A study was done by the University of Rhode Island economist, Corey Lang, to determine if any correlations exist between wind turbines and property values on Rhode Island.
The study concluded that property values did not drop based on proximity to wind turbines, in any stage of wind turbine development (planning, installation or operation). Mr. Lang looked at the sales of over 48,000 homes on Rhode Island over a 15 year period, and compared the prices of homes nearby wind turbines compared to those far away from them. The results? Only a drop of 0.4% was calculated, which is within the study’s margin of error, and also means that wind turbine proximity has “no statistical (negative) effect on property values” says Lang.
The Rhode Island Office of Energy Resources funded the research in the hopes of gaining more understanding of the possible impacts of renewable energy on property values. Most of the wind turbines in the state were installed during the downturn of the housing market, making it more difficult to determine the real level of impact, if any.
In many cases it is difficult to tell what truly drives the market prices in real estate. With more studies like this, we can rest assured that no negative correlations exist between the siting for small-scale wind turbines and property values.