We examine the impact of large-scale photovoltaic projects (LSPVPs) on residential home prices in six U.S. states that account for over 50% of the installed MW capacity of large-scale solar in the U.S. Our analysis of over 1,500 LSPVPs and over 1.8 million home transactions answers two questions: (1) what effect do LSPVPs have on home prices and (2) does the effect of LSPVP on home prices differ based on the prior land use on which LSPVPs are located, LSPVP size, or a home’s urbanicity? We find that homes within 0.5 mi of a LSPVP experience an average home price reduction of 1.5% compared to homes 2–4 mi away; statistically significant effects are not measurable over 1 mi from a LSPVP. These effects are only measurable in certain states, for LSPVPs constructed on agricultural land, for larger LSPVPs, and for rural homes. Our results have two implications for policymakers: (1)measures that ameliorate possible negative impacts of LSPVP development, including compensation forneighbors, vegetative shading, and land use co-location are relevant especially to rural, large, or agriculturalLSPVPs, and (2) place- and project-specific assessments of LSPVP development and policy practices are needed tounderstand the heterogeneous impacts of LSPVPs.
BT - Energy Policy DA - 03/2023 DO - https://doi.org/10.1016/j.enpol.2023.113425 LA - eng N1 -*Corresponding author, Ben Hoen, bhoen@lbl.gov.
An open-access version of this article published in Energy Policy is available here.
A brief overview of this study can be found here.
A webinar covering the results of the study was recorded on March 22, 2023, and can be viewed here.
We examine the impact of large-scale photovoltaic projects (LSPVPs) on residential home prices in six U.S. states that account for over 50% of the installed MW capacity of large-scale solar in the U.S. Our analysis of over 1,500 LSPVPs and over 1.8 million home transactions answers two questions: (1) what effect do LSPVPs have on home prices and (2) does the effect of LSPVP on home prices differ based on the prior land use on which LSPVPs are located, LSPVP size, or a home’s urbanicity? We find that homes within 0.5 mi of a LSPVP experience an average home price reduction of 1.5% compared to homes 2–4 mi away; statistically significant effects are not measurable over 1 mi from a LSPVP. These effects are only measurable in certain states, for LSPVPs constructed on agricultural land, for larger LSPVPs, and for rural homes. Our results have two implications for policymakers: (1)measures that ameliorate possible negative impacts of LSPVP development, including compensation forneighbors, vegetative shading, and land use co-location are relevant especially to rural, large, or agriculturalLSPVPs, and (2) place- and project-specific assessments of LSPVP development and policy practices are needed tounderstand the heterogeneous impacts of LSPVPs.
PY - 2023 T2 - Energy Policy TI - Shedding light on large-scale solar impacts: An analysis of property values and proximity to photovoltaics across six U.S. states UR - https://www.sciencedirect.com/science/article/pii/S0301421523000101 ER -