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Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices

Author

Listed:
  • Ben Hoen

    () (Ernest Orlando Lawrence Berkeley National Laboratory)

  • Ryan Wiser

    () (Ernest Orlando Lawrence Berkeley National Laboratory)

  • Peter Cappers

    () (Ernest Orlando Lawrence Berkeley National Laboratory)

  • Mark Thayer

    () (San Diego State University)

  • Gautam Sethi

    () (Bard Center for Environmental Policy at Bard College)

Abstract

With increasing numbers of communities considering wind power developments, empirical investigations regarding related community concerns are needed. One such concern is that proximate property values may be adversely affected, yet relatively little research exists on the subject. The present research investigates roughly 7,500 sales of single-family homes surrounding 24 existing U.S. wind facilities. Across four different hedonic models, and a variety of robustness tests, the results are consistent: neither the view of the wind facilities nor the distance of the home to those facilities is found to have a statistically significant effect on sales prices, yet further research is warranted.

Suggested Citation

  • Ben Hoen & Ryan Wiser & Peter Cappers & Mark Thayer & Gautam Sethi, 2011. "Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices," Journal of Real Estate Research, American Real Estate Society, vol. 33(3), pages 279-316.
  • Handle: RePEc:jre:issued:v:33:n:3:2011:p:279-316
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    Citations

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    Cited by:

    1. Mirasgedis, S. & Tourkolias, C. & Tzovla, E. & Diakoulaki, D., 2014. "Valuing the visual impact of wind farms: An application in South Evia, Greece," Renewable and Sustainable Energy Reviews, Elsevier, vol. 39(C), pages 296-311.
    2. Wolsink, Maarten, 2012. "Undesired reinforcement of harmful ‘self-evident truths’ concerning the implementation of wind power," Energy Policy, Elsevier, vol. 48(C), pages 83-87.
    3. repec:eee:ecolec:v:141:y:2017:i:c:p:245-260 is not listed on IDEAS
    4. Gibbons, Stephen, 2015. "Gone with the wind: Valuing the visual impacts of wind turbines through house prices," Journal of Environmental Economics and Management, Elsevier, vol. 72(C), pages 177-196.
    5. Lang, Corey & Opaluch, James J. & Sfinarolakis, George, 2014. "The windy city: Property value impacts of wind turbines in an urban setting," Energy Economics, Elsevier, vol. 44(C), pages 413-421.
    6. repec:bla:presci:v:96:y:2017:i:2:p:423-444 is not listed on IDEAS
    7. Zerrahn, Alexander & Krekel, Christian, 2015. "Sowing the Wind and Reaping the Whirlwind? The Effect of Wind Turbines on Residential Well-Being," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112956, Verein für Socialpolitik / German Economic Association.
    8. Cathrine Ulla Jensen & Toke Emil Panduro & Thomas Hedemark Lundhede, 2013. "The Vindication of Don Quijote: The impact of noise and visual pollution from wind turbines on local residents in Denmark," IFRO Working Paper 2013/13, University of Copenhagen, Department of Food and Resource Economics.
    9. Petrova, Maria A., 2016. "From NIMBY to acceptance: Toward a novel framework — VESPA — For organizing and interpreting community concerns," Renewable Energy, Elsevier, vol. 86(C), pages 1280-1294.
    10. Ben Hoen & Jason Brown & Thomas Jackson & Mark Thayer & Ryan Wiser & Peter Cappers, 2015. "Spatial Hedonic Analysis of the Effects of US Wind Energy Facilities on Surrounding Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 51(1), pages 22-51, July.
    11. Welsch, Heinz, 2016. "Electricity Externalities, Siting, and the Energy Mix: A Survey," International Review of Environmental and Resource Economics, now publishers, vol. 10(1), pages 57-94, November.
    12. G. Cornelis van Kooten, 2015. "All you want to know about the Economics of Wind Power," Working Papers 2015-07, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group.
    13. Sunak, Yasin & Madlener, Reinhard, 2016. "The impact of wind farm visibility on property values: A spatial difference-in-differences analysis," Energy Economics, Elsevier, vol. 55(C), pages 79-91.
    14. Olivier JOALLAND & Tina RAMBONILAZA, 2017. "Assessing the impact of renewable energy infrastructure on the “tourist value” in rural landscapes: a spatial hedonic approach," Cahiers du GREThA 2017-10, Groupe de Recherche en Economie Théorique et Appliquée.
    15. Baxter, Jamie & Morzaria, Rakhee & Hirsch, Rachel, 2013. "A case-control study of support/opposition to wind turbines: Perceptions of health risk, economic benefits, and community conflict," Energy Policy, Elsevier, vol. 61(C), pages 931-943.
    16. Sunak, Yasin & Madlener, Reinhard, 2014. "Local Impacts of Wind Farms on Property Values: A Spatial Difference-in-Differences Analysis," FCN Working Papers 1/2014, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN), revised Oct 2014.
    17. Bidwell, David, 2013. "The role of values in public beliefs and attitudes towards commercial wind energy," Energy Policy, Elsevier, vol. 58(C), pages 189-199.
    18. repec:tou:journl:v:46:y:2017:p:93-115 is not listed on IDEAS
    19. repec:eee:ecolec:v:137:y:2017:i:c:p:195-206 is not listed on IDEAS
    20. Mulvaney, Kate K. & Woodson, Patrick & Prokopy, Linda Stalker, 2013. "A tale of three counties: Understanding wind development in the rural Midwestern United States," Energy Policy, Elsevier, vol. 56(C), pages 322-330.
    21. Jacquet, Jeffrey B., 2012. "Landowner attitudes toward natural gas and wind farm development in northern Pennsylvania," Energy Policy, Elsevier, vol. 50(C), pages 677-688.
    22. Richard J. Vyn & Ryan M. McCullough, 2014. "The Effects of Wind Turbines on Property Values in Ontario: Does Public Perception Match Empirical Evidence?," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 62(3), pages 365-392, September.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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