Wind turbines and property values: Some recent research
Credit: Cadillac News | 09/16/2014 | www.cadillacnews.com
Wisconsin Realtors Association: A study of three Wisconsin wind farms showed that prospective buyers had a negative perception of nearby wind turbines (with an) average decrease in vacant residential property values ranging from 12 percent to 40 percent. www.wra.org/WREM/Sept10/WindFarmRegulations/
Great Britain: The London School of Economics, which looked at more than a million sales of properties close to wind farm sites over a 12-year period, found that values of homes within 1.2 miles were being slashed by about 11 percent.www.dailymail.co.uk/news/article-2546042/Proof-wind-turbines-thousands-home-value-homes-1-2-miles-wind-farms-slashed-11-cent-study-finds.html [link to the study]
Ontario: Clear Creek with 18 turbines had an average/median decline in value of 33/35 percent, with the greatest loss being 55 percent. Melancthon with 133 turbines had an average/median decline in value of 37/39 percent with the greatest loss being 58 percent. http://freewco.files.wordpress.com/2012/10/case-studies-clear-creek-melancthon-wind-turbines-oct-12.pdf [alternative link]
Ontario: A sample of 600 properties that sold in the windmill areas over a period of three years revealed that days on market were more than double for those properties inside the windmill zones. The sold price was on average $48,000 lower, and the number of homes not absorbed (not sold) was 11 percent vs 3 percent.http://ruralgrubby.files.wordpress.com/2008/12/chris-luxemburger-presentation1.pdf [alternative link]
New York: Research (by a professor) on 11,369 property transactions over nine years in northern New York used a repeat-sales framework to control for omitted variables and endogeneity biases. “We find that nearby wind facilities significantly reduce property values. Decreasing the distance to the nearest turbine to one mile results in a decline in price of between 7.73 percent and 14.87 percent. These results indicate that there remains a need to compensate local homeowners/communities for allowing wind development within their borders. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1803601 [alternative link]
There is much more.
All turbine zoning needs a property value protection agreement. Planning commissions that refuse a PVPA risk a lawsuit for putting residents at financial risk.
Victoria L. Brehm