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Measuring the Impact of Renewable Energy on Property Values
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Measuring the Impact of Renewable Energy on Property Values
February 4, 2020
@ SUNY ESF
https://www.needpix.com/photo/171170/wind-turbine-wind-energy-renewable-energy-green-windmill-wind-electric-electrical-alternative-energy-environmental
Tug Hill Commission's Guiding Legislation
Article 37 of NYS Executive Law
What does the Tug Hill Commission do?
Natural Resource Assistance
Community Development
Project Management
Other Services
Planning
Technical Assistance
Training
Grant Resources
GIS Services
Comprehensive Plans Assistance
Zoning Assistance
Drafting Local Laws
www.tughill.org
Renewable (Wind) Energy
Context
Powerful, controversial, and fast growing, wind and solar power development is making progress in the United States. However, with growth comes opposition. Homeowners are worried about decreasing property values and the visual blight of turbines.
2019 New York State Climate Leadership and Community Protection Act (Climate Act)
Climate Act
Adopts measures to put the state on a path to reduce statewide greenhouse gas emissions by 85% percent by 2050 and net zero emissions in all sectors of the economy.
The goals of the Climate Act are
(1) greenhouse gas emissions reduction,
(2) renewable energy development,
(3) improved energy efficiency ,
(4) a clean energy economy, and
(5) resilient and distributed energy systems.
by the #s
70% electricity from renewables by 2030
100% emissions free by 2040
9,000 MW offshore wind installed 2035
6,000 MW solar energy installed by 2025
Reduce energy consumption by 185 trillion (BTUs)
3,000 MW energy storage capacity installed by 2030
Tug Hill Commission Documents
"
Over the next five years, the commission will pursue regional analyses related to renewable energy and cell phone and broadband infrastructure, and potentially other topics.
The Voices of Tug Hill by windwatch.org
Perception
https://youtu.be/KCvW0B4eqkk?t=105
2009 || 2019
Tug Hill Resident & Landowner Survey
Attitudes about Energy
Do wind turbines affect property value?
What does the research say...
Lit Review
Property Value Impacts of Wind Turbines and the Influence of Attitudes Toward Wind Energy (Land Economics, Nov. 1, 2018) —
"The results of this study provide strong evidence that wind turbines in Ontario have negatively impacted surrounding property values."
Research showing a NEGATIVE impact of wind turbines on property values
Values in the Wind: A Hedonic Analysis of Wind Power Facilities (Land Economics, Aug. 2012) —
This paper uses data on 11,331 property transactions over nine years in northern New York State to explore the effects of new wind facilities on property values. They find that nearby wind facilities significantly reduce property values in two of the three counties studied.
The Ayes
Wind Turbines & Property Values (Appraisal Group One, 2010) —
Impact studies suggest the values are substantially negatively impacted in the range of -12% to -40%.
Spatial Hedonic Analysis of the Effects of US Wind Energy Facilities on Surrounding Property Values (Journal of Real Estate Finance & Economics, Jul. 1, 2015) —
Across all model specifications, we find no statistical evidence that home prices near wind turbines were affected in either the post-construction or post-announcement/pre-construction periods.
The Impact of Wind Power Projects on Residential Property Values in the United States: A Multi-Site Hedonic Analysis (U.S. Department of Energy, Dec. 2009) —
A three-year study by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory concludes “neither the view of wind energy facilities nor the distance of the home to those facilities was found to have any consistent, measurable, and significant effect on the selling prices of nearby homes.”
The Nays
Research showing NO impact of wind turbines on property values
Relationship between Wind Turbines and Residential Property Values in Massachusetts (U of CT/ US Dept. of Energy, 2014) —
The study “found no net effects due to the arrival of turbines in the sample’s communities...The analysis also showed no unique impact on the rate of home sales near wind turbines.”
Data
Description of Datasets
Based on Values in the Wind: A Hedonic Analysis of Wind Power Facilities (2012) by M. D. Heintzelman and C. M. Tuttle from Clarkson University
Data
Turbine Locations
Wind Potential
Lewis County Parcels
25-Year Property Sales
Parcel Level Details
https://www.needpix.com/photo/171170/wind-turbine-wind-energy-renewable-energy-green-windmill-wind-electric-electrical-alternative-energy-environmental
Elevation
Streets
Census Blocks
Land Use
Land Cover
Potential Analyses
Repeat-Sales Framework
1
to control for omitted variables and biases
GIS Proximity Analysis
4
Survey with Real Estate Agents
2
Analysis
to map transacted parcels and buffers to calculate relevant geographic variables for use in regressions
to analyze subjective practitioner opinion
Statistical Analysis
5
Hedonic Analysis
to find the mean and std deviation for different variables
3
to estimate values for wind energy that directly affect sale prices for homes
Charts
Proximity
Charts
Wind Energy
Study Area
Goal
Our goal is to write a technical paper to share with municipalities in Tug Hill.
Timeline
Literature Review
Data Collection
Presentation
Analyze Data
Timeline
May
March
2020
April
January/February
Draw Conclusions
Analyze Data
NYS Tug Hill Commission
Dulles State Office Building
317 Washington Street
Watertown, NY 13601
Contact
Us
Katie Malinowski
Executive Director
katie@tughill.org
&
Alaina Mallette
Planner
alaina@tughill.org