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Values in the Wind: A Hedonic Analysis of Wind Power FacilitiesMartin D. HeintzelmanClarkson University School of Business Carrie Tuttleaffiliation not provided to SSRN July 15, 2011 Land Economics, Forthcoming Abstract: The siting of wind facilities is extremely controversial. This paper uses data on 11,369 property transactions over 9 years in Northern New York to explore the effects of new wind facilities on property values. We use 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 1 mile results in a decline in price of between 7.73% and 14.87%. These results indicate that there remains a need to compensate local homeowners/communities for allowing wind development within their borders.
Number of Pages in PDF File: 41 Keywords: Wind Power, Renewable Energy, Hedonic Analysis JEL Classification: Q2, Q42 Accepted Paper SeriesDate posted: April 6, 2011 ; Last revised: July 18, 2011Suggested Citation |
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