A new study from Berkeley Lab, the largest of its kind, found that long-term property values of homes near wind projects grew at inflation-adjusted levels after about three to five years of the project being in operation.
The study, supported by the U.S. Department of Energy’s Wind Energy Technologies Office, reviewed more than 500,000 property transactions within 1 mile of wind projects.
Wind energy currently serves approximately 46 million homes in America and has proven reliable in all weather conditions, making it a popular candidate for repowering or new facilities.
How was the study conducted?
Lawrence Berkeley National Lab compiled home transactions from 34 states and 428 wind projects across the United States from 2005 to 2020.
It tracked residential property sales in the four years prior to a project’s announcement, throughout construction and the first six years of operation. By year six of the project operating, there was no impact of the wind turbine on property values.
Is this the first study of its kind?
No, a 2022 study found that wind projects led to significant increases in median home values, household income, and both county-level income and gross domestic product per capita.
Other studies found there was no statistically significant impact on property values in rural Kansas and Pennsylvania after construction. Another study showed an increase in the size of the local economy and local incomes after wind projects went into service.
For additional information about renewable projects and neighboring property values, check out the U.S. Department of Energy, American Clean Power Association, the Solar Energy Industry Association or USA Today.
Wind projects and property values
Published on March 13, 2024