Some homeowners wonder if having a wind farm nearby will affect their property values.
A recent study finds that although wind farms can reduce nearby home prices, the drop is usually limited and only temporary.
Hoen: “We hope that this allows people to have greater confidence into what are the likely effects from building a wind project in the future and when those effects are likely to occur.”
That’s Ben Hoen of the Lawrence Berkeley National Lab. He and his colleagues found that, on average, wind farms had no impact on property values in rural areas.
They did find an effect in more populated areas. After a wind farm was announced, the average price of homes within two miles decreased. But they bounced back a few years after construction.
Hoen: “Which seems to say that people are very sensitive to the presence of a wind project at the time it’s announced, but once it’s built, over time, maybe adjust to the project being locally sited and therefore don’t necessarily need to discount home prices.”
To offset any temporary drop in property values, homeowners could be given short-term tax breaks or compensation from wind companies.
And this study could reassure homeowners as the wind industry grows.
Reporting credit: Ethan Freedman / ChavoBart Digital Media
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