The impact of solar projects on property values
The impact of solar projects on property values can vary depending on their size and location, although research shows mixed results. Here’s a breakdown of how smaller and larger solar projects might affect property values:
Smaller Solar Projects
- Less Impact: Studies often find that smaller solar projects, especially those less than 5 MW in capacity or located more than 750 meters away from residences, do not significantly impact property values.
- Limited Studies: Fewer detailed studies focus specifically on smaller solar projects, but they generally indicate no substantial negative effects on nearby property values.
Larger Solar Projects
- Variable Impacts: Larger solar projects can have varying effects on nearby property values. Some studies find that utility-scale solar farms may modestly boost property values, while others report decreases in specific locations.
- Studies Indicating Decreases: Research from Lawrence Berkeley National Laboratory found that in some states (Minnesota, North Carolina, New Jersey), property values decreased by significant percentages (between 1.5% and 5.8%) near large-scale solar farms.
- Positive Effects: In some cases, larger solar projects can create economic benefits, potentially increasing property values through job creation and infrastructure development.
Factors Influencing Impact
- Proximity: The proximity of properties to solar farms is a crucial factor, with closer proximity sometimes linked to decreased values due to visual impacts or glare.
- Location and Context: The type of surrounding land use (agricultural, residential, etc.) and local perceptions of solar farms can also influence how they affect property values.
In summary, smaller solar projects generally have a minimal impact on property values, while larger ones can result in more varied effects depending on factors like location and proximity to residential areas.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/do-smaller-solar-projects-have-a-different-impact-on-property-values-compared-to-larger-ones/
