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Shedding Light on Large-Scale Solar Impacts: An Analysis of Property Values and Proximity to Photovoltaics Across Six U.S. States

Shedding Light on Large-Scale Solar Impacts: An Analysis of Property Values and Proximity to Photovoltaics Across Six U.S. States

Full Title: Shedding Light on Large-Scale Solar Impacts: An Analysis of Property Values and Proximity to Photovoltaics Across Six U.S. States
Author(s): Salma Elmallah, Ben Hoen, K. Sydny Fujita, Dana Robson, and Eric Brunner
Publisher(s): Lawrence Berkeley National Laboratory
Publication Date: March 15, 2023
Full Text: Download Resource
Description (excerpt):

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 for neighbors, vegetative shading, and land use co-location are relevant especially to rural, large, or agricultural LSPVPs, and (2) place- and project-specific assessments of LSPVP development and policy practices are needed to understand the heterogeneous impacts of LSPVPs.

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