Values in the Wind: A Hedonic Analysis of Wind Power Facilities
Martin D. Heintzelman
Clarkson University School of Business
July 15, 2011
Land Economics, Forthcoming
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
Date posted: April 6, 2011 ; Last revised: July 18, 2011
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