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  The visual effect of wind turbines on property values is small and diminishing in space and time

Guo, W., Wenz, L., Auffhammer, M. (2024): The visual effect of wind turbines on property values is small and diminishing in space and time. - Proceedings of the National Academy of Sciences of the United States of America (PNAS), 121, 13, e2309372121.
https://doi.org/10.1073/pnas.2309372121

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 Creators:
Guo, Wei1, Author
Wenz, Leonie2, Author              
Auffhammer, Maximilian1, Author
Affiliations:
1External Organizations, ou_persistent22              
2Potsdam Institute for Climate Impact Research, ou_persistent13              

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 Abstract: Renewable power generation is the key to decarbonizing the electricity system. Wind power is the fastest-growing renewable source of electricity in the United States. However, expanding wind capacity often faces local opposition, partly due to a perceived visual disamenity from large wind turbines. Here, we provide a US-wide assessment of the externality costs of wind power generation through the visibility impact on property values. To this end, we create a database on wind turbine visibility, combining information on the site and height of each utility-scale turbine having fed power into the U.S. grid, with a high-resolution elevation map to account for the underlying topography of the landscape. Building on hedonic valuation theory, we statistically estimate the impact of wind turbine visibility on home values, informed by data from the majority of home sales in the United States since 1997. We find that on average, wind turbine visibility negatively affects home values in an economically and statistically significant way in close proximity (5 miles/8 km). However, the effect diminishes over time and in distance and is indistinguishable from zero for larger distances and toward the end of our sample.

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Language(s): eng - English
 Dates: 2024-01-192024-03-182024-03-26
 Publication Status: Finally published
 Pages: 7
 Publishing info: -
 Table of Contents: -
 Rev. Type: Peer
 Identifiers: MDB-ID: No data to archive
PIKDOMAIN: RD4 - Complexity Science
Organisational keyword: RD4 - Complexity Science
Research topic keyword: Decarbonization
Research topic keyword: Economics
Research topic keyword: Energy
Research topic keyword: Inequality and Equity
Research topic keyword: Mitigation
Regional keyword: North America
Model / method: Quantitative Methods
OATYPE: Hybrid Open Access
DOI: 10.1073/pnas.2309372121
 Degree: -

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Project name : Impact of intensified weather extremes on Europe's economy (ImpactEE)Im
Grant ID : Az 93350
Funding program : Europe and Global Challenges
Funding organization : VolkswagenStiftung

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Title: Proceedings of the National Academy of Sciences of the United States of America (PNAS)
Source Genre: Journal, SCI, Scopus, p3
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Pages: - Volume / Issue: 121 (13) Sequence Number: e2309372121 Start / End Page: - Identifier: CoNE: https://publications.pik-potsdam.de/cone/journals/resource/journals410
Publisher: National Academy of Sciences (NAS)