As the development of utility-scale wind energy projects becomes more prevalent, communities have questioned whether these projects could affect their property values.
In December 2019, a market impact study was commissioned to address questions regarding the value of residential and/or agricultural land in proximity to wind turbines, specifically addressing the conditions surrounding the Goose Creek Wind project in Piatt County, Illinois.
Key findings include:
Analyses of recent residential sales in addition to agricultural land values in Illinois proximate to existing wind farms did not support any finding that proximity to a wind turbine had a negative impact on property values.
Furthermore, a survey of County Assessors in 18 Illinois counties, 5 Indiana Counties, 21 Kansas counties, 8 South Dakota counties, 26 Iowa counties, 8 Minnesota counties, 3 Ohio counties, and 6 New York counties, and 7 New York cities/towns (in which wind farms are located with more than 25 turbines) determined that there was “no market evidence to support a negative impact upon residential property values as a result of the development of and the proximity to a wind farm and that there were no reductions in assessed valuation.”
Finally, for agricultural properties that host turbines, it was concluded that “the additional income from a wind lease may increase the value and marketability of those properties.”
In addition to this local study, this question has been examined on a national level.
In 2013, the Lawrence Berkeley National Laboratory (LBNL) completed an extensive study on property transactions near wind farms.
Researchers analyzed 51,276 home sales near 67 wind farms in 27 counties across nine U.S. states, including Illinois.
- All homes were within 10 miles of wind facilities
- 1,198 sales were within one mile of a turbine
- 331 sales were within half a mile of a turbine
- Data was collected before, during, and after wind farm construction
“… The core results of our analysis consistently show no sizable statistically significant impact of wind turbines on nearby property values.”
GOOD NEWS FOR WIND FARMERS
Regardless of the type or size of wind turbine studied, researchers find no statistical evidence that home values near turbines are affected before, during, or after construction.
The study data shows that, statistically, even homes within half a mile of a wind turbine are not affected by its presence.
According to rural appraisers, farm acreage upon which turbines are sited often increases in value to account for the new stream of steady, long-term income the property generates through the harvesting of the wind.
Additional studies on this topic: