Study: Wind power projects have no measurable impact on home value
December 2, 2009
Lawrence Berkeley National Laboratory sent out a release today about a just finished report looking at the impact of wind power projects on home values. The report is entitled “The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis.” The release says the research, funded by the U.S. Department of Energy, is the most comprehensive and data-rich analysis to date in the U.S. or abroad on the subject.
Here’s a summary about the report’s methodolgy and findings: The team of researchers for the project collected data on almost 7,500 sales of single-family homes situated within 10 miles of 24 existing wind facilities in nine different U.S. states, and that occurred between 1996 and 2007; the closest home was 800 feet from a wind facility. The conclusions of the study are drawn from eight different hedonic pricing models, as well as both repeat sales and sales volume models. A hedonic model is a statistical analysis method used to estimate the impact of house characteristics on sales prices.
None of the models uncovered conclusive evidence of the existence of any widespread property value effects that might be present in communities surrounding wind energy facilities. Specifically, neither the view of the wind facilities nor the distance of homes to those facilities was found to have any consistent, measurable, and significant effect on the selling prices of those homes. Though the analysis cannot dismiss the possibility that individual homes or small numbers of homes have been 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 effect.
The final report can be downloaded from: http://eetd.lbl.gov/ea/ems/re-pubs.html
A PowerPoint presentation that summarizes key findings can be found at: http://eetd.lbl.gov/ea/ems/emp-ppt.html