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| 1 |
ID:
185739
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| Summary/Abstract |
We examine the impact of wind energy installation on the local economies of counties in the United States. Using data on the universe of commercial wind energy installations from 1995 to 2018, we find that wind energy installation led to economically meaningful increases in county GDP per-capita, income per-capita, median household income, and median home values. We also find evidence that while wind energy installation has little effect on total employment, the composition of local employment shifts away from farm towards non-farm employment, notably leading to an increase in construction and manufacturing employment. Finally, we show that the impact of wind energy installation on local economic development varies significantly by installed capacity and by county urban/rural status. For policymakers, our results have three important implications: (1) wind energy increases the size of the local economy and increases local incomes, but it does not stop population decline; (2) the size of these benefits increase at an increasing rate with the amount of installed generating capacity per-capita; and (3) rural communities with multiple installations and a greater amount of wind energy capacity benefit the most economically from these installations.
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| 2 |
ID:
193752
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| Summary/Abstract |
We examine the impact of proximity to land-based commercial wind turbines on residential home values in the United States using data on the universe of commercial wind turbines and residential property transactions from 2005 to 2020. Using event study and difference-in-differences identification strategies we find that, on average, homes located within 1 mile of a commercial wind turbine experience approximately an 11% decline in value following the announcement of a new commercial wind energy project, relative to counterfactual homes located 3 to 5 miles away. Event study estimates also reveal important dynamics in the evolution of home values, with property values first declining following project announcement, and then recovering post project construction, with property value impacts becoming relatively small (∼2%) and statistically insignificant 9 years or more after project announcement (roughly 5 years after operation began). Homes located within 1–2 miles of a commercial wind turbine experience much smaller impacts and homes located farther than 2 miles away are unaffected. Our results are primarily driven by wind projects located in urban counties with populations greater than 250,000.
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