Wait for a day with no wind. If you have a smaller turbine, you can balance it indoors instead of waiting for a calm day. You may have to first detach the blades to get it inside.
Create lead weights for balancing the turbine. You can buy lead flashing at a building supply store and cut the flashing into small pieces. Flashing is used to waterproof brick structures, and will be found with the building materials. You can also take lead fishing weights and smash them flat with a hammer.
Attach the blades to the alternator if they are not already assembled. By balancing the blade and alternator together, you will also correct any imbalances in the alternator. Put the blades in the position they will be in when you put the turbine into service.
Spin the blades lightly and allow them to come to rest. The blade that comes to rest on the bottom is heaviest.
Pull the bottom blade up so it is parallel to the ground and hold it there. Gradually add lead weights to the hub opposite the heaviest blade until the blade stays in position without you holding it. The hub is the round part of the middle of the turbine that holds the blades. Use a screwdriver and screws to attach the lead weights.
Repeat the steps until the blades spin freely, and no single blade gravitates toward the bottom more than the others.
Number each blade with a permanent marker, then mark the position of the blade on the alternator. If you have to disassemble the turbine for any reason, you will be able to reassemble it in the balanced position based on these markings.