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Title: The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis

Abstract

With wind energy expanding rapidly in the U.S. and abroad, and with an increasing number of communities considering wind power development nearby, there is an urgent need to empirically investigate common community concerns about wind project development. The concern that property values will be adversely affected by wind energy facilities is commonly put forth by stakeholders. Although this concern is not unreasonable, given property value impacts that have been found near high voltage transmission lines and other electric generation facilities, the impacts of wind energy facilities on residential property values had not previously been investigated thoroughly. The present research collected data on almost 7,500 sales of singlefamily homes situated within 10 miles of 24 existing wind facilities in nine different U.S. states. The conclusions of the study are drawn from eight different hedonic pricing models, as well as both repeat sales and sales volume models. The various analyses are strongly consistent in that none of the models uncovers conclusive evidence of the existence of any widespread property value impacts that might be present in communities surrounding wind energy facilities. Specifically, neither the view of the wind facilities nor the distance of the home to those facilities is found to havemore » any consistent, measurable, and statistically significant effect on home sales prices. Although the analysis cannot dismiss the possibility that individual homes or small numbers of homes have been or could be negatively impacted, it finds that if these impacts do exist, they are either too small and/or too infrequent to result in any widespread, statistically observable impact.« less

Authors:
; ; ; ;
Publication Date:
Research Org.:
Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)
Sponsoring Org.:
Environmental Energy Technologies Division
OSTI Identifier:
978870
Report Number(s):
LBNL-2829E
TRN: US201011%%75
DOE Contract Number:  
DE-AC02-05CH11231
Resource Type:
Technical Report
Country of Publication:
United States
Language:
English
Subject:
29; COMMUNITIES; ENERGY FACILITIES; POWER TRANSMISSION LINES; PRICES; PROPERTY VALUES; SALES; WIND POWER

Citation Formats

Hoen, Ben, Wiser, Ryan, Cappers, Peter, Thayer, Mark, and Sethi, Gautam. The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis. United States: N. p., 2009. Web. doi:10.2172/978870.
Hoen, Ben, Wiser, Ryan, Cappers, Peter, Thayer, Mark, & Sethi, Gautam. The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis. United States. https://doi.org/10.2172/978870
Hoen, Ben, Wiser, Ryan, Cappers, Peter, Thayer, Mark, and Sethi, Gautam. 2009. "The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis". United States. https://doi.org/10.2172/978870. https://www.osti.gov/servlets/purl/978870.
@article{osti_978870,
title = {The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis},
author = {Hoen, Ben and Wiser, Ryan and Cappers, Peter and Thayer, Mark and Sethi, Gautam},
abstractNote = {With wind energy expanding rapidly in the U.S. and abroad, and with an increasing number of communities considering wind power development nearby, there is an urgent need to empirically investigate common community concerns about wind project development. The concern that property values will be adversely affected by wind energy facilities is commonly put forth by stakeholders. Although this concern is not unreasonable, given property value impacts that have been found near high voltage transmission lines and other electric generation facilities, the impacts of wind energy facilities on residential property values had not previously been investigated thoroughly. The present research collected data on almost 7,500 sales of singlefamily homes situated within 10 miles of 24 existing wind facilities in nine different U.S. states. The conclusions of the study are drawn from eight different hedonic pricing models, as well as both repeat sales and sales volume models. The various analyses are strongly consistent in that none of the models uncovers conclusive evidence of the existence of any widespread property value impacts that might be present in communities surrounding wind energy facilities. Specifically, neither the view of the wind facilities nor the distance of the home to those facilities is found to have any consistent, measurable, and statistically significant effect on home sales prices. Although the analysis cannot dismiss the possibility that individual homes or small numbers of homes have been or could be negatively impacted, it finds that if these impacts do exist, they are either too small and/or too infrequent to result in any widespread, statistically observable impact.},
doi = {10.2172/978870},
url = {https://www.osti.gov/biblio/978870}, journal = {},
number = ,
volume = ,
place = {United States},
year = {2009},
month = {12}
}