Wind Farms Have Little Impact on Property Values
A study by Lawrence Berkeley National Lab looks at 50,000 home sales in nine states
A detailed study by the Lawrence Berkeley National Laboratory finds wind turbines have little if any impact on the value of nearby houses.
Researchers collected information on 50,000 home sales in 27 counties in nine states. The houses were within 10 miles of 67 different wind farms. Nearly 1,200 of the sales were for homes within a mile of a wind turbine. The study covers sales well before the announcement of a wind farm to well after construction.
Wind farms ranged in size from a single turbine to 150 turbines, with turbine size averaging under 400 feet in total height (base to tip of blade). The average turbine capacity was 1.6 megawatts.
"Across all model specifications, we find no statistical evidence that home prices near wind turbines were affected in either the post-construction or post-announcement/pre-construction periods," the study concludes. "Therefore, if affects do exist, either the average sales impacts are relatively small (within the margin of error in the models) and/or sporadic (impacting only a small subset of homes)."
Even for houses located within a mile of a turbine, the study found it "highly unlikely" that the effect on the sales price was larger than +/- 4.9%.
"Regardless of these potential maximum effects, the core results of our analysis consistently show no sizable statistically significant impact of wind turbines on nearby property values," the study says.
Thu, 09/12/2013 - 14:14
Sat, 09/14/2013 - 23:51