Commercial Wind Turbines and Residential Home Values: New Evidence from the Universe of Land-Based Wind Projects in the United States

We examine the impact of proximity to land-based commercial wind turbines on residential home values in the United States using data on the universe of commercial wind turbines and residential property transactions from 2005 to 2020. Using event study and difference-in-differences identification strategies we find that, on average, homes located within 1 mile of a commercial wind turbine experience approximately an 11% decline in value following the announcement of a new commercial wind energy project, relative to counterfactual homes located 3 to 5 miles away. Event study estimates also reveal important dynamics in the evolution of home values, with property values first declining following project announcement, and then recovering post project construction, with property value impacts becoming relatively small (~ 2%) and statistically insignificant 9 years or more after project announcement (roughly 5 years after operation began). Homes located within 1 to 2 miles of a commercial wind turbine experience much smaller impacts and homes located farther than 2 miles away are unaffected. Our results are primarily driven by wind projects located in "urban" counties in metro areas with populations greater than 250,000.