcement with cost and weight drawbacks. A new and unique design philosophy for retrofit blade tip devices for wind turbines is presented. By balancing generated aerodynamic and centrifugal loads, these devices offer an increase in power production without the need for structural reinforcement. Predicted performance and cost benefits of using retrofit blade tip devices on the National Renewable Energy Laboratory 5 MW reference wind turbine are shown. The addition of blade tip devices resulted in significant improvements in the coefficient of power (Cp) and annual energy production (AEP).