http://eetd.lbl.gov/ea/ems/reports/lbnl-2829e.pdf…
9. Conclusions
Though surveys generally show that public acceptance towards wind energy is high, a variety of concerns with wind development are often expressed at the local level. One such concern that is often raised in local siting and permitting processes is related to the potential impact of wind projects on the property values of nearby residences.
This report has investigated the potential impacts of wind power facilities on the sales prices of residential properties that are in proximity to and/or that have a view of those wind facilities. It builds and improve on the previous literature that has investigated these potential effects by collecting a large quantity of residential transaction data from communities surrounding a wide variety of wind power facilities, spread across multiple parts of the U.S. Each of the homes included in this analysis was visited to clearly determine the degree to which the wind facility was visible at the time of home sale and to collect other essential data. To frame the analysis, three potentially distinct impacts of wind facilities on property values are considered: Area, Scenic Vista, and Nuisance Stigma. To assess these potential impacts, the authors applied a base hedonic model, explored seven alternative hedonic models, conducted a repeat sales analysis, and evaluated possible impacts on sales volumes. The result is the most comprehensive and data-rich analysis to date on the potential impacts of wind projects on nearby property values.
Although each of the analysis techniques used in this report has strengths and weaknesses, the results are strongly consistent in that each model fails to uncover conclusive evidence of the presence of any of the three property value stigmas. Based on the data and analysis presented in this report, no evidence is found that home prices surrounding wind facilities are consistently, measurably, and significantly affected by either the view of wind facilities or the distance of the home to those facilities. Although the analysis cannot dismiss the possibility that individual or small numbers of homes have been or could be negatively impacted, if these impacts do exist, they are either too small and/or too infrequent to result in any widespread and consistent statistically observable impact. Moreover, to the degree that homes in the present sample are similar to homes in other areas where wind development is occurring, the results herein are expected to be transferable.
Finally, although this work builds on the existing literature in a number of respects, there remain a number of areas for further research. The primary goal of subsequent research should be to concentrate on those homes located closest to wind facilities, where the least amount of data are available. Additional research of the nature reported in this paper could be pursued, but with a greater number of transactions, especially for homes particularly close to wind facilities. Further, it is conceivable that cumulative impacts might exist whereby communities that have seen repetitive development are affected uniquely, and these cumulative effects may be worth investigating. A more detailed analysis of sales volume impacts may also be fruitful, as would an assessment of the potential impact of wind facilities on the length of time homes are on the market in advance of an eventual sale. Finally, it would be useful to conduct a survey of those homeowners living close to existing wind facilities, and especially those residents who have bought and sold homes in proximity to wind facilities after facility construction, to assess their opinions on the impacts of wind project development on their home purchase and sales decisions.
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