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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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| 2 |
ID:
191270
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| Summary/Abstract |
We examine the impact of large-scale photovoltaic projects (LSPVPs) on residential home prices in six U.S. states that account for over 50% of the installed MW capacity of large-scale solar in the U.S. Our analysis of over 1,500 LSPVPs and over 1.8 million home transactions answers two questions: (1) what effect do LSPVPs have on home prices and (2) does the effect of LSPVP on home prices differ based on the prior land use on which LSPVPs are located, LSPVP size, or a home's urbanicity? We find that homes within 0.5 mi of a LSPVP experience an average home price reduction of 1.5% compared to homes 2–4 mi away; statistically significant effects are not measurable over 1 mi from a LSPVP. These effects are only measurable in certain states, for LSPVPs constructed on agricultural land, for larger LSPVPs, and for rural homes. Our results have two implications for policymakers: (1) measures that ameliorate possible negative impacts of LSPVP development, including compensation for neighbors, vegetative shading, and land use co-location are relevant especially to rural, large, or agricultural LSPVPs, and (2) place- and project-specific assessments of LSPVP development and policy practices are needed to understand the heterogeneous impacts of LSPVPs.
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