CEP Professor Gautam Sethi just won an ARES 2010 award for Real Estate Sustainability sponsored by the NAIOP Research Foundation. Congratulations! The paper is titled, “Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices”.
Authors of the Paper:
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
With an increasing number of communities considering nearby wind power developments, there is a need to empirically investigate community concerns about wind project development. One such concern is that property values may be adversely affected by wind energy facilities, and 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 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 home sales prices. Read the complete paper here.